Frontier Capital Management Co. LLC Buys 770,828 Shares of ACV Auctions Inc. (NASDAQ:ACVA)

Frontier Capital Management Co. LLC grew its position in ACV Auctions Inc. (NASDAQ:ACVA) by 59.7% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 2,061,028 shares of the company’s stock after buying an additional 770,828 shares during the period. Frontier Capital Management Co. LLC owned 1.23% of ACV Auctions worth $44,518,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Blue Trust Inc. raised its position in shares of ACV Auctions by 65.8% during the 4th quarter. Blue Trust Inc. now owns 2,352 shares of the company’s stock valued at $48,000 after acquiring an additional 933 shares during the last quarter. KBC Group NV grew its holdings in ACV Auctions by 80.4% during the fourth quarter. KBC Group NV now owns 7,406 shares of the company’s stock valued at $160,000 after purchasing an additional 3,300 shares during the period. LPL Financial LLC acquired a new stake in ACV Auctions in the fourth quarter worth $226,000. Xponance Inc. bought a new position in shares of ACV Auctions during the fourth quarter worth $229,000. Finally, Versor Investments LP acquired a new position in shares of ACV Auctions in the 4th quarter valued at $262,000. Institutional investors and hedge funds own 88.55% of the company’s stock.

Insider Buying and Selling at ACV Auctions

In other ACV Auctions news, CFO William Zerella sold 15,000 shares of the business’s stock in a transaction that occurred 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 transaction, the chief financial officer now owns 766,266 shares of the company’s stock, valued at $10,367,578.98. The trade was a 1.92 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO George Chamoun sold 348,249 shares of the firm’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 value of $5,342,139.66. Following the completion of 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. The trade was a 10.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 8.50% of the company’s stock.

ACV Auctions Stock Performance

ACVA opened at $15.75 on Thursday. The business’s 50-day simple moving average is $14.51 and its 200 day simple moving average is $18.50. ACV Auctions Inc. has a 52-week low of $11.88 and a 52-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 firm has a market capitalization of $2.66 billion, a PE ratio of -32.14 and a beta of 1.72.

ACV Auctions (NASDAQ:ACVA) last announced its quarterly earnings data on Wednesday, May 7th. The company reported ($0.09) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.13). ACV Auctions had a negative return on equity of 12.94% and a negative net margin of 12.51%. During the same period in the prior year, the firm posted ($0.13) EPS. The company’s quarterly revenue was up 25.4% compared to the same quarter last year. As a group, sell-side analysts expect that ACV Auctions Inc. will post -0.07 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts recently commented on ACVA shares. JMP Securities dropped their price objective 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. Stephens raised ACV Auctions to a “hold” rating in a research report on Saturday, February 1st. JPMorgan Chase & Co. decreased their price objective on ACV Auctions from $24.00 to $20.00 and set an “overweight” rating for the company in a research report on Thursday, March 27th. Bank of America upgraded shares of ACV Auctions from a “neutral” rating to a “buy” rating and dropped their target price for the stock from $22.00 to $20.00 in a report on Wednesday, March 12th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $25.00 price target on shares of ACV Auctions in a report on Thursday. Two research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, ACV Auctions presently has an average rating of “Moderate Buy” and an average target price of $22.50.

ACV Auctions Company 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.