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

Pier Capital LLC purchased a new position in ACV Auctions Inc. (NASDAQ:ACVA) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 383,216 shares of the company’s stock, valued at approximately $8,277,000. Pier Capital LLC owned approximately 0.23% of ACV Auctions as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its holdings in shares of ACV Auctions by 5.5% in the 4th quarter. Vanguard Group Inc. now owns 14,245,915 shares of the company’s stock worth $307,712,000 after buying an additional 738,391 shares in the last quarter. LPL Financial LLC bought a new stake in ACV Auctions in the fourth quarter valued at $226,000. KLP Kapitalforvaltning AS acquired a new position in ACV Auctions during the fourth quarter worth $657,000. Xponance Inc. bought a new position in shares of ACV Auctions during the fourth quarter valued at $229,000. Finally, Intech Investment Management LLC boosted its stake in shares of ACV Auctions by 55.7% in the 4th quarter. Intech Investment Management LLC now owns 62,395 shares of the company’s stock valued at $1,348,000 after purchasing an additional 22,310 shares in the last quarter. Institutional investors own 88.55% of the company’s stock.

Analysts Set New Price Targets

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

ACV Auctions Price Performance

Shares of ACVA stock opened at $16.03 on Tuesday. The firm has a market cap of $2.71 billion, a price-to-earnings ratio of -32.72 and a beta of 1.73. ACV Auctions Inc. has a 12 month low of $12.77 and a 12 month high of $23.46. 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 stock has a 50-day moving average price of $18.56 and a 200 day moving average price of $19.70.

ACV Auctions (NASDAQ:ACVA) last issued its quarterly earnings results on Wednesday, February 19th. The company reported ($0.14) EPS for the quarter, topping the consensus estimate of ($0.15) by $0.01. ACV Auctions had a negative net margin of 12.51% and a negative return on equity of 12.94%. The company had revenue of $159.51 million during the quarter, compared to analysts’ expectations of $156.77 million. Research analysts expect that ACV Auctions Inc. will post -0.07 EPS for the current year.

Insiders Place Their Bets

In other ACV Auctions news, CFO William Zerella sold 32,500 shares of the firm’s stock in a transaction dated Monday, December 30th. The stock was sold at an average price of $21.65, for a total transaction of $703,625.00. Following the transaction, the chief financial officer now owns 490,482 shares in the company, valued at approximately $10,618,935.30. This trade represents a 6.21 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO George Chamoun sold 348,249 shares of the company’s stock in a transaction dated Thursday, March 20th. The shares were sold at an average price of $15.34, for a total value of $5,342,139.66. Following the completion of the sale, the chief executive officer now directly owns 2,821,193 shares of the company’s stock, valued at approximately $43,277,100.62. This trade represents a 10.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 455,911 shares of company stock valued at $7,480,541. Company insiders own 8.50% of the company’s stock.

About ACV Auctions

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.