Cramer Rosenthal Mcglynn LLC Grows Position in ACV Auctions Inc. $ACVA

Cramer Rosenthal Mcglynn LLC boosted its position in shares of ACV Auctions Inc. (NASDAQ:ACVA) by 5.3% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 2,934,804 shares of the company’s stock after acquiring an additional 147,058 shares during the quarter. ACV Auctions makes up about 1.8% of Cramer Rosenthal Mcglynn LLC’s portfolio, making the stock its 17th biggest position. Cramer Rosenthal Mcglynn LLC’s holdings in ACV Auctions were worth $29,084,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Deepwater Asset Management LLC boosted its position in shares of ACV Auctions by 14.4% during the third quarter. Deepwater Asset Management LLC now owns 1,040,836 shares of the company’s stock valued at $10,315,000 after buying an additional 131,009 shares during the period. Arvin Capital Management LP bought a new stake in shares of ACV Auctions during the 3rd quarter worth approximately $6,106,000. Royce & Associates LP boosted its holdings in ACV Auctions by 62.6% during the 3rd quarter. Royce & Associates LP now owns 718,392 shares of the company’s stock valued at $7,119,000 after acquiring an additional 276,591 shares during the period. William Blair Investment Management LLC grew its position in ACV Auctions by 3.3% in the 3rd quarter. William Blair Investment Management LLC now owns 11,471,709 shares of the company’s stock valued at $113,685,000 after acquiring an additional 362,003 shares during the last quarter. Finally, Aster Capital Management DIFC Ltd increased its stake in ACV Auctions by 298.4% in the third quarter. Aster Capital Management DIFC Ltd now owns 3,323 shares of the company’s stock worth $33,000 after purchasing an additional 2,489 shares during the period. Institutional investors own 88.55% of the company’s stock.

Wall Street Analysts Forecast Growth

ACVA has been the subject of a number of recent analyst reports. B. Riley Financial lowered their target price on shares of ACV Auctions from $17.00 to $16.00 and set a “buy” rating for the company in a research note on Tuesday, February 24th. Royal Bank Of Canada raised shares of ACV Auctions to an “outperform” rating in a research report on Tuesday, February 24th. Barclays reduced their target price on shares of ACV Auctions from $8.00 to $7.00 and set an “equal weight” rating on the stock in a research report on Monday. JPMorgan Chase & Co. lowered their price target on ACV Auctions from $18.00 to $11.00 and set an “overweight” rating for the company in a report on Thursday, November 6th. Finally, Barrington Research raised ACV Auctions from a “market perform” rating to an “outperform” rating in a research note on Tuesday, February 24th. Eight research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, ACV Auctions presently has a consensus rating of “Moderate Buy” and an average price target of $11.32.

Insider Activity at ACV Auctions

In related news, CEO George Chamoun acquired 31,172 shares of the firm’s stock in a transaction that occurred on Monday, December 15th. The stock was purchased at an average cost of $7.97 per share, for a total transaction of $248,440.84. Following the purchase, the chief executive officer directly owned 2,618,714 shares of the company’s stock, valued at $20,871,150.58. This trade represents a 1.20% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders own 2.90% of the company’s stock.

ACV Auctions Trading Down 0.9%

NASDAQ:ACVA opened at $5.41 on Friday. The firm has a 50-day simple moving average of $7.42 and a 200-day simple moving average of $8.47. ACV Auctions Inc. has a one year low of $4.45 and a one year high of $17.54. The firm has a market cap of $941.73 million, a P/E ratio of -11.04 and a beta of 1.69. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.56 and a current ratio of 1.56.

ACV Auctions (NASDAQ:ACVA) last issued its quarterly earnings data 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 business’s quarterly revenue was up 15.2% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.16) earnings per share. Equities analysts anticipate that ACV Auctions Inc. will post -0.07 EPS for the current fiscal year.

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.