Connor Clark & Lunn Investment Management Ltd. Takes $4.29 Million Position in ACV Auctions Inc. (NASDAQ:ACVA)

Connor Clark & Lunn Investment Management Ltd. acquired a new stake in ACV Auctions Inc. (NASDAQ:ACVA) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 198,553 shares of the company’s stock, valued at approximately $4,289,000.

A number of other large investors also recently modified their holdings of ACVA. Principal Financial Group Inc. boosted its position in shares of ACV Auctions by 4.9% in the third quarter. Principal Financial Group Inc. now owns 64,925 shares of the company’s stock valued at $1,320,000 after acquiring an additional 3,022 shares during the period. Los Angeles Capital Management LLC grew its stake in ACV Auctions by 6.6% in the 3rd quarter. Los Angeles Capital Management LLC now owns 26,958 shares of the company’s stock worth $548,000 after buying an additional 1,670 shares in the last quarter. GSA Capital Partners LLP purchased a new position in ACV Auctions in the 3rd quarter worth approximately $562,000. RiverPark Advisors LLC purchased a new position in ACV Auctions in the 3rd quarter worth approximately $301,000. Finally, Jennison Associates LLC grew its stake in ACV Auctions by 6.8% in the 3rd quarter. Jennison Associates LLC now owns 4,247,932 shares of the company’s stock worth $86,360,000 after buying an additional 271,970 shares in the last quarter. 88.55% of the stock is currently owned by institutional investors.

ACV Auctions Trading Up 2.2 %

NASDAQ:ACVA opened at $14.31 on Monday. The company has a fifty day moving average of $19.25 and a 200 day moving average of $19.84. ACV Auctions Inc. has a 52 week low of $12.77 and a 52 week high of $23.46. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.28. The firm has a market capitalization of $2.42 billion, a P/E ratio of -29.20 and a beta of 1.73.

ACV Auctions (NASDAQ:ACVA) last posted its quarterly earnings results on Wednesday, February 19th. The company reported ($0.14) EPS for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.01. ACV Auctions had a negative net margin of 12.51% and a negative return on equity of 12.94%. The company had revenue of $159.51 million during the quarter, compared to analyst estimates of $156.77 million. On average, research analysts predict that ACV Auctions Inc. will post -0.07 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on ACVA shares. Bank of America raised shares of ACV Auctions from a “neutral” rating to a “buy” rating and cut their price target for the stock from $22.00 to $20.00 in a research note on Wednesday, March 12th. JMP Securities reissued a “market outperform” rating and issued a $25.00 price target on shares of ACV Auctions in a research note on Monday, December 16th. Needham & Company LLC restated a “buy” rating and issued a $25.00 price objective on shares of ACV Auctions in a report on Wednesday, March 12th. Citigroup boosted their price objective on shares of ACV Auctions from $22.00 to $27.00 and gave the stock a “buy” rating in a report on Wednesday, November 27th. Finally, B. Riley boosted their price objective on shares of ACV Auctions from $24.00 to $27.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. Three research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $23.05.

Insider Buying and Selling at ACV Auctions

In other ACV Auctions news, insider Michael Waterman sold 30,162 shares of the business’s stock in a transaction on Tuesday, January 7th. The shares were sold at an average price of $20.53, for a total transaction of $619,225.86. Following the transaction, the insider now directly owns 314,738 shares of the company’s stock, valued at approximately $6,461,571.14. The trade was a 8.75 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO William Zerella sold 15,000 shares of the business’s stock in a transaction on Tuesday, January 7th. The shares were sold at an average price of $20.57, for a total transaction of $308,550.00. Following the transaction, the chief financial officer now directly owns 462,452 shares in the company, valued at approximately $9,512,637.64. The trade was a 3.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 107,662 shares of company stock valued at $2,138,401. 8.50% of the stock is currently owned by company insiders.

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.