ACV Auctions Inc. (NASDAQ:ACVA) is Formula Growth Ltd.’s 8th Largest Position

Formula Growth Ltd. increased its holdings in shares of ACV Auctions Inc. (NASDAQ:ACVA) by 5.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 252,643 shares of the company’s stock after buying an additional 13,318 shares during the period. ACV Auctions comprises approximately 1.8% of Formula Growth Ltd.’s investment portfolio, making the stock its 8th largest holding. Formula Growth Ltd. owned approximately 0.15% of ACV Auctions worth $5,457,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the company. William Blair Investment Management LLC boosted its position in shares of ACV Auctions by 43.2% during 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. Franklin Resources Inc. raised its stake in shares of ACV Auctions by 2,346.2% during the fourth quarter. Franklin Resources Inc. now owns 1,001,365 shares of the company’s stock worth $21,629,000 after purchasing an additional 960,430 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of ACV Auctions by 5.5% in the fourth quarter. Vanguard Group Inc. now owns 14,245,915 shares of the company’s stock valued at $307,712,000 after acquiring an additional 738,391 shares in the last quarter. Jennison Associates LLC increased its position in ACV Auctions by 17.2% during the 4th 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, Wellington Management Group LLP raised its position in ACV Auctions by 61.3% in the fourth quarter. Wellington Management Group LLP now owns 1,708,551 shares of the company’s stock worth $36,905,000 after acquiring an additional 649,039 shares in the last quarter. Institutional investors and hedge funds own 88.55% of the company’s stock.

Insider Activity at ACV Auctions

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

ACV Auctions Stock Performance

ACVA stock opened at $14.28 on Friday. The firm has a market cap of $2.41 billion, a PE ratio of -29.14 and a beta of 1.74. ACV Auctions Inc. has a 1-year low of $11.88 and a 1-year high of $23.46. The stock has a 50-day moving average price of $15.57 and a 200-day moving average price of $18.86. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.28.

ACV Auctions (NASDAQ:ACVA) last posted its earnings results on Wednesday, February 19th. The company reported ($0.14) earnings per share for the quarter, beating analysts’ consensus estimates 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%. As a group, equities research analysts expect that ACV Auctions Inc. will post -0.07 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on ACVA. Needham & Company LLC reiterated a “buy” rating and issued a $25.00 price target on shares of ACV Auctions in a research report on Wednesday, March 12th. JMP Securities decreased their target price on ACV Auctions from $22.00 to $18.00 and set a “market outperform” rating for the company in a research note on Wednesday, April 9th. Bank of America raised ACV Auctions from a “neutral” rating to a “buy” rating and dropped their price target for the stock from $22.00 to $20.00 in a research note on Wednesday, March 12th. Piper Sandler raised shares of ACV Auctions from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $18.00 to $20.00 in a research report on Thursday, March 20th. Finally, JPMorgan Chase & Co. decreased their target price on shares of ACV Auctions from $24.00 to $20.00 and set an “overweight” rating for the company in a research report on Thursday, March 27th. Two investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, ACV Auctions has a consensus rating of “Moderate Buy” and a consensus price target of $22.50.

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.