First Horizon Advisors Inc. Sells 826 Shares of ACV Auctions Inc. (NASDAQ:ACVA)

First Horizon Advisors Inc. decreased its position in ACV Auctions Inc. (NASDAQ:ACVA) by 4.9% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 15,909 shares of the company’s stock after selling 826 shares during the quarter. First Horizon Advisors Inc.’s holdings in ACV Auctions were worth $344,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also bought and sold shares of the company. Massachusetts Financial Services Co. MA raised its stake in shares of ACV Auctions by 11.6% during the third quarter. Massachusetts Financial Services Co. MA now owns 8,655,640 shares of the company’s stock worth $175,969,000 after acquiring an additional 897,477 shares in the last quarter. Jennison Associates LLC raised its position in ACV Auctions by 17.2% in 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. Geode Capital Management LLC raised its position in ACV Auctions by 2.0% in the 3rd quarter. Geode Capital Management LLC now owns 3,517,088 shares of the company’s stock worth $71,516,000 after purchasing an additional 67,969 shares during the period. State Street Corp grew its stake in shares of ACV Auctions by 3.7% during the third quarter. State Street Corp now owns 3,242,388 shares of the company’s stock valued at $65,918,000 after buying an additional 115,700 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its holdings in shares of ACV Auctions by 10.9% in the third quarter. JPMorgan Chase & Co. now owns 3,167,615 shares of the company’s stock worth $64,398,000 after buying an additional 311,465 shares during the period. Hedge funds and other institutional investors own 88.55% of the company’s stock.

ACV Auctions Stock Performance

NASDAQ:ACVA opened at $16.46 on Wednesday. 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 fifty day simple moving average is $21.00 and its 200 day simple moving average is $20.19. The stock has a market cap of $2.76 billion, a P/E ratio of -33.59 and a beta of 1.69. ACV Auctions Inc. has a twelve month low of $14.76 and a twelve month high of $23.46.

ACV Auctions (NASDAQ:ACVA) last announced 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. ACV Auctions had a negative net margin of 12.51% and a negative return on equity of 12.94%. The firm had revenue of $159.51 million for the quarter, compared to analyst estimates of $156.77 million. As a group, research analysts predict that ACV Auctions Inc. will post -0.07 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on ACVA shares. Barrington Research restated an “outperform” rating and set a $23.00 target price on shares of ACV Auctions in a report on Monday, November 4th. JMP Securities reiterated a “market outperform” rating and issued a $25.00 price objective on shares of ACV Auctions in a research report on Monday, December 16th. Piper Sandler raised their target price on shares of ACV Auctions from $16.00 to $18.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. B. Riley upped their price target on shares of ACV Auctions from $24.00 to $27.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. Finally, Stephens raised shares of ACV Auctions to a “hold” rating in a research report on Saturday, February 1st. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $23.35.

Insider Buying and Selling at ACV Auctions

In other ACV Auctions news, insider Michael Waterman sold 15,000 shares of the 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 completion of the transaction, the insider now owns 311,354 shares in the company, valued at approximately $6,311,145.58. This represents a 4.60 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO William Zerella sold 32,500 shares of the firm’s stock in a transaction on Monday, December 30th. The shares were sold at an average price of $21.65, for a total value of $703,625.00. Following the transaction, the chief financial officer now directly owns 490,482 shares of the company’s stock, valued at $10,618,935.30. This represents a 6.21 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 92,662 shares of company stock valued at $1,935,451. 8.50% of the stock is currently owned by corporate 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.