Arizona State Retirement System increased its stake in shares of ACV Auctions Inc. (NASDAQ:ACVA – Get Rating) by 106.7% during the first quarter, HoldingsChannel reports. The institutional investor owned 23,956 shares of the company’s stock after buying an additional 12,369 shares during the quarter. Arizona State Retirement System’s holdings in ACV Auctions were worth $355,000 at the end of the most recent reporting period.
A number of other large investors have also added to or reduced their stakes in ACVA. Commonwealth Equity Services LLC grew its position in ACV Auctions by 806.0% during the fourth quarter. Commonwealth Equity Services LLC now owns 93,485 shares of the company’s stock worth $1,761,000 after buying an additional 83,166 shares in the last quarter. Ieq Capital LLC acquired a new stake in shares of ACV Auctions in the 4th quarter valued at $925,000. Qube Research & Technologies Ltd acquired a new stake in shares of ACV Auctions in the 4th quarter valued at $910,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in shares of ACV Auctions in the 4th quarter valued at $139,000. Finally, New York State Common Retirement Fund boosted its holdings in shares of ACV Auctions by 20.9% in the 4th quarter. New York State Common Retirement Fund now owns 3,611,690 shares of the company’s stock valued at $68,044,000 after purchasing an additional 623,534 shares in the last quarter. Institutional investors and hedge funds own 75.75% of the company’s stock.
ACV Auctions Stock Performance
Shares of ACVA opened at $7.49 on Thursday. The company has a market cap of $1.18 billion, a PE ratio of -12.91 and a beta of 1.50. The company has a debt-to-equity ratio of 0.11, a current ratio of 2.07 and a quick ratio of 2.07. ACV Auctions Inc. has a one year low of $6.10 and a one year high of $24.88. The stock has a 50-day moving average of $7.32 and a 200-day moving average of $10.88.
ACV Auctions (NASDAQ:ACVA – Get Rating) last released its quarterly earnings results on Wednesday, May 11th. The company reported ($0.19) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.19). The business had revenue of $103.07 million during the quarter, compared to the consensus estimate of $101.44 million. ACV Auctions had a negative return on equity of 16.00% and a negative net margin of 23.08%. During the same quarter in the previous year, the business earned ($0.51) EPS. On average, equities research analysts predict that ACV Auctions Inc. will post -0.7 EPS for the current fiscal year.
Analyst Ratings Changes
A number of brokerages have weighed in on ACVA. Canaccord Genuity Group reduced their target price on ACV Auctions from $25.00 to $22.00 in a report on Thursday, May 12th. Needham & Company LLC dropped their price target on ACV Auctions from $14.00 to $9.00 and set a “buy” rating for the company in a research note on Tuesday, July 5th. Citigroup reaffirmed a “buy” rating and set a $20.00 target price on shares of ACV Auctions in a research report on Wednesday, April 20th. The Goldman Sachs Group lowered their target price on ACV Auctions from $20.00 to $14.00 and set a “buy” rating for the company in a research report on Thursday, June 9th. Finally, Barrington Research began coverage on ACV Auctions in a report on Friday, June 10th. They set an “outperform” rating and a $18.00 price target for the company. Eleven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $20.25.
About ACV Auctions
ACV Auctions Inc operates a digital marketplace that connects buyers and sellers for the online auction of wholesale vehicles. It also provides data services that offer insights into the condition and value of used vehicles, as well as offers customer financing services. ACV Auctions Inc was incorporated in 2014 and is headquartered in Buffalo, New York.
Receive News & Ratings for ACV Auctions Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for ACV Auctions and related companies with MarketBeat.com’s FREE daily email newsletter.