Arvin Capital Management LP Acquires New Position in ACV Auctions Inc. $ACVA

Arvin Capital Management LP bought a new position in shares of ACV Auctions Inc. (NASDAQ:ACVA) during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund bought 616,190 shares of the company’s stock, valued at approximately $6,106,000. ACV Auctions accounts for about 1.1% of Arvin Capital Management LP’s investment portfolio, making the stock its 25th largest position.

Other large investors have also modified their holdings of the company. Aster Capital Management DIFC Ltd lifted its holdings in shares of ACV Auctions by 298.4% in the 3rd quarter. Aster Capital Management DIFC Ltd now owns 3,323 shares of the company’s stock valued at $33,000 after buying an additional 2,489 shares during the period. Covestor Ltd raised its position in ACV Auctions by 39.9% in the third quarter. Covestor Ltd now owns 5,785 shares of the company’s stock worth $57,000 after acquiring an additional 1,649 shares in the last quarter. Neo Ivy Capital Management purchased a new position in ACV Auctions in the second quarter worth $87,000. State of Alaska Department of Revenue acquired a new stake in ACV Auctions in the third quarter valued at $100,000. Finally, First Horizon Corp purchased a new stake in shares of ACV Auctions during the 3rd quarter worth $148,000. 88.55% of the stock is owned by hedge funds and other institutional investors.

ACV Auctions Stock Up 13.5%

Shares of NASDAQ:ACVA opened at $5.55 on Wednesday. ACV Auctions Inc. has a 12-month low of $4.45 and a 12-month high of $17.54. 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’s 50-day moving average price is $7.52 and its two-hundred day moving average price is $8.51. The firm has a market cap of $966.10 million, a price-to-earnings ratio of -11.33 and a beta of 1.63.

ACV Auctions (NASDAQ:ACVA) last released its quarterly earnings data on Monday, February 23rd. The company reported ($0.11) earnings per share 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 firm had revenue of $183.65 million during the quarter, compared to analyst estimates of $181.96 million. During the same period in the prior year, the firm earned ($0.16) earnings per share. The business’s revenue for the quarter was up 15.2% on a year-over-year basis. On average, research analysts forecast that ACV Auctions Inc. will post -0.07 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on ACVA. Bank of America reiterated an “underperform” rating and issued a $6.00 price target (down from $16.50) on shares of ACV Auctions in a report on Thursday, November 6th. Needham & Company LLC restated a “buy” rating and set a $9.00 target price on shares of ACV Auctions in a research report on Tuesday, February 24th. B. Riley Financial reduced their price target on shares of ACV Auctions from $17.00 to $16.00 and set a “buy” rating for the company in a research report on Tuesday, February 24th. Barclays decreased their price target on ACV Auctions from $8.00 to $7.00 and set an “equal weight” rating on the stock in a research note on Monday. Finally, Barrington Research raised ACV Auctions from a “market perform” rating to an “outperform” rating 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 assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $11.32.

Insider Transactions at ACV Auctions

In other news, CEO George Chamoun acquired 14,286 shares of the stock in a transaction that occurred on Monday, January 12th. The stock was purchased at an average cost of $8.81 per share, with a total value 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 ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 2.90% of the stock is owned by corporate insiders.

ACV Auctions Profile

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.