Cibc World Markets Corp Takes Position in ACV Auctions Inc. (NASDAQ:ACVA)

Cibc World Markets Corp acquired a new position in shares of ACV Auctions Inc. (NASDAQ:ACVA) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 13,848 shares of the company’s stock, valued at approximately $299,000.

A number of other hedge funds also recently bought and sold shares of ACVA. Blue Trust Inc. raised its holdings in shares of ACV Auctions by 65.8% during the fourth quarter. Blue Trust Inc. now owns 2,352 shares of the company’s stock valued at $48,000 after acquiring an additional 933 shares during the period. KBC Group NV raised its stake in ACV Auctions by 80.4% during the 4th quarter. KBC Group NV now owns 7,406 shares of the company’s stock valued at $160,000 after purchasing an additional 3,300 shares during the period. Icon Wealth Advisors LLC lifted its holdings in shares of ACV Auctions by 13.5% in the third quarter. Icon Wealth Advisors LLC now owns 11,048 shares of the company’s stock valued at $225,000 after purchasing an additional 1,317 shares in the last quarter. Versor Investments LP acquired a new stake in shares of ACV Auctions in the fourth quarter worth $262,000. Finally, Y Intercept Hong Kong Ltd purchased a new position in shares of ACV Auctions during the third quarter valued at $315,000. 88.55% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

ACVA has been the subject of a number of research reports. Stephens upgraded ACV Auctions to a “hold” rating in a research report on Saturday, February 1st. Needham & Company LLC reaffirmed a “buy” rating and set a $25.00 price objective on shares of ACV Auctions in a research report on Wednesday, March 12th. JMP Securities reiterated a “market outperform” rating and issued a $25.00 target price on shares of ACV Auctions in a research report on Monday, December 16th. B. Riley boosted their price target on shares of ACV Auctions from $24.00 to $27.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. Finally, Piper Sandler upgraded ACV Auctions from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from $18.00 to $20.00 in a report on Thursday, March 20th. Two research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat, ACV Auctions has a consensus rating of “Moderate Buy” and a consensus price target of $23.23.

ACV Auctions Trading Up 4.7 %

Shares of NASDAQ:ACVA opened at $16.03 on Tuesday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.56 and a current ratio of 1.56. The stock’s 50-day moving average is $18.56 and its 200-day moving average is $19.70. The company has a market cap of $2.71 billion, a P/E ratio of -32.72 and a beta of 1.73. ACV Auctions Inc. has a 52-week low of $12.77 and a 52-week high of $23.46.

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

Insider Buying and Selling at ACV Auctions

In related news, CEO George Chamoun sold 348,249 shares of the stock in a transaction dated 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 sale, the chief executive officer now owns 2,821,193 shares in the company, 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 filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Michael Waterman sold 30,162 shares of the company’s stock in a transaction that occurred on Tuesday, January 7th. The shares were sold at an average price of $20.53, for a total value of $619,225.86. Following the completion of the transaction, the insider now directly owns 314,738 shares of the company’s stock, valued at approximately $6,461,571.14. This trade represents a 8.75 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 455,911 shares of company stock valued at $7,480,541 in the last ninety days. Company insiders own 8.50% of the company’s stock.

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.