ACV Auctions Inc. $ACVA Stock Holdings Lessened by Massachusetts Financial Services Co. MA

Massachusetts Financial Services Co. MA reduced its stake in shares of ACV Auctions Inc. (NASDAQ:ACVA) by 27.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 6,643,937 shares of the company’s stock after selling 2,499,463 shares during the quarter. Massachusetts Financial Services Co. MA’s holdings in ACV Auctions were worth $65,841,000 as of its most recent filing with the SEC.

Several other large investors have also recently added to or reduced their stakes in ACVA. CWM LLC lifted its position in ACV Auctions by 77.4% in the 2nd quarter. CWM LLC now owns 4,642 shares of the company’s stock worth $75,000 after buying an additional 2,026 shares in the last quarter. Neo Ivy Capital Management purchased a new position in shares of ACV Auctions during the 2nd quarter valued at $87,000. State of Alaska Department of Revenue acquired a new position in shares of ACV Auctions in the third quarter worth $100,000. Olympiad Research LP acquired a new position in shares of ACV Auctions in the second quarter worth $164,000. Finally, State of Wyoming purchased a new stake in shares of ACV Auctions during the second quarter worth $171,000. Institutional investors and hedge funds own 88.55% of the company’s stock.

Insider Activity

In other news, Director Brian Hirsch bought 80,571 shares of the stock in a transaction that occurred on Friday, November 14th. The shares were acquired at an average cost of $6.21 per share, for a total transaction of $500,345.91. Following the purchase, the director owned 99,678 shares of the company’s stock, valued at $619,000.38. This represents a 421.68% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Robert P. Goodman bought 912,408 shares of the company’s stock in a transaction that occurred on Monday, November 10th. The stock was purchased at an average price of $5.61 per share, for a total transaction of $5,118,608.88. Following the acquisition, the director directly owned 912,408 shares in the company, valued at approximately $5,118,608.88. This trade represents a ∞ increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have bought a total of 1,038,437 shares of company stock valued at $5,993,255 over the last 90 days. 2.90% of the stock is currently owned by company insiders.

ACV Auctions Price Performance

Shares of NASDAQ:ACVA opened at $8.46 on Wednesday. The stock has a market capitalization of $1.46 billion, a P/E ratio of -17.26 and a beta of 1.63. The business has a 50-day moving average of $7.88 and a two-hundred day moving average of $10.11. ACV Auctions Inc. has a fifty-two week low of $4.95 and a fifty-two week high of $22.47. 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 quarterly earnings data on Wednesday, November 5th. The company reported $0.07 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.07. ACV Auctions had a negative return on equity of 12.94% and a negative net margin of 12.51%.The business had revenue of $199.56 million for the quarter, compared to the consensus estimate of $200.26 million. During the same period last year, the business earned $0.04 EPS. The firm’s revenue was up 16.5% compared to the same quarter last year. On average, equities research analysts predict that ACV Auctions Inc. will post -0.07 EPS for the current fiscal year.

Analyst Ratings Changes

ACVA has been the topic of a number of recent research reports. The Goldman Sachs Group lowered their target price on ACV Auctions from $21.00 to $13.00 and set a “buy” rating on the stock in a research note on Friday, November 7th. JPMorgan Chase & Co. reduced their price target on ACV Auctions from $18.00 to $11.00 and set an “overweight” rating for the company in a report on Thursday, November 6th. Barclays boosted their price target on ACV Auctions to $7.00 and gave the company an “equal weight” rating in a research note on Thursday, December 4th. Barrington Research downgraded ACV Auctions from an “outperform” rating to a “market perform” rating in a report on Thursday, November 6th. Finally, Needham & Company LLC reduced their target price on shares of ACV Auctions from $14.00 to $9.00 and set a “buy” rating for the company in a research note on Thursday, November 6th. Six research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $11.75.

ACV Auctions Profile

ACV Auctions operates a digital marketplace that connects automotive dealers through a mobile-first platform for wholesale vehicle auctions. The company’s software enables dealers to list, inspect and bid on used vehicles in real time, leveraging smartphone-based condition reporting, high-resolution imagery and data analytics to streamline the buying and selling process. ACV Auctions also offers subscription-based access to its auction platform, supplemental reconditioning services and financing tools designed to help dealers optimize inventory turn and reduce risk.

Since its founding in 2014, ACV Auctions has expanded its technology offerings beyond core auction services to include dealer management integrations, transportation logistics coordination and title management solutions.