ACV Auctions (ACVA) Rose on Full-Year Guidance

TimesSquare Capital Management, an equity investment management company, released its “U.S. Small Cap Growth Strategy” second-quarter investor letter. A copy of the same can be downloaded here. In the second quarter, the strategy underperformed the Russell 2000 Growth Index and returned 2.50% (net), and the index return was 7.05%. Consumer Staples, Health Care, Industrials, and Information Technology showed relative weakness. However, Communication Services and Materials showed strength, partially offsetting the weakness. In addition, please check the fund’s top five holdings to know its best picks in 2023.

TimesSquare U.S. Small Cap Growth Strategy highlighted stocks like ACV Auctions Inc. (NASDAQ:ACVA) in the second quarter 2023 investor letter. Headquartered in Buffalo, New York, ACV Auctions Inc. (NASDAQ:ACVA) provides a digital marketplace where buyers and sellers can connect for the online auction of wholesale vehicles. On September 22, 2023, ACV Auctions Inc. (NASDAQ:ACVA) stock closed at $14.59 per share. One-month return of ACV Auctions Inc. (NASDAQ:ACVA) was -6.83%, and its shares gained 80.35% of their value over the last 52 weeks. ACV Auctions Inc. (NASDAQ:ACVA) has a market capitalization of $2.345 billion.

TimesSquare U.S. Small Cap Growth Strategy made the following comment about ACV Auctions Inc. (NASDAQ:ACVA) in its Q2 2023 investor letter:

“More positive was the 34% climb by ACV Auctions Inc. (NASDAQ:ACVA), a digital marketplace operator for wholesale vehicle sales. They posted solid first quarter results. A recovery in used wholesale volumes was accompanied by improved pricing. Management raised its full-year guidance.”

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ACV Auctions Inc. (NASDAQ:ACVA) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 29 hedge fund portfolios held ACV Auctions Inc. (NASDAQ:ACVA) at the end of second quarter which was 22 in the previous quarter. In addition, please check out our hedge fund investor letters Q2 2023 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.