Oppenheimer Asset Management Inc. Acquires 27,091 Shares of ACV Auctions Inc. (NASDAQ:ACVA)

Oppenheimer Asset Management Inc. raised its holdings in ACV Auctions Inc. (NASDAQ:ACVA) by 24.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 138,981 shares of the company’s stock after buying an additional 27,091 shares during the period. Oppenheimer Asset Management Inc. owned about 0.08% of ACV Auctions worth $2,536,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently made changes to their positions in the business. UMB Bank n.a. bought a new position in shares of ACV Auctions during the first quarter valued at about $114,000. Penn Mutual Asset Management LLC bought a new position in shares of ACV Auctions during the fourth quarter valued at about $153,000. Blair William & Co. IL lifted its position in shares of ACV Auctions by 14.7% during the first quarter. Blair William & Co. IL now owns 12,691 shares of the company’s stock valued at $238,000 after purchasing an additional 1,626 shares in the last quarter. FineMark National Bank & Trust bought a new position in shares of ACV Auctions during the fourth quarter valued at about $381,000. Finally, ProShare Advisors LLC lifted its position in shares of ACV Auctions by 8.5% during the first 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. 88.55% of the stock is owned by institutional investors.

Insider Transactions at ACV Auctions

In other news, insider Craig Eric Anderson sold 7,500 shares of ACV Auctions stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $20.00, for a total value of $150,000.00. Following the completion of the transaction, the insider now owns 328,167 shares in the company, valued at $6,563,340. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, COO Vikas Mehta sold 8,395 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $19.21, for a total value of $161,267.95. Following the completion of the transaction, the chief operating officer now directly owns 467,090 shares in the company, valued at $8,972,798.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Craig Eric Anderson sold 7,500 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $20.00, for a total transaction of $150,000.00. Following the completion of the transaction, the insider now owns 328,167 shares of the company’s stock, valued at $6,563,340. The disclosure for this sale can be found here. Insiders sold 608,129 shares of company stock worth $11,126,042 over the last quarter. Corporate insiders own 8.50% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. Needham & Company LLC reissued a “buy” rating and set a $23.00 price target on shares of ACV Auctions in a research report on Monday, June 3rd. JPMorgan Chase & Co. upgraded shares of ACV Auctions from a “neutral” rating to an “overweight” rating and set a $21.00 price objective for the company in a report on Monday, June 10th. Barrington Research restated an “outperform” rating and set a $23.00 price objective on shares of ACV Auctions in a report on Friday, August 16th. Finally, JMP Securities raised their price objective on shares of ACV Auctions from $21.00 to $24.00 and gave the stock a “market outperform” rating in a report on Tuesday. One analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $21.50.

ACV Auctions Price Performance

ACVA opened at $20.35 on Wednesday. The company has a market capitalization of $3.36 billion, a price-to-earnings ratio of -42.40 and a beta of 1.55. The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 0.24. The firm has a 50-day moving average price of $18.13 and a 200-day moving average price of $18.08. ACV Auctions Inc. has a twelve month low of $12.84 and a twelve month high of $20.79.

ACV Auctions (NASDAQ:ACVA) last posted its earnings results on Wednesday, August 7th. The company reported ($0.07) earnings per share for the quarter, topping the consensus estimate of ($0.09) by $0.02. The firm had revenue of $160.62 million during the quarter, compared to the consensus estimate 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 expect that ACV Auctions Inc. will post -0.36 EPS for the current year.

ACV Auctions 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.