KLP Kapitalforvaltning AS Acquires New Holdings in ACV Auctions Inc. (NASDAQ:ACVA)

KLP Kapitalforvaltning AS bought a new position in ACV Auctions Inc. (NASDAQ:ACVA) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 30,400 shares of the company’s stock, valued at approximately $657,000.

Several other large investors also recently made changes to their positions in ACVA. Blue Trust Inc. increased its position in ACV Auctions by 65.8% in the 4th quarter. Blue Trust Inc. now owns 2,352 shares of the company’s stock valued at $48,000 after acquiring an additional 933 shares during the period. KBC Group NV raised its stake in shares of ACV Auctions by 80.4% during the fourth quarter. KBC Group NV now owns 7,406 shares of the company’s stock valued at $160,000 after purchasing an additional 3,300 shares in the last quarter. Xponance Inc. acquired a new stake in ACV Auctions in the fourth quarter worth about $229,000. Versor Investments LP acquired a new stake in ACV Auctions in the fourth quarter worth about $262,000. Finally, Cibc World Markets Corp acquired a new position in ACV Auctions during the 4th quarter valued at about $299,000. Institutional investors and hedge funds own 88.55% of the company’s stock.

Insider Transactions at ACV Auctions

In other ACV Auctions news, CFO William Zerella sold 15,000 shares of ACV Auctions stock in a transaction on Tuesday, January 7th. The shares were sold at an average price of $20.57, for a total transaction of $308,550.00. Following the completion of the sale, the chief financial officer now owns 462,452 shares of the company’s stock, valued at $9,512,637.64. This trade represents a 3.14 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Michael Waterman sold 30,162 shares of the company’s stock in a transaction on 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 transaction, the insider now directly owns 314,738 shares in the company, valued at $6,461,571.14. This trade represents a 8.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 423,411 shares of company stock valued at $6,776,916 over the last three months. 8.50% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of research firms recently commented on ACVA. Stephens upgraded shares of ACV Auctions to a “hold” rating in a research note on Saturday, February 1st. JPMorgan Chase & Co. dropped their price objective on ACV Auctions from $24.00 to $20.00 and set an “overweight” rating on the stock in a research note on Thursday, March 27th. Piper Sandler raised ACV Auctions from a “neutral” rating to an “overweight” rating and raised their target price for the company from $18.00 to $20.00 in a research note on Thursday, March 20th. JMP Securities reiterated a “market outperform” rating and issued a $25.00 price target on shares of ACV Auctions in a research report on Monday, December 16th. Finally, Needham & Company LLC restated a “buy” rating and set a $25.00 price objective on shares of ACV Auctions in a research report on Wednesday, March 12th. Two equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $23.14.

ACV Auctions Trading Up 3.0 %

ACV Auctions stock opened at $14.52 on Wednesday. ACV Auctions Inc. has a 52 week low of $12.77 and a 52 week high of $23.46. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.56 and a current ratio of 1.56. The firm has a market capitalization of $2.45 billion, a price-to-earnings ratio of -29.62 and a beta of 1.73. The company has a 50 day moving average price of $17.76 and a 200 day moving average price of $19.51.

ACV Auctions (NASDAQ:ACVA) last issued its quarterly earnings results on Wednesday, February 19th. The company reported ($0.14) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.01. The business had revenue of $159.51 million for the quarter, compared to the consensus estimate of $156.77 million. ACV Auctions had a negative return on equity of 12.94% and a negative net margin of 12.51%. Research analysts forecast that ACV Auctions Inc. will post -0.07 EPS for the current year.

ACV Auctions Company 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.