Xponance Inc. Makes New Investment in ACV Auctions Inc. (NASDAQ:ACVA)

Xponance Inc. purchased a new position in ACV Auctions Inc. (NASDAQ:ACVA) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 10,582 shares of the company’s stock, valued at approximately $229,000.

Several other institutional investors have also bought and sold shares of the company. Blue Trust Inc. raised its stake in shares of ACV Auctions by 65.8% in the fourth quarter. Blue Trust Inc. now owns 2,352 shares of the company’s stock valued at $48,000 after buying an additional 933 shares during the period. KBC Group NV raised its stake in ACV Auctions by 80.4% in the 4th quarter. KBC Group NV now owns 7,406 shares of the company’s stock valued at $160,000 after acquiring an additional 3,300 shares during the period. Icon Wealth Advisors LLC lifted its holdings in ACV Auctions by 13.5% during 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 during the last quarter. Versor Investments LP bought a new position in ACV Auctions during the fourth quarter worth about $262,000. Finally, Cibc World Markets Corp purchased a new position in shares of ACV Auctions in the fourth quarter worth about $299,000. Hedge funds and other institutional investors own 88.55% of the company’s stock.

ACV Auctions Stock Performance

NASDAQ ACVA opened at $14.11 on Friday. The company has a market capitalization of $2.38 billion, a P/E ratio of -28.80 and a beta of 1.73. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.56 and a current ratio of 1.56. ACV Auctions Inc. has a 52-week low of $12.77 and a 52-week high of $23.46. The company has a fifty day moving average of $18.06 and a 200-day moving average of $19.59.

ACV Auctions (NASDAQ:ACVA) last posted its quarterly earnings data on Wednesday, February 19th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $159.51 million during the quarter, compared to analysts’ expectations of $156.77 million. As a group, equities research analysts predict that ACV Auctions Inc. will post -0.07 EPS for the current fiscal year.

Insider Activity at ACV Auctions

In related news, insider Michael Waterman sold 30,162 shares of the stock in a transaction dated Tuesday, January 7th. The stock was sold at an average price of $20.53, for a total transaction of $619,225.86. Following the completion of the sale, the insider now directly owns 314,738 shares in the company, valued at $6,461,571.14. This represents a 8.75 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO William Zerella sold 32,500 shares of the business’s stock in a transaction that occurred on Monday, December 30th. The shares were sold at an average price of $21.65, for a total value of $703,625.00. Following the completion of the sale, the chief financial officer now owns 490,482 shares of the company’s stock, valued at $10,618,935.30. The trade was a 6.21 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 455,911 shares of company stock valued at $7,480,541. Insiders own 8.50% of the company’s stock.

Analyst Ratings Changes

ACVA has been the subject of several analyst reports. JMP Securities reaffirmed a “market outperform” rating and issued a $25.00 price objective on shares of ACV Auctions in a report on Monday, December 16th. Piper Sandler upgraded ACV Auctions from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $18.00 to $20.00 in a research report on Thursday, March 20th. Bank of America upgraded ACV Auctions from a “neutral” rating to a “buy” rating and reduced 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 target price on shares of ACV Auctions in a report on Wednesday, March 12th. Finally, Stephens upgraded ACV Auctions to a “hold” rating in a research report on Saturday, February 1st. Two equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $23.14.

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.