Pier Capital LLC Invests $8.28 Million in ACV Auctions Inc. (NASDAQ:ACVA)

Pier Capital LLC bought a new stake in ACV Auctions Inc. (NASDAQ:ACVA) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 383,216 shares of the company’s stock, valued at approximately $8,277,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Blue Trust Inc. raised its stake in ACV Auctions by 65.8% in the fourth quarter. Blue Trust Inc. now owns 2,352 shares of the company’s stock valued at $48,000 after buying an additional 933 shares during the period. KBC Group NV increased its holdings in shares of ACV Auctions by 80.4% during the 4th quarter. KBC Group NV now owns 7,406 shares of the company’s stock worth $160,000 after acquiring an additional 3,300 shares during the last quarter. LPL Financial LLC bought a new stake in ACV Auctions in the 4th quarter valued at $226,000. Xponance Inc. acquired a new stake in ACV Auctions during the 4th quarter valued at $229,000. Finally, Icon Wealth Advisors LLC lifted its holdings in ACV Auctions by 13.5% during the 3rd quarter. Icon Wealth Advisors LLC now owns 11,048 shares of the company’s stock valued at $225,000 after purchasing an additional 1,317 shares during the last quarter. 88.55% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, 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 completion of the sale, the chief executive officer now 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 position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO William Zerella sold 32,500 shares of the stock in a transaction that occurred on Monday, December 30th. The stock was sold at an average price of $21.65, for a total transaction of $703,625.00. Following the sale, the chief financial officer now owns 490,482 shares in the company, valued at $10,618,935.30. This represents a 6.21 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 455,911 shares of company stock worth $7,480,541. Company insiders own 8.50% of the company’s stock.

Analyst Ratings Changes

Several research firms have commented on ACVA. Stephens upgraded shares of ACV Auctions to a “hold” rating in a report on Saturday, February 1st. JMP Securities reissued a “market outperform” rating and issued a $25.00 price target on shares of ACV Auctions in a report on Monday, December 16th. B. Riley raised their price objective on shares of ACV Auctions from $24.00 to $27.00 and gave the stock a “buy” rating in a research report on Tuesday, November 26th. Needham & Company LLC reaffirmed a “buy” rating and issued a $25.00 target price on shares of ACV Auctions in a research report on Wednesday, March 12th. Finally, Piper Sandler upgraded ACV Auctions from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $18.00 to $20.00 in a research note on Thursday, March 20th. Two investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $23.23.

ACV Auctions Stock Up 4.7 %

Shares of ACVA opened at $16.03 on Tuesday. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.28. The stock has a market capitalization of $2.71 billion, a PE ratio of -32.72 and a beta of 1.73. The firm’s 50 day moving average is $18.56 and its 200-day moving average is $19.70. ACV Auctions Inc. has a 12 month low of $12.77 and a 12 month high of $23.46.

ACV Auctions (NASDAQ:ACVA) last posted its quarterly earnings data on Wednesday, February 19th. The company reported ($0.14) EPS for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.01. The firm 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%. Equities 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.