Harbor Capital Advisors Inc. Has $243,000 Position in ACV Auctions Inc. $ACVA

Harbor Capital Advisors Inc. cut its stake in shares of ACV Auctions Inc. (NASDAQ:ACVA) by 81.2% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 24,513 shares of the company’s stock after selling 105,698 shares during the quarter. Harbor Capital Advisors Inc.’s holdings in ACV Auctions were worth $243,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Wasatch Advisors LP grew its stake in shares of ACV Auctions by 301.0% during the second quarter. Wasatch Advisors LP now owns 7,295,400 shares of the company’s stock worth $118,331,000 after buying an additional 5,475,874 shares during the last quarter. Philadelphia Financial Management of San Francisco LLC bought a new position in shares of ACV Auctions in the 1st quarter valued at $14,426,000. Senvest Management LLC boosted its holdings in shares of ACV Auctions by 144.8% during the 2nd quarter. Senvest Management LLC now owns 1,689,290 shares of the company’s stock valued at $27,400,000 after acquiring an additional 999,290 shares in the last quarter. Cambiar Investors LLC bought a new stake in ACV Auctions during the 2nd quarter worth $10,146,000. Finally, Alliancebernstein L.P. grew its position in ACV Auctions by 10.5% during the 1st quarter. Alliancebernstein L.P. now owns 6,214,362 shares of the company’s stock worth $87,560,000 after acquiring an additional 592,107 shares during the last quarter. Institutional investors own 88.55% of the company’s stock.

Insider Transactions at ACV Auctions

In other news, CEO George Chamoun bought 31,172 shares of the stock in a transaction that occurred on Monday, December 15th. The stock was acquired at an average price of $7.97 per share, with a total value of $248,440.84. Following the completion of the purchase, the chief executive officer directly owned 2,618,714 shares of the company’s stock, valued at approximately $20,871,150.58. This represents a 1.20% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Also, Director Brian Hirsch bought 80,571 shares of the company’s stock in a transaction that occurred on Friday, November 14th. The stock was purchased at an average price of $6.21 per share, for a total transaction of $500,345.91. Following the acquisition, the director owned 99,678 shares of the company’s stock, valued at $619,000.38. This trade represents a 421.68% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders bought a total of 1,024,151 shares of company stock worth $5,867,396 over the last three months. 2.90% of the stock is owned by company insiders.

Analyst Ratings Changes

Several equities analysts have commented on the company. Jefferies Financial Group downgraded ACV Auctions from a “buy” rating to a “hold” rating and set a $9.00 target price for the company. in a research report on Thursday, December 11th. The Goldman Sachs Group lowered their price objective on ACV Auctions from $21.00 to $13.00 and set a “buy” rating for the company in a research note on Friday, November 7th. Barclays lifted their target price on shares of ACV Auctions to $7.00 and gave the stock an “equal weight” rating in a research report on Thursday, December 4th. JPMorgan Chase & Co. decreased 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. Finally, Barrington Research downgraded shares of ACV Auctions from an “outperform” rating to a “market perform” rating in a research note on Thursday, November 6th. Six equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, ACV Auctions has a consensus rating of “Hold” and an average target price of $11.75.

ACV Auctions Price Performance

ACV Auctions stock opened at $8.26 on Tuesday. The stock’s 50 day moving average is $7.77 and its 200 day moving average is $10.94. ACV Auctions Inc. has a one year low of $4.95 and a one year high of $22.47. The firm has a market cap of $1.42 billion, a P/E ratio of -16.86 and a beta of 1.64. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.56 and a quick ratio of 1.56.

ACV Auctions (NASDAQ:ACVA) last released its earnings results on Wednesday, November 5th. The company reported $0.07 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.07. ACV Auctions had a negative net margin of 12.51% and a negative return on equity of 12.94%. The business had revenue of $199.56 million during the quarter, compared to the consensus estimate of $200.26 million. During the same quarter in the prior year, the firm posted $0.04 EPS. The company’s revenue for the quarter was up 16.5% compared to the same quarter last year. As a group, research analysts expect that ACV Auctions Inc. will post -0.07 EPS for the current 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.