217,774 Shares in ACV Auctions Inc. (NASDAQ:ACVA) Bought by Raymond James Financial Inc.

Raymond James Financial Inc. acquired a new stake in ACV Auctions Inc. (NASDAQ:ACVA) in the 4th quarter, Holdings Channel reports. The fund acquired 217,774 shares of the company’s stock, valued at approximately $4,704,000.

Other hedge funds also recently made changes to their positions in the company. Spyglass Capital Management LLC increased its position in ACV Auctions by 69.1% during the third quarter. Spyglass Capital Management LLC now owns 2,614,245 shares of the company’s stock worth $53,148,000 after buying an additional 1,068,356 shares during the period. Wellington Management Group LLP purchased a new position in shares of ACV Auctions during the third quarter worth approximately $21,540,000. Jennison Associates LLC increased its holdings 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 acquiring an additional 732,422 shares during the period. New York State Common Retirement Fund raised its position in ACV Auctions by 100.0% in the 4th quarter. New York State Common Retirement Fund now owns 753,296 shares of the company’s stock valued at $16,271,000 after purchasing an additional 376,557 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its stake in ACV Auctions by 10.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 3,167,615 shares of the company’s stock worth $64,398,000 after purchasing an additional 311,465 shares during the period. Hedge funds and other institutional investors own 88.55% of the company’s stock.

ACV Auctions Stock Up 1.8 %

ACV Auctions stock opened at $16.30 on Wednesday. The stock’s 50 day moving average price is $18.46 and its 200 day moving average price is $19.69. ACV Auctions Inc. has a 1-year low of $12.77 and a 1-year high of $23.46. The company has a market cap of $2.75 billion, a PE ratio of -33.27 and a beta of 1.73. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.56 and a quick ratio of 1.56.

ACV Auctions (NASDAQ:ACVA) last issued its 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 net margin of 12.51% and a negative return on equity of 12.94%. The company had revenue of $159.51 million for the quarter, compared to analyst estimates of $156.77 million. On average, sell-side analysts predict that ACV Auctions Inc. will post -0.07 EPS for the current fiscal year.

Insider Buying and Selling

In other ACV Auctions news, CFO William Zerella sold 32,500 shares of the company’s stock in a transaction on Monday, December 30th. The stock was sold at an average price of $21.65, for a total value of $703,625.00. Following the sale, the chief financial officer now owns 490,482 shares of the company’s stock, valued at approximately $10,618,935.30. This represents a 6.21 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO George Chamoun sold 348,249 shares of ACV Auctions stock in a transaction on Thursday, March 20th. The stock was sold at an average price of $15.34, for a total value of $5,342,139.66. Following the transaction, the chief executive officer now directly owns 2,821,193 shares of the company’s stock, valued at $43,277,100.62. This trade represents a 10.99 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 455,911 shares of company stock valued at $7,480,541. Corporate insiders own 8.50% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have commented on the stock. B. Riley lifted their price objective on shares of ACV Auctions from $24.00 to $27.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. Bank of America upgraded ACV Auctions from a “neutral” rating to a “buy” rating and dropped their price target for the company from $22.00 to $20.00 in a research report on Wednesday, March 12th. 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. Citigroup boosted their target price on ACV Auctions from $22.00 to $27.00 and gave the company a “buy” rating in a report on Wednesday, November 27th. Finally, Stephens upgraded ACV Auctions to a “hold” rating in a research note on Saturday, February 1st. Two investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, ACV Auctions has an average rating of “Moderate Buy” and a consensus target price of $23.23.

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.