Congress Asset Management Co. Has $5.34 Million Stock Position in ACV Auctions Inc. (NASDAQ:ACVA)

Congress Asset Management Co. decreased its stake in shares of ACV Auctions Inc. (NASDAQ:ACVA) by 6.3% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 378,637 shares of the company’s stock after selling 25,398 shares during the quarter. Congress Asset Management Co. owned about 0.22% of ACV Auctions worth $5,335,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the stock. Rhumbline Advisers increased its position in shares of ACV Auctions by 4.1% during the 1st quarter. Rhumbline Advisers now owns 214,763 shares of the company’s stock worth $3,026,000 after purchasing an additional 8,368 shares during the last quarter. GAMMA Investing LLC increased its position in shares of ACV Auctions by 3,005.8% during the 1st quarter. GAMMA Investing LLC now owns 5,932 shares of the company’s stock worth $84,000 after purchasing an additional 5,741 shares during the last quarter. Moody National Bank Trust Division increased its holdings in shares of ACV Auctions by 8.3% during the 1st quarter. Moody National Bank Trust Division now owns 85,805 shares of the company’s stock worth $1,209,000 after acquiring an additional 6,606 shares during the last quarter. Versant Capital Management Inc increased its holdings in shares of ACV Auctions by 464.4% during the 1st quarter. Versant Capital Management Inc now owns 2,201 shares of the company’s stock worth $31,000 after acquiring an additional 1,811 shares during the last quarter. Finally, Wellington Management Group LLP increased its holdings in shares of ACV Auctions by 61.3% during the 4th quarter. Wellington Management Group LLP now owns 1,708,551 shares of the company’s stock worth $36,905,000 after acquiring an additional 649,039 shares during the last quarter. Institutional investors and hedge funds own 88.55% of the company’s stock.

ACV Auctions Stock Performance

ACVA opened at $16.55 on Monday. The firm has a market cap of $2.83 billion, a P/E ratio of -33.78 and a beta of 1.74. ACV Auctions Inc. has a 52-week low of $11.88 and a 52-week high of $23.46. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.56 and a current ratio of 1.56. The business’s fifty day moving average is $15.38 and its 200-day moving average is $18.09.

ACV Auctions (NASDAQ:ACVA) last released 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 return on equity of 12.94% and a negative net margin of 12.51%. The business’s quarterly revenue was up 25.4% on a year-over-year basis. During the same period last year, the business earned ($0.13) EPS. Sell-side analysts expect that ACV Auctions Inc. will post -0.07 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CFO William Zerella sold 15,000 shares of the company’s stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $13.53, for a total transaction of $202,950.00. Following the completion of the sale, the chief financial officer now directly owns 766,266 shares in the company, valued at $10,367,578.98. This represents a 1.92% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through 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 sale, the insider now owns 466,548 shares of the company’s stock, valued at approximately $7,931,316. This represents a 32.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 586,579 shares of company stock worth $9,341,700 in the last ninety days. 2.90% of the stock is owned by insiders.

Analyst Ratings Changes

A number of research firms recently weighed in on ACVA. JPMorgan Chase & Co. decreased their target price on ACV Auctions from $24.00 to $20.00 and set an “overweight” rating on the stock in a report on Thursday, March 27th. JMP Securities decreased their target price on ACV Auctions from $22.00 to $18.00 and set a “market outperform” rating on the stock in a report on Wednesday, April 9th. Piper Sandler raised ACV Auctions from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $18.00 to $20.00 in a report on Thursday, March 20th. Needham & Company LLC reissued a “buy” rating and set a $25.00 target price on shares of ACV Auctions in a report on Thursday, May 8th. Finally, Bank of America raised ACV Auctions from a “neutral” rating to a “buy” rating and decreased their target price for the stock from $22.00 to $20.00 in a report on Wednesday, March 12th. Two equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $22.50.

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.