Inflection Point Investments LLP Boosts Position in ACV Auctions Inc. (NASDAQ:ACVA)

Inflection Point Investments LLP boosted its stake in ACV Auctions Inc. (NASDAQ:ACVA) by 19.3% during the fourth quarter, Holdings Channel.com reports. The firm owned 422,919 shares of the company’s stock after buying an additional 68,309 shares during the period. ACV Auctions accounts for about 12.4% of Inflection Point Investments LLP’s portfolio, making the stock its 4th largest position. Inflection Point Investments LLP’s holdings in ACV Auctions were worth $9,135,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Vanguard Group Inc. boosted its holdings in shares of ACV Auctions by 5.5% during the fourth quarter. Vanguard Group Inc. now owns 14,245,915 shares of the company’s stock worth $307,712,000 after purchasing an additional 738,391 shares during the period. William Blair Investment Management LLC lifted its holdings in ACV Auctions by 43.2% in the 4th quarter. William Blair Investment Management LLC now owns 12,099,686 shares of the company’s stock worth $261,353,000 after buying an additional 3,652,871 shares during the period. Alliancebernstein L.P. grew its position in shares of ACV Auctions by 5.3% in the 4th quarter. Alliancebernstein L.P. now owns 5,622,255 shares of the company’s stock worth $121,441,000 after buying an additional 284,880 shares during the last quarter. Jennison Associates LLC grew its position in shares of ACV Auctions by 17.2% in the 4th quarter. Jennison Associates LLC now owns 4,980,354 shares of the company’s stock worth $107,576,000 after buying an additional 732,422 shares during the last quarter. Finally, Geode Capital Management LLC increased its stake in shares of ACV Auctions by 1.7% during the fourth quarter. Geode Capital Management LLC now owns 3,575,347 shares of the company’s stock valued at $77,246,000 after buying an additional 58,259 shares during the period. Institutional investors own 88.55% of the company’s stock.

Insider Activity

In related news, CFO William Zerella sold 15,000 shares of the stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $13.53, for a total transaction of $202,950.00. Following the sale, the chief financial officer now directly owns 766,266 shares of the company’s stock, valued at $10,367,578.98. This trade represents a 1.92 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO George Chamoun sold 348,249 shares of ACV Auctions stock in a transaction dated 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 completion of the sale, the chief executive officer now owns 2,821,193 shares of the company’s stock, valued at $43,277,100.62. The trade was a 10.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 378,249 shares of company stock worth $5,849,140 over the last 90 days. 8.50% of the stock is currently owned by insiders.

ACV Auctions Stock Up 2.0 %

Shares of NASDAQ:ACVA opened at $14.28 on Monday. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.28. The stock has a fifty day simple moving average of $16.27 and a two-hundred day simple moving average of $19.05. ACV Auctions Inc. has a 12-month low of $11.88 and a 12-month high of $23.46. The stock has a market capitalization of $2.41 billion, a price-to-earnings ratio of -29.13 and a beta of 1.74.

ACV Auctions (NASDAQ:ACVA) last announced its quarterly earnings results 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. The company had revenue of $159.51 million for the quarter, compared to analysts’ expectations of $156.77 million. ACV Auctions had a negative net margin of 12.51% and a negative return on equity of 12.94%. On average, research analysts anticipate that ACV Auctions Inc. will post -0.07 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research firms recently weighed in on ACVA. JMP Securities cut their price target on shares of ACV Auctions from $22.00 to $18.00 and set a “market outperform” rating on the stock in a report on Wednesday, April 9th. Bank of America raised shares of ACV Auctions from a “neutral” rating to a “buy” rating and cut their target price for the company from $22.00 to $20.00 in a research note on Wednesday, March 12th. JPMorgan Chase & Co. decreased their price target on shares of ACV Auctions from $24.00 to $20.00 and set an “overweight” rating for the company in a research note on Thursday, March 27th. Needham & Company LLC reaffirmed a “buy” rating and set a $25.00 price objective on shares of ACV Auctions in a research report on Wednesday, March 12th. Finally, Piper Sandler raised 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. Two analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $22.50.

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.