Swiss National Bank Buys 10,600 Shares of ACV Auctions Inc. (NASDAQ:ACVA)

Swiss National Bank grew its position in ACV Auctions Inc. (NASDAQ:ACVA) by 3.7% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 299,400 shares of the company’s stock after buying an additional 10,600 shares during the period. Swiss National Bank owned 0.18% of ACV Auctions worth $6,467,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in ACVA. Massachusetts Financial Services Co. MA boosted its holdings in ACV Auctions by 11.6% in the third quarter. Massachusetts Financial Services Co. MA now owns 8,655,640 shares of the company’s stock valued at $175,969,000 after acquiring an additional 897,477 shares during the last quarter. Jennison Associates LLC boosted its stake in shares of ACV Auctions by 17.2% in the 4th quarter. Jennison Associates LLC now owns 4,980,354 shares of the company’s stock valued at $107,576,000 after purchasing an additional 732,422 shares during the last quarter. Geode Capital Management LLC grew its position in shares of ACV Auctions by 2.0% during the 3rd quarter. Geode Capital Management LLC now owns 3,517,088 shares of the company’s stock worth $71,516,000 after buying an additional 67,969 shares during the period. State Street Corp raised its stake in shares of ACV Auctions by 3.7% during the third quarter. State Street Corp now owns 3,242,388 shares of the company’s stock worth $65,918,000 after buying an additional 115,700 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its holdings in ACV Auctions by 10.9% in the third quarter. JPMorgan Chase & Co. now owns 3,167,615 shares of the company’s stock valued at $64,398,000 after buying an additional 311,465 shares during the period. 88.55% of the stock is owned by institutional investors and hedge funds.

ACV Auctions Price Performance

Shares of NASDAQ ACVA opened at $15.31 on Friday. The company has a fifty day moving average price of $18.65 and a 200 day moving average price of $19.71. ACV Auctions Inc. has a 1-year low of $12.77 and a 1-year high of $23.46. The firm has a market cap of $2.58 billion, a PE ratio of -31.24 and a beta of 1.73. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.28.

ACV Auctions (NASDAQ:ACVA) last posted its quarterly earnings data on Wednesday, February 19th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.01. The business had revenue of $159.51 million during the quarter, compared to the consensus estimate of $156.77 million. ACV Auctions had a negative return on equity of 12.94% and a negative net margin of 12.51%. Research analysts predict that ACV Auctions Inc. will post -0.07 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of analysts have commented on the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $25.00 target price on shares of ACV Auctions in a report on Wednesday, March 12th. Piper Sandler raised ACV Auctions from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $18.00 to $20.00 in a research note on Thursday. Bank of America raised ACV Auctions from a “neutral” rating to a “buy” rating and cut their target price for the company from $22.00 to $20.00 in a research note on Wednesday, March 12th. JMP Securities reaffirmed a “market outperform” rating and issued a $25.00 price target on shares of ACV Auctions in a research note on Monday, December 16th. Finally, B. Riley increased their price target on shares of ACV Auctions from $24.00 to $27.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th. Two analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $23.23.

Insider Activity

In related news, CEO George Chamoun sold 348,249 shares of the firm’s stock in a transaction on Thursday, March 20th. The shares were sold at an average price of $15.34, for a total value of $5,342,139.66. Following the completion of the transaction, the chief executive officer now owns 2,821,193 shares of the company’s stock, valued at approximately $43,277,100.62. This trade represents a 10.99 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO William Zerella sold 15,000 shares of the business’s stock in a transaction dated Tuesday, January 7th. The stock was sold at an average price of $20.57, for a total transaction of $308,550.00. Following the sale, the chief financial officer now directly owns 462,452 shares in the company, valued at $9,512,637.64. This trade represents a 3.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 455,911 shares of company stock worth $7,480,541 over the last ninety days. Insiders own 8.50% of the company’s stock.

ACV Auctions Company Profile

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.