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

First Horizon Advisors Inc. lessened its holdings in ACV Auctions Inc. (NASDAQ:ACVA) by 4.9% during 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 period. First Horizon Advisors Inc.’s holdings in ACV Auctions were worth $344,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the business. Massachusetts Financial Services Co. MA raised its stake in shares of ACV Auctions by 11.6% in the third quarter. Massachusetts Financial Services Co. MA now owns 8,655,640 shares of the company’s stock worth $175,969,000 after purchasing an additional 897,477 shares during the last quarter. Jennison Associates LLC grew its holdings in ACV Auctions by 17.2% during the fourth quarter. Jennison Associates LLC now owns 4,980,354 shares of the company’s stock worth $107,576,000 after buying an additional 732,422 shares in the last quarter. 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 valued at $71,516,000 after buying an additional 67,969 shares during the last quarter. State Street Corp lifted its stake in ACV Auctions by 3.7% during the 3rd quarter. State Street Corp now owns 3,242,388 shares of the company’s stock valued at $65,918,000 after acquiring an additional 115,700 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its stake in ACV Auctions by 10.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 3,167,615 shares of the company’s stock valued at $64,398,000 after acquiring an additional 311,465 shares in the last quarter. Institutional investors own 88.55% of the company’s stock.

ACV Auctions Stock Performance

NASDAQ:ACVA opened at $16.46 on Wednesday. ACV Auctions Inc. has a 1 year low of $14.76 and a 1 year high of $23.46. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.56 and a quick ratio of 1.56. The business has a fifty day simple moving average of $21.00 and a two-hundred day simple moving average of $20.19. The company has a market capitalization of $2.76 billion, a P/E ratio of -33.59 and a beta of 1.69.

ACV Auctions (NASDAQ:ACVA) last announced its quarterly earnings data on Wednesday, February 19th. The company reported ($0.14) earnings per share for the quarter, topping 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 return on equity of 12.94% and a negative net margin of 12.51%. On average, analysts expect that ACV Auctions Inc. will post -0.07 earnings per share for the current year.

Analysts Set New Price Targets

Several analysts have recently commented on ACVA shares. Stephens upgraded shares of ACV Auctions to a “hold” rating in a report on Saturday, February 1st. Barrington Research reiterated an “outperform” rating and issued a $23.00 price objective on shares of ACV Auctions in a research note on Monday, November 4th. Needham & Company LLC cut their target price on ACV Auctions from $28.00 to $25.00 and set a “buy” rating on the stock in a research note on Thursday, February 20th. Citigroup increased their price target on ACV Auctions from $22.00 to $27.00 and gave the company a “buy” rating in a research report on Wednesday, November 27th. Finally, JMP Securities reiterated a “market outperform” rating and set a $25.00 price target on shares of ACV Auctions in a report on Monday, December 16th. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $23.35.

Insider Activity

In other news, insider Michael Waterman sold 30,162 shares of the firm’s stock in a transaction on Tuesday, January 7th. The stock was sold at an average price of $20.53, for a total value of $619,225.86. Following the completion of the transaction, the insider now directly owns 314,738 shares of the company’s stock, valued at $6,461,571.14. This trade represents a 8.75 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO William Zerella sold 15,000 shares of the business’s stock in a transaction on Tuesday, January 7th. The shares were sold at an average price of $20.57, for a total value of $308,550.00. Following the sale, the chief financial officer now owns 462,452 shares in the company, valued at approximately $9,512,637.64. The trade was a 3.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 92,662 shares of company stock valued at $1,935,451 over the last quarter. Company insiders own 8.50% of the company’s stock.

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.