State of New Jersey Common Pension Fund D Has $1.90 Million Holdings in ACV Auctions Inc. (NASDAQ:ACVA)

State of New Jersey Common Pension Fund D lowered its stake in ACV Auctions Inc. (NASDAQ:ACVA) by 37.7% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 104,135 shares of the company’s stock after selling 63,145 shares during the quarter. State of New Jersey Common Pension Fund D owned approximately 0.06% of ACV Auctions worth $1,900,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Charles Schwab Investment Management Inc. increased its holdings in shares of ACV Auctions by 1.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,044,415 shares of the company’s stock worth $15,823,000 after buying an additional 18,626 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of ACV Auctions by 21.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,846,726 shares of the company’s stock worth $27,979,000 after buying an additional 329,854 shares in the last quarter. Axiom Investors LLC DE increased its holdings in shares of ACV Auctions by 172.5% during the fourth quarter. Axiom Investors LLC DE now owns 364,280 shares of the company’s stock worth $5,519,000 after buying an additional 230,580 shares in the last quarter. Greycroft LP increased its holdings in ACV Auctions by 117.1% in the fourth quarter. Greycroft LP now owns 33,000 shares of the company’s stock valued at $500,000 after purchasing an additional 17,802 shares during the period. Finally, CIBC Private Wealth Group LLC increased its holdings in ACV Auctions by 9.7% in the fourth quarter. CIBC Private Wealth Group LLC now owns 199,470 shares of the company’s stock valued at $3,022,000 after purchasing an additional 17,659 shares during the period. 88.55% of the stock is owned by institutional investors.

Insider Activity at ACV Auctions

In other ACV Auctions news, insider Craig Eric Anderson sold 7,500 shares of ACV Auctions stock in a transaction that occurred on Tuesday, July 2nd. The shares were sold at an average price of $17.81, for a total transaction of $133,575.00. Following the transaction, the insider now owns 328,167 shares of the company’s stock, valued at approximately $5,844,654.27. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other news, CEO George Chamoun sold 111,363 shares of the firm’s stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $20.27, for a total transaction of $2,257,328.01. Following the completion of the sale, the chief executive officer now owns 928,166 shares in the company, valued at approximately $18,813,924.82. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Craig Eric Anderson sold 7,500 shares of the firm’s stock in a transaction that occurred on Tuesday, July 2nd. The stock was sold at an average price of $17.81, for a total transaction of $133,575.00. Following the sale, the insider now owns 328,167 shares of the company’s stock, valued at approximately $5,844,654.27. The disclosure for this sale can be found here. In the last quarter, insiders have sold 739,868 shares of company stock valued at $14,141,795. 8.50% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of research firms recently weighed in on ACVA. JPMorgan Chase & Co. upgraded 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. Needham & Company LLC restated a “buy” rating and issued a $23.00 price objective on shares of ACV Auctions in a report on Monday, June 3rd. Barrington Research reiterated an “outperform” rating and set a $23.00 price target on shares of ACV Auctions in a report on Friday, August 16th. Finally, JMP Securities increased their price target on ACV Auctions from $21.00 to $24.00 and gave the stock a “market outperform” rating in a report on Tuesday, September 17th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $21.50.

ACV Auctions Price Performance

ACVA stock opened at $20.75 on Monday. The stock has a market capitalization of $3.43 billion, a PE ratio of -43.23 and a beta of 1.55. The company’s 50-day moving average is $18.34 and its 200-day moving average is $18.12. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.49 and a quick ratio of 1.49. ACV Auctions Inc. has a 1 year low of $12.84 and a 1 year high of $21.01.

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

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.