ACV Auctions Inc. $ACVA Position Increased by Deepwater Asset Management LLC

Deepwater Asset Management LLC increased its stake in shares of ACV Auctions Inc. (NASDAQ:ACVA) by 14.4% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,040,836 shares of the company’s stock after buying an additional 131,009 shares during the quarter. ACV Auctions comprises approximately 4.1% of Deepwater Asset Management LLC’s holdings, making the stock its 18th largest position. Deepwater Asset Management LLC owned 0.60% of ACV Auctions worth $10,315,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Geode Capital Management LLC increased its position in ACV Auctions by 11.3% in the 2nd quarter. Geode Capital Management LLC now owns 3,928,666 shares of the company’s stock valued at $63,731,000 after acquiring an additional 398,106 shares during the period. Riverbridge Partners LLC grew its stake in shares of ACV Auctions by 18.6% in the third quarter. Riverbridge Partners LLC now owns 3,567,434 shares of the company’s stock worth $35,353,000 after purchasing an additional 560,697 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of ACV Auctions by 42.6% during the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 483,306 shares of the company’s stock valued at $7,839,000 after purchasing an additional 144,283 shares during the period. Iridian Asset Management LLC CT raised its stake in shares of ACV Auctions by 52.7% during the third quarter. Iridian Asset Management LLC CT now owns 1,880,851 shares of the company’s stock valued at $18,639,000 after purchasing an additional 649,358 shares in the last quarter. Finally, Campbell & CO Investment Adviser LLC raised its stake in shares of ACV Auctions by 1,030.4% during the third quarter. Campbell & CO Investment Adviser LLC now owns 131,203 shares of the company’s stock valued at $1,300,000 after purchasing an additional 119,596 shares in the last quarter. 88.55% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, CEO George Chamoun bought 14,286 shares of the firm’s stock in a transaction on Monday, January 12th. The stock was bought at an average cost of $8.81 per share, for a total transaction of $125,859.66. Following the completion of the acquisition, the chief executive officer directly owned 2,598,383 shares in the company, valued at $22,891,754.23. This represents a 0.55% increase in their position. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 2.90% of the company’s stock.

ACV Auctions Stock Performance

ACVA opened at $5.55 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 has a market cap of $966.10 million, a PE ratio of -11.33 and a beta of 1.63. The business has a fifty day simple moving average of $7.52 and a 200-day simple moving average of $8.51. ACV Auctions Inc. has a fifty-two week low of $4.45 and a fifty-two week high of $17.54.

ACV Auctions (NASDAQ:ACVA) last announced its earnings results on Monday, February 23rd. The company reported ($0.11) EPS for the quarter, missing the consensus estimate of ($0.01) by ($0.10). ACV Auctions had a negative net margin of 12.51% and a negative return on equity of 12.94%. The company had revenue of $183.65 million for the quarter, compared to analysts’ expectations of $181.96 million. During the same period in the prior year, the company earned ($0.16) earnings per share. The company’s revenue for the quarter was up 15.2% on a year-over-year basis. As a group, equities analysts predict that ACV Auctions Inc. will post -0.07 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. Barrington Research raised shares of ACV Auctions from a “market perform” rating to an “outperform” rating in a research note on Tuesday, February 24th. Royal Bank Of Canada upgraded shares of ACV Auctions to an “outperform” rating in a research note on Tuesday, February 24th. Citigroup downgraded ACV Auctions from a “buy” rating to a “neutral” rating and cut their target price for the stock from $13.00 to $7.00 in a research report on Tuesday, February 24th. Jefferies Financial Group cut ACV Auctions from a “buy” rating to a “hold” rating and set a $9.00 price target on the stock. in a research report on Thursday, December 11th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $9.00 price objective on shares of ACV Auctions in a research note on Tuesday, February 24th. Eight analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $11.32.

About ACV Auctions

ACV Auctions operates a digital marketplace that connects automotive dealers through a mobile-first platform for wholesale vehicle auctions. The company’s software enables dealers to list, inspect and bid on used vehicles in real time, leveraging smartphone-based condition reporting, high-resolution imagery and data analytics to streamline the buying and selling process. ACV Auctions also offers subscription-based access to its auction platform, supplemental reconditioning services and financing tools designed to help dealers optimize inventory turn and reduce risk.

Since its founding in 2014, ACV Auctions has expanded its technology offerings beyond core auction services to include dealer management integrations, transportation logistics coordination and title management solutions.