Main Management ETF Advisors LLC Sells 3,968 Shares of ACV Auctions Inc. (NASDAQ:ACVA)

Main Management ETF Advisors LLC lessened its position in shares of ACV Auctions Inc. (NASDAQ:ACVA) by 8.2% in the fourth quarter, HoldingsChannel.com reports. The firm owned 44,144 shares of the company’s stock after selling 3,968 shares during the quarter. Main Management ETF Advisors LLC’s holdings in ACV Auctions were worth $954,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Blue Trust Inc. grew its holdings in ACV Auctions by 65.8% in the fourth quarter. Blue Trust Inc. now owns 2,352 shares of the company’s stock worth $48,000 after purchasing an additional 933 shares during the period. Arizona State Retirement System boosted its position in shares of ACV Auctions by 3.6% during the 4th quarter. Arizona State Retirement System now owns 44,126 shares of the company’s stock worth $953,000 after purchasing an additional 1,520 shares in the last quarter. Franklin Resources Inc. boosted its position in shares of ACV Auctions by 5.3% during the 3rd quarter. Franklin Resources Inc. now owns 40,935 shares of the company’s stock worth $768,000 after purchasing an additional 2,057 shares in the last quarter. Handelsbanken Fonder AB grew its stake in shares of ACV Auctions by 6.0% in the 4th quarter. Handelsbanken Fonder AB now owns 44,000 shares of the company’s stock valued at $950,000 after buying an additional 2,500 shares during the period. Finally, KBC Group NV increased its position in ACV Auctions by 80.4% in the 4th quarter. KBC Group NV now owns 7,406 shares of the company’s stock valued at $160,000 after buying an additional 3,300 shares in the last quarter. Institutional investors and hedge funds own 88.55% of the company’s stock.

ACV Auctions Trading Up 1.0%

NASDAQ:ACVA opened at $16.97 on Wednesday. ACV Auctions Inc. has a 52 week low of $11.88 and a 52 week high of $23.46. The firm has a 50-day moving average price of $14.66 and a two-hundred day moving average price of $18.46. 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 cap of $2.86 billion, a price-to-earnings ratio of -34.63 and a beta of 1.72.

ACV Auctions (NASDAQ:ACVA) last issued its quarterly earnings results on Wednesday, May 7th. The company reported ($0.09) 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%. ACV Auctions’s revenue for the quarter was up 25.4% on a year-over-year basis. During the same period in the prior year, the business earned ($0.13) EPS. On average, equities analysts expect that ACV Auctions Inc. will post -0.07 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

ACVA has been the subject of several recent research reports. Bank of America upgraded ACV Auctions from a “neutral” rating to a “buy” rating and decreased their price objective for the company from $22.00 to $20.00 in a report on Wednesday, March 12th. JMP Securities decreased their price target on shares of 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. Needham & Company LLC restated a “buy” rating and set a $25.00 price objective on shares of ACV Auctions in a report on Thursday, May 8th. Stephens upgraded shares of ACV Auctions to a “hold” rating in a report on Saturday, February 1st. Finally, Piper Sandler upgraded shares of ACV Auctions from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $18.00 to $20.00 in a report on Thursday, March 20th. Two research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $22.50.

Insider Buying and Selling

In related news, CEO George Chamoun sold 348,249 shares of ACV Auctions 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 sale, the chief executive officer now 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 position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO William Zerella sold 15,000 shares of the stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $13.53, for a total value of $202,950.00. Following the transaction, the chief financial officer now directly owns 766,266 shares of the company’s stock, valued at approximately $10,367,578.98. This trade represents a 1.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. 8.50% of the stock is owned by insiders.

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.