Cambiar Investors LLC Sells 116,013 Shares of ACV Auctions Inc. $ACVA

Cambiar Investors LLC lowered its position in shares of ACV Auctions Inc. (NASDAQ:ACVA) by 18.5% during the 3rd quarter, Holdings Channel.com reports. The firm owned 509,524 shares of the company’s stock after selling 116,013 shares during the period. Cambiar Investors LLC’s holdings in ACV Auctions were worth $5,049,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of ACVA. Geode Capital Management LLC boosted its holdings in ACV Auctions by 11.3% in the 2nd quarter. Geode Capital Management LLC now owns 3,928,666 shares of the company’s stock worth $63,731,000 after buying an additional 398,106 shares during the period. Inflection Point Investments LLP lifted its position in shares of ACV Auctions by 32.5% in the second quarter. Inflection Point Investments LLP now owns 403,796 shares of the company’s stock valued at $6,550,000 after acquiring an additional 99,146 shares in the last quarter. Riverbridge Partners LLC boosted its stake in shares of ACV Auctions by 18.6% in the third quarter. Riverbridge Partners LLC now owns 3,567,434 shares of the company’s stock worth $35,353,000 after acquiring an additional 560,697 shares during the period. Connor Clark & Lunn Investment Management Ltd. boosted its stake in shares of ACV Auctions by 42.6% in the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 483,306 shares of the company’s stock worth $7,839,000 after acquiring an additional 144,283 shares during the period. Finally, William Blair Investment Management LLC grew its position in shares of ACV Auctions by 0.3% during the second quarter. William Blair Investment Management LLC now owns 11,109,706 shares of the company’s stock worth $180,199,000 after purchasing an additional 32,797 shares in the last quarter. 88.55% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

ACVA has been the topic of a number of research analyst reports. Citigroup lowered their price target on ACV Auctions from $17.00 to $13.00 and set a “buy” rating on the stock in a report on Friday, November 21st. Jefferies Financial Group cut shares of ACV Auctions from a “buy” rating to a “hold” rating and set a $9.00 price objective on the stock. in a research report on Thursday, December 11th. JPMorgan Chase & Co. dropped their target price on shares of ACV Auctions from $18.00 to $11.00 and set an “overweight” rating for the company in a research report on Thursday, November 6th. Barclays lifted their price target on shares of ACV Auctions to $8.00 and gave the company an “equal weight” rating in a report on Wednesday, January 21st. Finally, Barrington Research downgraded shares of ACV Auctions from an “outperform” rating to a “market perform” rating in a report on Thursday, November 6th. Six analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $11.85.

Insider Transactions at ACV Auctions

In related news, CEO George Chamoun purchased 31,172 shares of the stock in a transaction that occurred on Monday, December 15th. The stock was bought at an average cost of $7.97 per share, for a total transaction of $248,440.84. Following the completion of the transaction, the chief executive officer directly owned 2,618,714 shares in the company, valued at $20,871,150.58. This represents a 1.20% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Brian Hirsch acquired 80,571 shares of the company’s stock in a transaction on Friday, November 14th. The shares were purchased at an average cost of $6.21 per share, with a total value of $500,345.91. Following the completion of the purchase, the director directly owned 99,678 shares of the company’s stock, valued at $619,000.38. This trade represents a 421.68% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last 90 days, insiders purchased 1,038,437 shares of company stock worth $5,993,255. 2.90% of the stock is currently owned by company insiders.

ACV Auctions Stock Performance

Shares of NASDAQ:ACVA opened at $8.34 on Wednesday. The firm has a fifty day simple moving average of $8.12 and a two-hundred day simple moving average of $9.83. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.28. The stock has a market capitalization of $1.44 billion, a P/E ratio of -17.02 and a beta of 1.63. ACV Auctions Inc. has a 52 week low of $4.95 and a 52 week high of $22.09.

ACV Auctions (NASDAQ:ACVA) last announced its quarterly earnings results on Wednesday, November 5th. The company reported $0.07 EPS for the quarter, meeting analysts’ consensus estimates of $0.07. ACV Auctions had a negative net margin of 12.51% and a negative return on equity of 12.94%. The firm had revenue of $199.56 million during the quarter, compared to the consensus estimate of $200.26 million. During the same quarter last year, the firm earned $0.04 EPS. The firm’s revenue for the quarter was up 16.5% compared to the same quarter last year. On average, analysts expect that ACV Auctions Inc. will post -0.07 earnings per share for the current fiscal year.

About ACV Auctions

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.