JPMorgan Chase & Co. Has $32.83 Million Stock Position in ACV Auctions Inc. $ACVA

JPMorgan Chase & Co. lessened its position in ACV Auctions Inc. (NASDAQ:ACVA) by 16.5% in the third quarter, according to its most recent disclosure with the SEC. The firm owned 3,312,634 shares of the company’s stock after selling 656,919 shares during the period. JPMorgan Chase & Co. owned approximately 1.92% of ACV Auctions worth $32,828,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently modified their holdings of ACVA. Brighton Jones LLC purchased a new position in shares of ACV Auctions during the fourth quarter valued at approximately $392,000. Royal Bank of Canada lifted its stake in ACV Auctions by 14.3% during the 1st quarter. Royal Bank of Canada now owns 83,187 shares of the company’s stock valued at $1,173,000 after acquiring an additional 10,382 shares in the last quarter. AQR Capital Management LLC purchased a new position in ACV Auctions during the 1st quarter worth $197,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of ACV Auctions by 19.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 188,904 shares of the company’s stock worth $2,662,000 after acquiring an additional 30,299 shares in the last quarter. Finally, Millennium Management LLC raised its holdings in shares of ACV Auctions by 35.7% in the first quarter. Millennium Management LLC now owns 728,697 shares of the company’s stock valued at $10,267,000 after purchasing an additional 191,883 shares during the last quarter. Institutional investors own 88.55% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the company. Bank of America restated an “underperform” rating and issued a $6.00 price objective (down from $16.50) on shares of ACV Auctions in a research note on Thursday, November 6th. Royal Bank Of Canada raised shares of ACV Auctions to an “outperform” rating in a report on Tuesday. JPMorgan Chase & Co. reduced their price target on shares of ACV Auctions from $18.00 to $11.00 and set an “overweight” rating for the company in a research report on Thursday, November 6th. Barrington Research raised shares of ACV Auctions from a “market perform” rating to an “outperform” rating in a research report on Tuesday. Finally, B. Riley Financial dropped their target price on shares of ACV Auctions from $17.00 to $16.00 and set a “buy” rating on the stock in a research note on Tuesday. Eight equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $11.41.

Insider Transactions at ACV Auctions

In other news, CEO George Chamoun bought 14,286 shares of the company’s stock in a transaction that occurred on Monday, January 12th. The stock was bought at an average price of $8.81 per share, for a total transaction of $125,859.66. Following the transaction, the chief executive officer directly owned 2,598,383 shares of the company’s stock, valued at $22,891,754.23. This represents a 0.55% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 2.90% of the stock is currently owned by company insiders.

ACV Auctions Price Performance

ACVA stock opened at $4.86 on Friday. The firm has a 50 day moving average of $7.64 and a 200-day moving average of $8.64. The firm has a market capitalization of $837.44 million, a P/E ratio of -9.93 and a beta of 1.63. 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.

ACV Auctions (NASDAQ:ACVA) last released its quarterly earnings results 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). The firm had revenue of $183.65 million during the quarter, compared to the consensus estimate of $181.96 million. ACV Auctions had a negative return on equity of 12.94% and a negative net margin of 12.51%.The company’s revenue for the quarter was up 15.2% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.16) EPS. As a group, sell-side analysts predict that ACV Auctions Inc. will post -0.07 earnings per share for the current fiscal year.

About ACV Auctions

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.