Mesirow Institutional Investment Management Inc. Takes $13.55 Million Position in ACV Auctions Inc. (NASDAQ:ACVA)

Mesirow Institutional Investment Management Inc. purchased a new stake in shares of ACV Auctions Inc. (NASDAQ:ACVA) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 627,256 shares of the company’s stock, valued at approximately $13,549,000.

Other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. lifted its stake in ACV Auctions by 5.5% in the fourth quarter. Vanguard Group Inc. now owns 14,245,915 shares of the company’s stock worth $307,712,000 after acquiring an additional 738,391 shares during the period. William Blair Investment Management LLC raised its position in shares of 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 acquiring an additional 3,652,871 shares in the last quarter. Alliancebernstein L.P. boosted its position in shares of ACV Auctions by 5.3% during the fourth quarter. Alliancebernstein L.P. now owns 5,622,255 shares of the company’s stock valued at $121,441,000 after purchasing an additional 284,880 shares in the last quarter. Jennison Associates LLC grew its stake in ACV Auctions by 17.2% in the fourth quarter. Jennison Associates LLC now owns 4,980,354 shares of the company’s stock worth $107,576,000 after purchasing an additional 732,422 shares during the period. Finally, Geode Capital Management LLC raised its holdings in ACV Auctions by 1.7% in the fourth quarter. Geode Capital Management LLC now owns 3,575,347 shares of the company’s stock worth $77,246,000 after purchasing an additional 58,259 shares in the last quarter. 88.55% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Stephens raised shares of ACV Auctions to a “hold” rating in a research report on Saturday, February 1st. JMP Securities lowered their target price on shares of ACV Auctions from $22.00 to $18.00 and set a “market outperform” rating for the company in a report on Wednesday, April 9th. Needham & Company LLC reiterated a “buy” rating and set a $25.00 price objective on shares of ACV Auctions in a research note on Wednesday, March 12th. JPMorgan Chase & Co. reduced their price target on ACV Auctions from $24.00 to $20.00 and set an “overweight” rating for the company in a report on Thursday, March 27th. Finally, Piper Sandler raised shares of ACV Auctions from a “neutral” rating to an “overweight” rating and increased their price objective for the company 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 assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $22.50.

ACV Auctions Stock Performance

Shares of NASDAQ ACVA opened at $14.28 on Friday. 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 firm’s 50-day moving average price is $15.57 and its 200-day moving average price is $18.85. ACV Auctions Inc. has a 52-week low of $11.88 and a 52-week high of $23.46. The company has a market cap of $2.41 billion, a PE ratio of -29.14 and a beta of 1.74.

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

Insider Activity at ACV Auctions

In other ACV Auctions news, insider Michael Waterman sold 15,000 shares of the company’s stock in a transaction that occurred on Tuesday, February 4th. The shares were sold at an average price of $20.27, for a total transaction of $304,050.00. Following the completion of the sale, the insider now directly owns 311,354 shares of the company’s stock, valued at approximately $6,311,145.58. This represents a 4.60 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO George Chamoun sold 348,249 shares of ACV Auctions stock in a transaction on Thursday, March 20th. The stock was sold at an average price of $15.34, for a total transaction of $5,342,139.66. Following the transaction, the chief executive officer now owns 2,821,193 shares in the company, valued at $43,277,100.62. This represents a 10.99 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 378,249 shares of company stock worth $5,849,140. 8.50% of the stock is owned by insiders.

ACV Auctions 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.