ACV Auctions Inc. (NASDAQ:ACVA) Shares Acquired by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC boosted its holdings in ACV Auctions Inc. (NASDAQ:ACVA) by 23.2% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 578,266 shares of the company’s stock after acquiring an additional 108,861 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in ACV Auctions were worth $11,756,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Blue Trust Inc. increased its holdings in shares of ACV Auctions by 165.2% during the third quarter. Blue Trust Inc. now owns 1,419 shares of the company’s stock valued at $29,000 after purchasing an additional 884 shares during the period. Park Place Capital Corp grew its position in ACV Auctions by 34.1% in the 3rd quarter. Park Place Capital Corp now owns 2,779 shares of the company’s stock valued at $56,000 after buying an additional 706 shares in the last quarter. Amalgamated Bank increased its stake in ACV Auctions by 18.0% during the 2nd quarter. Amalgamated Bank now owns 5,120 shares of the company’s stock valued at $93,000 after buying an additional 782 shares during the period. Public Employees Retirement Association of Colorado bought a new stake in shares of ACV Auctions during the 2nd quarter worth about $225,000. Finally, Blair William & Co. IL lifted its stake in shares of ACV Auctions by 14.7% in the 1st quarter. Blair William & Co. IL now owns 12,691 shares of the company’s stock worth $238,000 after acquiring an additional 1,626 shares during the period. Institutional investors own 88.55% of the company’s stock.

ACV Auctions Trading Down 1.1 %

NASDAQ:ACVA opened at $17.56 on Friday. The stock has a fifty day simple moving average of $19.17 and a 200 day simple moving average of $18.28. The firm has a market capitalization of $2.90 billion, a price-to-earnings ratio of -36.58 and a beta of 1.56. ACV Auctions Inc. has a 1-year low of $12.84 and a 1-year high of $21.10. The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 0.24.

ACV Auctions (NASDAQ:ACVA) last announced its earnings results on Wednesday, August 7th. The company reported ($0.07) EPS for the quarter, topping the consensus estimate of ($0.09) by $0.02. The company had revenue of $160.62 million during 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%. Sell-side analysts forecast that ACV Auctions Inc. will post -0.35 earnings per share for the current year.

Insiders Place Their Bets

In other news, VP Andrew Peer sold 1,795 shares of the stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $21.00, for a total value of $37,695.00. Following the completion of the sale, the vice president now owns 62,956 shares in the company, valued at $1,322,076. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, CEO George Chamoun sold 111,363 shares of the business’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 transaction, the chief executive officer now directly owns 928,166 shares of the company’s stock, valued at approximately $18,813,924.82. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Andrew Peer sold 1,795 shares of the stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $21.00, for a total transaction of $37,695.00. Following the completion of the sale, the vice president now owns 62,956 shares of the company’s stock, valued at approximately $1,322,076. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 741,926 shares of company stock worth $14,285,765. Corporate insiders own 8.50% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently commented on ACVA. Raymond James initiated coverage on shares of ACV Auctions in a research note on Friday, September 27th. They set a “market perform” rating and a $22.00 price objective on the stock. JMP Securities boosted their price objective on ACV Auctions from $21.00 to $24.00 and gave the stock a “market outperform” rating in a research note on Tuesday, September 17th. Barrington Research reaffirmed an “outperform” rating and set a $23.00 target price on shares of ACV Auctions in a research note on Friday, August 16th. Finally, Jefferies Financial Group boosted their price target on shares of ACV Auctions from $22.00 to $25.00 and gave the stock a “buy” rating in a research report on Tuesday. Two research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, ACV Auctions currently has an average rating of “Moderate Buy” and an average price target of $22.00.

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.