Passive Capital Management LLC. Lowers Stock Holdings in ACV Auctions Inc. (NASDAQ:ACVA)

Passive Capital Management LLC. cut its stake in shares of ACV Auctions Inc. (NASDAQ:ACVA) by 6.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 37,892 shares of the company’s stock after selling 2,465 shares during the quarter. Passive Capital Management LLC.’s holdings in ACV Auctions were worth $818,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of ACVA. Creative Planning increased its holdings in ACV Auctions by 129.4% during the 3rd quarter. Creative Planning now owns 27,935 shares of the company’s stock worth $568,000 after purchasing an additional 15,758 shares during the period. Blue Trust Inc. increased its stake in shares of ACV Auctions by 165.2% during the third quarter. Blue Trust Inc. now owns 1,419 shares of the company’s stock valued at $29,000 after buying an additional 884 shares during the period. Harbor Capital Advisors Inc. raised its holdings in shares of ACV Auctions by 383.7% in the third quarter. Harbor Capital Advisors Inc. now owns 153,050 shares of the company’s stock valued at $3,112,000 after acquiring an additional 121,411 shares in the last quarter. Principal Financial Group Inc. lifted its stake in ACV Auctions by 4.9% in the third quarter. Principal Financial Group Inc. now owns 64,925 shares of the company’s stock worth $1,320,000 after acquiring an additional 3,022 shares during the period. Finally, BloombergSen Inc. grew its holdings in ACV Auctions by 52.7% during the 3rd quarter. BloombergSen Inc. now owns 45,260 shares of the company’s stock worth $920,000 after acquiring an additional 15,616 shares in the last quarter. Institutional investors own 88.55% of the company’s stock.

ACV Auctions Stock Performance

ACVA opened at $16.09 on Friday. The firm’s fifty day simple moving average is $20.82 and its two-hundred day simple moving average is $20.14. ACV Auctions Inc. has a 52-week low of $14.76 and a 52-week high of $23.46. The company has a market cap of $2.70 billion, a price-to-earnings ratio of -32.84 and a beta of 1.69. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.28.

ACV Auctions (NASDAQ:ACVA) last posted its quarterly earnings data on Wednesday, February 19th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.15) by $0.01. ACV Auctions had a negative return on equity of 12.94% and a negative net margin of 12.51%. The company had revenue of $159.51 million for the quarter, compared to analysts’ expectations of $156.77 million. Equities analysts anticipate that ACV Auctions Inc. will post -0.07 earnings per share for the current fiscal year.

Insider Transactions at ACV Auctions

In other ACV Auctions news, insider Michael Waterman sold 30,162 shares of ACV Auctions stock in a transaction on Tuesday, January 7th. The shares were sold at an average price of $20.53, for a total transaction of $619,225.86. Following the sale, the insider now owns 314,738 shares of the company’s stock, valued at $6,461,571.14. The trade was a 8.75 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO William Zerella sold 15,000 shares of the company’s stock in a transaction on Tuesday, January 7th. The stock was sold at an average price of $20.57, for a total transaction of $308,550.00. Following the sale, the chief financial officer now directly owns 462,452 shares of the company’s stock, valued at $9,512,637.64. The trade was a 3.14 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 92,662 shares of company stock valued at $1,935,451 over the last ninety days. Insiders own 8.50% of the company’s stock.

Analyst Ratings Changes

ACVA has been the subject of several recent research reports. Piper Sandler boosted their price target on shares of ACV Auctions from $16.00 to $18.00 and gave the company a “neutral” rating in a report on Friday, November 8th. Needham & Company LLC lowered their target price on ACV Auctions from $28.00 to $25.00 and set a “buy” rating for the company in a report on Thursday, February 20th. Stephens upgraded ACV Auctions to a “hold” rating in a report on Saturday, February 1st. Citigroup upped their price objective on ACV Auctions from $22.00 to $27.00 and gave the stock a “buy” rating in a research note on Wednesday, November 27th. Finally, JMP Securities reaffirmed a “market outperform” rating and set a $25.00 price objective on shares of ACV Auctions in a research report on Monday, December 16th. Three equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $23.35.

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.