JPMorgan Chase & Co. Trims Position in ACV Auctions Inc. $ACVA

JPMorgan Chase & Co. reduced its stake in shares of ACV Auctions Inc. (NASDAQ:ACVA) by 16.5% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,312,634 shares of the company’s stock after selling 656,919 shares during the quarter. JPMorgan Chase & Co.’s holdings in ACV Auctions were worth $32,828,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of ACVA. CWM LLC grew its stake in ACV Auctions by 77.4% in the second quarter. CWM LLC now owns 4,642 shares of the company’s stock worth $75,000 after purchasing an additional 2,026 shares during the period. Neo Ivy Capital Management bought a new stake in shares of ACV Auctions during the 2nd quarter valued at $87,000. Covestor Ltd grew its position in shares of ACV Auctions by 39.9% in the 3rd quarter. Covestor Ltd now owns 5,785 shares of the company’s stock worth $57,000 after buying an additional 1,649 shares during the period. State of Alaska Department of Revenue purchased a new stake in shares of ACV Auctions in the 3rd quarter worth about $100,000. Finally, Olympiad Research LP bought a new position in shares of ACV Auctions in the 2nd quarter worth about $164,000. 88.55% of the stock is owned by hedge funds and other institutional investors.

ACV Auctions Stock Performance

ACVA stock opened at $4.86 on Friday. 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 Inc. has a 1 year low of $4.45 and a 1 year high of $17.54. The company has a market cap of $837.44 million, a P/E ratio of -9.93 and a beta of 1.63. The stock’s fifty day moving average price is $7.64 and its 200-day moving average price is $8.64.

ACV Auctions (NASDAQ:ACVA) last issued its quarterly earnings data on Monday, February 23rd. The company reported ($0.11) earnings per share for the quarter, missing the consensus estimate of ($0.01) by ($0.10). The business had revenue of $183.65 million during the quarter, compared to the consensus estimate of $181.96 million. ACV Auctions had a negative return on equity of 12.94% and a negative net margin of 12.51%.ACV Auctions’s revenue for the quarter was up 15.2% on a year-over-year basis. During the same quarter last year, the company earned ($0.16) EPS. On average, equities analysts forecast that ACV Auctions Inc. will post -0.07 earnings per share for the current year.

Insider Activity

In other news, CEO George Chamoun bought 14,286 shares of the company’s stock in a transaction that occurred on Monday, January 12th. The stock was bought at an average price of $8.81 per share, with a total value of $125,859.66. Following 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 acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 2.90% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

ACVA has been the subject of a number of analyst reports. Barclays raised their target price on shares of ACV Auctions to $8.00 and gave the company an “equal weight” rating in a research note on Wednesday, January 21st. Bank of America restated an “underperform” rating and issued a $6.00 price target (down from $16.50) on shares of ACV Auctions in a research note on Thursday, November 6th. Barrington Research upgraded ACV Auctions from a “market perform” rating to an “outperform” rating in a research note on Tuesday. Citigroup downgraded ACV Auctions from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $13.00 to $7.00 in a report on Tuesday. Finally, B. Riley Financial cut their target price on ACV Auctions from $17.00 to $16.00 and set a “buy” rating on the stock in a research note on Tuesday. Eight analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $11.41.

ACV Auctions 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.