Squarepoint Ops LLC Lowers Stock Holdings in ACV Auctions Inc. (NASDAQ:ACVA)

Squarepoint Ops LLC decreased its position in shares of ACV Auctions Inc. (NASDAQ:ACVA) by 6.1% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 383,937 shares of the company’s stock after selling 25,063 shares during the period. Squarepoint Ops LLC’s holdings in ACV Auctions were worth $8,293,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in ACV Auctions by 5.5% during the fourth quarter. Vanguard Group Inc. now owns 14,245,915 shares of the company’s stock valued at $307,712,000 after purchasing an additional 738,391 shares in the last quarter. William Blair Investment Management LLC raised its position in ACV Auctions by 43.2% during the fourth quarter. William Blair Investment Management LLC now owns 12,099,686 shares of the company’s stock valued at $261,353,000 after purchasing an additional 3,652,871 shares in the last quarter. Alliancebernstein L.P. raised its position in ACV Auctions by 5.3% during the fourth quarter. Alliancebernstein L.P. now owns 5,622,255 shares of the company’s stock valued at $121,441,000 after purchasing an additional 284,880 shares in the last quarter. Jennison Associates LLC raised its position in ACV Auctions by 17.2% during the fourth quarter. Jennison Associates LLC now owns 4,980,354 shares of the company’s stock valued at $107,576,000 after purchasing an additional 732,422 shares in the last quarter. Finally, Geode Capital Management LLC raised its position in ACV Auctions by 1.7% during the fourth quarter. Geode Capital Management LLC now owns 3,575,347 shares of the company’s stock valued at $77,246,000 after purchasing an additional 58,259 shares in the last quarter. Hedge funds and other institutional investors own 88.55% of the company’s stock.

Analyst Ratings Changes

ACVA has been the topic of several analyst reports. Bank of America raised ACV Auctions from a “neutral” rating to a “buy” rating and lowered their target price for the company from $22.00 to $20.00 in a research note on Wednesday, March 12th. Piper Sandler upgraded ACV Auctions from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $18.00 to $20.00 in a research report on Thursday, March 20th. Needham & Company LLC restated a “buy” rating and set a $25.00 price target on shares of ACV Auctions in a research report on Thursday, May 8th. Stephens upgraded ACV Auctions to a “hold” rating in a research report on Saturday, February 1st. Finally, JMP Securities reduced their price target on ACV Auctions from $22.00 to $18.00 and set a “market outperform” rating on the stock in a research report on Wednesday, April 9th. Two research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $22.50.

Insider Activity

In related news, CEO George Chamoun sold 348,249 shares of the company’s stock in a transaction on Thursday, March 20th. The stock was sold at an average price of $15.34, for a total value of $5,342,139.66. Following the sale, the chief executive officer now directly owns 2,821,193 shares of the company’s stock, valued at $43,277,100.62. This represents a 10.99% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Michael Waterman sold 223,330 shares of the company’s stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $17.00, for a total value of $3,796,610.00. Following the completion of the sale, the insider now directly owns 466,548 shares in the company, valued at approximately $7,931,316. The trade was a 32.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 586,579 shares of company stock valued at $9,341,700. Company insiders own 8.50% of the company’s stock.

ACV Auctions Price Performance

ACVA opened at $16.56 on Friday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.56 and a current ratio of 1.56. ACV Auctions Inc. has a 52-week low of $11.88 and a 52-week high of $23.46. The stock has a market capitalization of $2.83 billion, a PE ratio of -33.80 and a beta of 1.72. The stock’s 50 day moving average price is $15.10 and its 200-day moving average price is $18.41.

ACV Auctions (NASDAQ:ACVA) last posted its earnings results on Wednesday, May 7th. The company reported ($0.09) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.04 by ($0.13). ACV Auctions had a negative net margin of 12.51% and a negative return on equity of 12.94%. During the same period in the previous year, the firm earned ($0.13) EPS. ACV Auctions’s revenue was up 25.4% on a year-over-year basis. On average, equities research analysts predict that ACV Auctions Inc. will post -0.07 EPS for the current year.

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.