Passive Capital Management LLC. Lowers Holdings in ACV Auctions Inc. (NASDAQ:ACVA)

Passive Capital Management LLC. trimmed its stake in ACV Auctions Inc. (NASDAQ:ACVA) by 6.1% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 37,892 shares of the company’s stock after selling 2,465 shares during the quarter. Passive Capital Management LLC.’s holdings in ACV Auctions were worth $818,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of the stock. Spyglass Capital Management LLC raised its position in shares of ACV Auctions by 69.1% in the 3rd quarter. Spyglass Capital Management LLC now owns 2,614,245 shares of the company’s stock worth $53,148,000 after purchasing an additional 1,068,356 shares during the last quarter. Wellington Management Group LLP purchased a new position in ACV Auctions in the third quarter worth about $21,540,000. Massachusetts Financial Services Co. MA raised its holdings in 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 buying an additional 897,477 shares during the last quarter. Jennison Associates LLC lifted its stake in shares of ACV Auctions by 17.2% in 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. Finally, New York State Common Retirement Fund grew its holdings in shares of ACV Auctions by 100.0% during the fourth quarter. New York State Common Retirement Fund now owns 753,296 shares of the company’s stock valued at $16,271,000 after buying an additional 376,557 shares during the last quarter. 88.55% of the stock is owned by hedge funds and other institutional investors.

ACV Auctions Trading Down 2.2 %

ACV Auctions stock opened at $16.09 on Friday. The business has a 50-day simple moving average of $20.82 and a two-hundred day simple moving average of $20.14. ACV Auctions Inc. has a 52-week low of $14.76 and a 52-week 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 company has a market cap of $2.70 billion, a P/E ratio of -32.84 and a beta of 1.69.

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

Insider Buying and Selling at ACV Auctions

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

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. Stephens upgraded shares of ACV Auctions to a “hold” rating in a report on Saturday, February 1st. Citigroup boosted their price target on ACV Auctions from $22.00 to $27.00 and gave the stock a “buy” rating in a research note on Wednesday, November 27th. JMP Securities reaffirmed a “market outperform” rating and set a $25.00 price objective on shares of ACV Auctions in a research report on Monday, December 16th. Needham & Company LLC reduced their price objective on ACV Auctions from $28.00 to $25.00 and set a “buy” rating for the company in a report on Thursday, February 20th. Finally, Barrington Research restated an “outperform” rating and set a $23.00 target price on shares of ACV Auctions in a research note on Monday, November 4th. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $23.35.

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.