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

ArrowMark Colorado Holdings LLC reduced its holdings in shares of ACV Auctions Inc. (NASDAQ:ACVA) by 27.2% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 4,798,082 shares of the company’s stock after selling 1,788,338 shares during the quarter. ACV Auctions accounts for about 1.4% of ArrowMark Colorado Holdings LLC’s holdings, making the stock its 21st biggest holding. ArrowMark Colorado Holdings LLC owned approximately 2.86% of ACV Auctions worth $103,639,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of ACVA. Blue Trust Inc. lifted its stake in shares of ACV Auctions by 65.8% in 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. Arizona State Retirement System raised its position in ACV Auctions by 3.6% in the fourth quarter. Arizona State Retirement System now owns 44,126 shares of the company’s stock valued at $953,000 after purchasing an additional 1,520 shares during the last quarter. Franklin Resources Inc. boosted its stake in shares of ACV Auctions by 5.3% during 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 in the last quarter. Handelsbanken Fonder AB grew its holdings in shares of ACV Auctions by 6.0% during the fourth quarter. Handelsbanken Fonder AB now owns 44,000 shares of the company’s stock worth $950,000 after purchasing an additional 2,500 shares during the last quarter. Finally, Principal Financial Group Inc. increased its stake in shares of ACV Auctions by 4.9% in the third quarter. Principal Financial Group Inc. now owns 64,925 shares of the company’s stock valued at $1,320,000 after buying an additional 3,022 shares during the period. 88.55% of the stock is owned by institutional investors and hedge funds.

ACV Auctions Trading Up 1.9 %

Shares of ACVA stock opened at $15.24 on Friday. 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 stock has a 50 day simple moving average of $14.55 and a two-hundred day simple moving average of $18.57. The company has a market cap of $2.57 billion, a P/E ratio of -31.10 and a beta of 1.74.

ACV Auctions (NASDAQ:ACVA) last released its quarterly earnings data on Wednesday, February 19th. The company reported ($0.14) earnings per share for the quarter, beating the consensus estimate of ($0.15) by $0.01. The company had revenue of $159.51 million during 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%. Research analysts forecast that ACV Auctions Inc. will post -0.07 earnings per share for the current year.

Insider Transactions at ACV Auctions

In other news, CEO George Chamoun sold 348,249 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the chief executive officer now owns 2,821,193 shares in the company, valued at $43,277,100.62. The trade was a 10.99 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, 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 disclosure for this sale can be found here. Insiders have sold 378,249 shares of company stock valued at $5,849,140 in the last 90 days. 8.50% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of research firms have weighed in on ACVA. Piper Sandler raised shares of ACV Auctions from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $18.00 to $20.00 in a report on Thursday, March 20th. Needham & Company LLC reissued a “buy” rating and issued a $25.00 price objective on shares of ACV Auctions in a research note on Wednesday, March 12th. Bank of America raised ACV Auctions from a “neutral” rating to a “buy” rating and lowered their target price for the stock from $22.00 to $20.00 in a research report on Wednesday, March 12th. JPMorgan Chase & Co. reduced their price target on ACV Auctions from $24.00 to $20.00 and set an “overweight” rating on the stock in a research report on Thursday, March 27th. Finally, Stephens upgraded ACV Auctions to a “hold” rating in a research report on Saturday, February 1st. Two investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, ACV Auctions presently has an average rating of “Moderate Buy” and a consensus price target 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.