Grantham Mayo Van Otterloo & Co. LLC Purchases New Stake in ACV Auctions Inc. $ACVA

Grantham Mayo Van Otterloo & Co. LLC purchased a new stake in shares of ACV Auctions Inc. (NASDAQ:ACVA) in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 507,667 shares of the company’s stock, valued at approximately $5,031,000. Grantham Mayo Van Otterloo & Co. LLC owned approximately 0.29% of ACV Auctions at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of the business. Geode Capital Management LLC boosted its stake in 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. Riverbridge Partners LLC raised its stake in shares of ACV Auctions by 18.6% in the third quarter. Riverbridge Partners LLC now owns 3,567,434 shares of the company’s stock worth $35,353,000 after purchasing an additional 560,697 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of ACV Auctions by 42.6% in 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 purchasing an additional 144,283 shares in the last quarter. Iridian Asset Management LLC CT lifted its holdings in shares of ACV Auctions by 52.7% in the third quarter. Iridian Asset Management LLC CT now owns 1,880,851 shares of the company’s stock valued at $18,639,000 after purchasing an additional 649,358 shares in the last quarter. Finally, Campbell & CO Investment Adviser LLC boosted its position in shares of ACV Auctions by 1,030.4% during the third quarter. Campbell & CO Investment Adviser LLC now owns 131,203 shares of the company’s stock valued at $1,300,000 after buying an additional 119,596 shares during the last quarter. Institutional investors and hedge funds own 88.55% of the company’s stock.

ACV Auctions Stock Up 0.4%

ACVA stock opened at $5.14 on Tuesday. The stock has a market cap of $894.73 million, a P/E ratio of -10.49 and a beta of 1.69. 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 stock’s fifty day simple moving average is $7.29 and its two-hundred day simple moving average is $8.34. ACV Auctions Inc. has a 1-year low of $4.45 and a 1-year high of $17.54.

ACV Auctions (NASDAQ:ACVA) last announced its earnings results on Monday, February 23rd. The company reported ($0.11) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.01) by ($0.10). The business had revenue of $183.65 million for the quarter, compared to analysts’ expectations of $181.96 million. ACV Auctions had a negative net margin of 12.51% and a negative return on equity of 12.94%. The company’s revenue for the quarter was up 15.2% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.16) earnings per share. Analysts expect that ACV Auctions Inc. will post -0.07 EPS for the current year.

Insider Transactions at ACV Auctions

In related news, CEO George Chamoun acquired 14,286 shares of the firm’s stock in a transaction that occurred on Monday, January 12th. The stock was acquired at an average price of $8.81 per share, for a total transaction of $125,859.66. Following the completion of the acquisition, the chief executive officer owned 2,598,383 shares of the company’s stock, valued at approximately $22,891,754.23. This represents a 0.55% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 2.90% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the company. Barrington Research raised ACV Auctions from a “market perform” rating to an “outperform” rating in a research report on Tuesday, February 24th. Needham & Company LLC reaffirmed a “buy” rating and set a $9.00 price objective on shares of ACV Auctions in a report on Tuesday, February 24th. Royal Bank Of Canada upgraded shares of ACV Auctions to an “outperform” rating in a report on Tuesday, February 24th. Jefferies Financial Group lowered shares of ACV Auctions from a “buy” rating to a “hold” rating and set a $9.00 price target on the stock. in a research report on Thursday, December 11th. Finally, The Goldman Sachs Group cut their price target on shares of ACV Auctions from $13.00 to $10.00 and set a “buy” rating on the stock in a report on Tuesday, February 24th. 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 a consensus target price of $11.32.

ACV Auctions Company Profile

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.