Corebridge Financial Inc. Cuts Stock Position in ACV Auctions Inc. (NASDAQ:ACVA)

Corebridge Financial Inc. lessened its holdings in shares of ACV Auctions Inc. (NASDAQ:ACVA) by 7.0% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 73,569 shares of the company’s stock after selling 5,554 shares during the quarter. Corebridge Financial Inc.’s holdings in ACV Auctions were worth $1,589,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Charles Schwab Investment Management Inc. lifted its holdings in ACV Auctions by 3.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,241,341 shares of the company’s stock worth $25,236,000 after buying an additional 39,812 shares in the last quarter. Captrust Financial Advisors raised its stake in shares of ACV Auctions by 21.1% in the third quarter. Captrust Financial Advisors now owns 26,216 shares of the company’s stock valued at $533,000 after acquiring an additional 4,563 shares in the last quarter. Verition Fund Management LLC purchased a new position in ACV Auctions in the third quarter valued at $1,306,000. HighTower Advisors LLC grew its stake in ACV Auctions by 21.6% during the 3rd quarter. HighTower Advisors LLC now owns 25,159 shares of the company’s stock worth $515,000 after purchasing an additional 4,464 shares in the last quarter. Finally, Janus Henderson Group PLC increased its holdings in ACV Auctions by 6.7% during the 3rd quarter. Janus Henderson Group PLC now owns 63,505 shares of the company’s stock worth $1,290,000 after purchasing an additional 3,961 shares during the period. Hedge funds and other institutional investors own 88.55% of the company’s stock.

Insider Activity at ACV Auctions

In other news, CEO George Chamoun sold 348,249 shares of the business’s stock in a transaction that occurred 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 owns 2,821,193 shares of the company’s stock, valued at approximately $43,277,100.62. The trade was a 10.99 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO William Zerella sold 15,000 shares of the stock in a transaction on Tuesday, January 7th. The stock was sold at an average price of $20.57, for a total value of $308,550.00. Following the sale, the chief financial officer now directly owns 462,452 shares of the company’s stock, valued at approximately $9,512,637.64. This represents a 3.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 423,411 shares of company stock worth $6,776,916 in the last 90 days. 8.50% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Needham & Company LLC reiterated a “buy” rating and issued a $25.00 price objective on shares of ACV Auctions in a research note on Wednesday, March 12th. JMP Securities reiterated a “market outperform” rating and set a $25.00 price target on shares of ACV Auctions in a report on Monday, December 16th. Bank of America raised shares of ACV Auctions from a “neutral” rating to a “buy” rating and dropped their price objective for the company from $22.00 to $20.00 in a research report on Wednesday, March 12th. Stephens raised shares of ACV Auctions to a “hold” rating in a research report on Saturday, February 1st. Finally, JPMorgan Chase & Co. dropped their target price on ACV Auctions from $24.00 to $20.00 and set an “overweight” rating on the stock in a report on Thursday, March 27th. 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 data from MarketBeat.com, ACV Auctions has a consensus rating of “Moderate Buy” and an average price target of $23.14.

ACV Auctions Stock Up 4.8 %

ACVA opened at $15.17 on Thursday. ACV Auctions Inc. has a one year low of $12.77 and a one year 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 stock has a market capitalization of $2.56 billion, a P/E ratio of -30.96 and a beta of 1.73. The business’s 50-day simple moving average is $17.63 and its 200-day simple moving average is $19.48.

ACV Auctions (NASDAQ:ACVA) last released its quarterly 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. The company had revenue of $159.51 million for the quarter, compared to analyst estimates of $156.77 million. ACV Auctions had a negative return on equity of 12.94% and a negative net margin of 12.51%. Analysts anticipate 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.