ArrowMark Colorado Holdings LLC Sells 1,788,338 Shares of ACV Auctions Inc. (NASDAQ:ACVA)

ArrowMark Colorado Holdings LLC lessened its stake in ACV Auctions Inc. (NASDAQ:ACVA) by 27.2% during the fourth quarter, Holdings Channel reports. The firm owned 4,798,082 shares of the company’s stock after selling 1,788,338 shares during the period. ACV Auctions makes up approximately 1.4% of ArrowMark Colorado Holdings LLC’s portfolio, making the stock its 21st largest position. ArrowMark Colorado Holdings LLC’s holdings in ACV Auctions were worth $103,639,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Barclays PLC lifted its stake in ACV Auctions by 16.8% during the 3rd quarter. Barclays PLC now owns 244,999 shares of the company’s stock valued at $4,980,000 after acquiring an additional 35,155 shares in the last quarter. Franklin Resources Inc. raised its holdings in shares of ACV Auctions by 5.3% in the third quarter. Franklin Resources Inc. now owns 40,935 shares of the company’s stock valued at $768,000 after purchasing an additional 2,057 shares during the last quarter. Principal Financial Group Inc. lifted its position in shares of ACV Auctions by 4.9% during the third quarter. Principal Financial Group Inc. now owns 64,925 shares of the company’s stock valued at $1,320,000 after purchasing an additional 3,022 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in ACV Auctions by 10.9% during the third quarter. JPMorgan Chase & Co. now owns 3,167,615 shares of the company’s stock worth $64,398,000 after purchasing an additional 311,465 shares during the last quarter. Finally, Harbor Capital Advisors Inc. grew its position in ACV Auctions by 4.3% in the 4th quarter. Harbor Capital Advisors Inc. now owns 159,699 shares of the company’s stock worth $3,449,000 after purchasing an additional 6,649 shares in the last quarter. Hedge funds and other institutional investors own 88.55% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have commented on ACVA shares. JPMorgan Chase & Co. dropped their target price on shares of ACV Auctions from $24.00 to $20.00 and set an “overweight” rating on the stock in a research report on Thursday, March 27th. Stephens raised ACV Auctions to a “hold” rating in a research report on Saturday, February 1st. Bank of America raised ACV Auctions from a “neutral” rating to a “buy” rating and decreased their target price for the company from $22.00 to $20.00 in a research report on Wednesday, March 12th. JMP Securities lowered their target price on ACV Auctions from $22.00 to $18.00 and set a “market outperform” rating on the stock in a research note on Wednesday, April 9th. Finally, Needham & Company LLC restated a “buy” rating and set a $25.00 price objective on shares of ACV Auctions in a report on Wednesday, March 12th. Two equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $22.50.

Insiders Place Their Bets

In related news, CEO George Chamoun sold 348,249 shares of the business’s 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 sale, the chief executive officer now directly owns 2,821,193 shares in the company, valued at approximately $43,277,100.62. The trade was a 10.99 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Michael Waterman sold 15,000 shares of the stock in a transaction dated Tuesday, February 4th. The stock was sold at an average price of $20.27, for a total value of $304,050.00. Following the sale, 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 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. Corporate insiders own 8.50% of the company’s stock.

ACV Auctions Trading Up 1.9 %

Shares of ACVA opened at $15.24 on Friday. The firm has a market cap of $2.57 billion, a P/E ratio of -31.10 and a beta of 1.74. ACV Auctions Inc. has a fifty-two week low of $11.88 and a fifty-two week high of $23.46. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.56 and a current ratio of 1.56. The business has a 50-day moving average of $14.55 and a 200 day moving average of $18.57.

ACV Auctions (NASDAQ:ACVA) last posted its quarterly earnings results on Wednesday, February 19th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating the consensus estimate 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 net margin of 12.51% and a negative return on equity of 12.94%. As a group, research analysts forecast that ACV Auctions Inc. will post -0.07 EPS for the current year.

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.