Panagora Asset Management Inc. Invests $7.92 Million in ACV Auctions Inc. $ACVA

Panagora Asset Management Inc. bought a new position in shares of ACV Auctions Inc. (NASDAQ:ACVA) in the second quarter, HoldingsChannel reports. The firm bought 488,058 shares of the company’s stock, valued at approximately $7,916,000.

Several other institutional investors also recently bought and sold shares of ACVA. Geode Capital Management LLC boosted its holdings in shares of ACV Auctions by 11.3% during the 2nd quarter. Geode Capital Management LLC now owns 3,928,666 shares of the company’s stock valued at $63,731,000 after purchasing an additional 398,106 shares during the last quarter. Rivermont Capital Management LP lifted its position in shares of ACV Auctions by 16.8% in the first quarter. Rivermont Capital Management LP now owns 933,113 shares of the company’s stock worth $13,148,000 after buying an additional 133,936 shares in the last quarter. Inflection Point Investments LLP lifted its position in shares of ACV Auctions by 32.5% in the second quarter. Inflection Point Investments LLP now owns 403,796 shares of the company’s stock worth $6,550,000 after buying an additional 99,146 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its stake in ACV Auctions by 42.6% during the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 483,306 shares of the company’s stock valued at $7,839,000 after buying an additional 144,283 shares during the last quarter. Finally, Cambiar Investors LLC purchased a new position in ACV Auctions during the 2nd quarter valued at approximately $10,146,000. 88.55% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at ACV Auctions

In other ACV Auctions news, Director Robert P. Goodman acquired 912,408 shares of the business’s stock in a transaction on Monday, November 10th. The shares were bought at an average price of $5.61 per share, with a total value of $5,118,608.88. Following the transaction, the director directly owned 912,408 shares of the company’s stock, valued at $5,118,608.88. The trade was a ∞ increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, Director Brian Hirsch bought 80,571 shares of ACV Auctions stock in a transaction on Friday, November 14th. The stock was acquired at an average price of $6.21 per share, for a total transaction of $500,345.91. Following the purchase, the director owned 99,678 shares of the company’s stock, valued at approximately $619,000.38. This trade represents a 421.68% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Corporate insiders own 2.90% of the company’s stock.

Analysts Set New Price Targets

ACVA has been the topic of a number of research reports. Jefferies Financial Group reduced their price objective on ACV Auctions from $22.00 to $15.00 and set a “buy” rating on the stock in a research note on Friday, October 17th. JMP Securities reduced their price target on shares of ACV Auctions from $20.00 to $18.00 and set a “market outperform” rating on the stock in a research report on Tuesday, August 12th. Needham & Company LLC decreased their price target on shares of ACV Auctions from $14.00 to $9.00 and set a “buy” rating on the stock in a research note on Thursday, November 6th. Bank of America reissued 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. Finally, The Goldman Sachs Group reduced their target price on shares of ACV Auctions from $21.00 to $13.00 and set a “buy” rating on the stock in a report on Friday, November 7th. Seven equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, ACV Auctions has a consensus rating of “Moderate Buy” and an average target price of $12.25.

ACV Auctions Price Performance

ACV Auctions stock opened at $7.69 on Wednesday. ACV Auctions Inc. has a 12-month low of $4.95 and a 12-month high of $23.30. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.28. The firm has a 50-day moving average price of $8.27 and a 200-day moving average price of $12.08. The firm has a market capitalization of $1.32 billion, a PE ratio of -15.70 and a beta of 1.63.

ACV Auctions (NASDAQ:ACVA) last posted its quarterly earnings data on Wednesday, November 5th. The company reported $0.07 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.07. The company had revenue of $199.56 million for the quarter, compared to analyst estimates of $200.26 million. ACV Auctions had a negative net margin of 12.51% and a negative return on equity of 12.94%. The firm’s revenue for the quarter was up 16.5% on a year-over-year basis. During the same period in the prior year, the company posted $0.04 EPS. As a group, equities research analysts forecast 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.