The Manufacturers Life Insurance Company Increases Stock Position in ACV Auctions Inc. (NASDAQ:ACVA)

The Manufacturers Life Insurance Company increased its holdings in ACV Auctions Inc. (NASDAQ:ACVA) by 16.0% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 82,542 shares of the company’s stock after buying an additional 11,380 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in ACV Auctions were worth $1,506,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Amalgamated Bank increased its position in ACV Auctions by 18.0% during the second quarter. Amalgamated Bank now owns 5,120 shares of the company’s stock valued at $93,000 after acquiring an additional 782 shares during the last quarter. UMB Bank n.a. acquired a new stake in shares of ACV Auctions during the 1st quarter worth approximately $114,000. Public Employees Retirement Association of Colorado acquired a new stake in shares of ACV Auctions during the 2nd quarter worth approximately $225,000. Blair William & Co. IL grew its stake in ACV Auctions by 14.7% in the 1st quarter. Blair William & Co. IL now owns 12,691 shares of the company’s stock valued at $238,000 after acquiring an additional 1,626 shares during the period. Finally, ProShare Advisors LLC lifted its holdings in ACV Auctions by 8.5% in the 1st quarter. ProShare Advisors LLC now owns 22,843 shares of the company’s stock valued at $429,000 after purchasing an additional 1,798 shares in the last quarter. Institutional investors own 88.55% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently issued reports on ACVA shares. Raymond James started coverage on shares of ACV Auctions in a report on Friday, September 27th. They issued a “market perform” rating and a $22.00 price objective on the stock. JMP Securities increased their price objective on ACV Auctions from $21.00 to $24.00 and gave the company a “market outperform” rating in a report on Tuesday, September 17th. Finally, Barrington Research restated an “outperform” rating and issued a $23.00 price objective on shares of ACV Auctions in a research note on Friday, August 16th. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $21.57.

ACV Auctions Stock Down 3.7 %

Shares of NASDAQ ACVA opened at $18.05 on Friday. The firm’s 50-day moving average is $18.85 and its two-hundred day moving average is $18.28. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.49 and a quick ratio of 1.49. The company has a market capitalization of $2.98 billion, a PE ratio of -37.60 and a beta of 1.56. ACV Auctions Inc. has a 12-month low of $12.84 and a 12-month high of $21.10.

ACV Auctions (NASDAQ:ACVA) last posted its quarterly earnings data on Wednesday, August 7th. The company reported ($0.07) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.02. The business had revenue of $160.62 million during the quarter, compared to analyst estimates of $156.33 million. ACV Auctions had a negative net margin of 14.53% and a negative return on equity of 13.20%. Equities analysts anticipate that ACV Auctions Inc. will post -0.36 EPS for the current fiscal year.

Insiders Place Their Bets

In other ACV Auctions news, COO Vikas Mehta sold 154,324 shares of the stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $19.19, for a total transaction of $2,961,477.56. Following the transaction, the chief operating officer now directly owns 432,457 shares in the company, valued at $8,298,849.83. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In related news, CFO William Zerella sold 32,500 shares of the stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $15.19, for a total value of $493,675.00. Following the sale, the chief financial officer now owns 503,077 shares of the company’s stock, valued at $7,641,739.63. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Vikas Mehta sold 154,324 shares of the firm’s stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $19.19, for a total transaction of $2,961,477.56. Following the transaction, the chief operating officer now directly owns 432,457 shares in the company, valued at approximately $8,298,849.83. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 691,425 shares of company stock worth $13,336,852 over the last ninety days. 8.50% of the stock is owned by company insiders.

About ACV Auctions

ACV Auctions Inc operates a digital marketplace that connects buyers and sellers for the online auction of wholesale vehicles. The company's marketplace platform includes digital marketplace, which connects buyers and sellers by providing online auction, which facilitates real-time transactions of wholesale vehicles; Run List for pre-filtering and pre-screening of vehicles up to 24 hours prior to an auction taking place; ACV transportation service to enable the buyers to see real-time transportation quotes and status reports of the vehicle; ACV capital, a short-term inventory financing services for buyers to purchase vehicles; and Go Green's seller assurance service for against claims related to defects in the vehicle.