Mirae Asset Global Investments Co. Ltd. Purchases 4,784 Shares of ACV Auctions Inc. (NASDAQ:ACVA)

Mirae Asset Global Investments Co. Ltd. lifted its stake in ACV Auctions Inc. (NASDAQ:ACVA) by 2.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 206,872 shares of the company’s stock after purchasing an additional 4,784 shares during the period. Mirae Asset Global Investments Co. Ltd. owned 0.13% of ACV Auctions worth $3,134,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Vanguard Group Inc. increased its holdings in shares of ACV Auctions by 8.6% in the third quarter. Vanguard Group Inc. now owns 12,809,266 shares of the company’s stock valued at $194,445,000 after purchasing an additional 1,010,941 shares in the last quarter. Loomis Sayles & Co. L P acquired a new stake in shares of ACV Auctions in the third quarter valued at approximately $32,611,000. Deepwater Asset Management LLC increased its holdings in shares of ACV Auctions by 20.1% in the fourth quarter. Deepwater Asset Management LLC now owns 851,819 shares of the company’s stock valued at $12,905,000 after purchasing an additional 142,296 shares in the last quarter. Massachusetts Financial Services Co. MA increased its holdings in shares of ACV Auctions by 8.6% in the third quarter. Massachusetts Financial Services Co. MA now owns 1,705,720 shares of the company’s stock valued at $25,893,000 after purchasing an additional 134,587 shares in the last quarter. Finally, William Blair Investment Management LLC increased its holdings in shares of ACV Auctions by 8.7% in the third quarter. William Blair Investment Management LLC now owns 4,369,867 shares of the company’s stock valued at $66,335,000 after purchasing an additional 350,865 shares in the last quarter. Institutional investors and hedge funds own 88.55% of the company’s stock.

Wall Street Analyst Weigh In

ACVA has been the subject of a number of research reports. Needham & Company LLC reissued a “buy” rating and issued a $23.00 price target on shares of ACV Auctions in a report on Thursday, February 22nd. JMP Securities reaffirmed a “market outperform” rating and set a $19.00 target price on shares of ACV Auctions in a report on Wednesday. Finally, Northcoast Research raised shares of ACV Auctions from a “neutral” rating to a “buy” rating and set a $22.00 target price for the company in a report on Wednesday, January 10th. Two investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $20.21.

Insider Activity

In related news, CFO William Zerella sold 32,500 shares of the business’s stock in a transaction on Tuesday, February 6th. The shares were sold at an average price of $14.07, for a total value of $457,275.00. Following the sale, the chief financial officer now directly owns 305,579 shares of the company’s stock, valued at approximately $4,299,496.53. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CFO William Zerella sold 32,500 shares of the business’s stock in a transaction on Tuesday, February 6th. The shares were sold at an average price of $14.07, for a total value of $457,275.00. Following the sale, the chief financial officer now directly owns 305,579 shares of the company’s stock, valued at approximately $4,299,496.53. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Brian Hirsch sold 38,763 shares of the business’s stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $18.24, for a total transaction of $707,037.12. Following the completion of the sale, the director now directly owns 378,390 shares in the company, valued at $6,901,833.60. The disclosure for this sale can be found here. Insiders sold 1,507,708 shares of company stock valued at $27,126,374 in the last quarter. Company insiders own 13.67% of the company’s stock.

ACV Auctions Price Performance

Shares of ACVA stock opened at $17.80 on Thursday. ACV Auctions Inc. has a 12-month low of $11.58 and a 12-month high of $19.54. The firm has a market capitalization of $2.92 billion, a price-to-earnings ratio of -38.70 and a beta of 1.57. The company has a quick ratio of 2.12, a current ratio of 2.12 and a debt-to-equity ratio of 0.25. The firm has a fifty day moving average of $17.27 and a 200-day moving average of $15.42.

ACV Auctions (NASDAQ:ACVA) last announced its quarterly earnings results on Wednesday, February 21st. The company reported ($0.12) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.13) by $0.01. ACV Auctions had a negative net margin of 15.64% and a negative return on equity of 13.97%. The company had revenue of $118.38 million during the quarter, compared to analyst estimates of $117.62 million. On average, equities research analysts forecast that ACV Auctions Inc. will post -0.29 earnings per share for the current year.

About ACV Auctions

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.