State Street Corp Increases Position in ACV Auctions Inc. (NASDAQ:ACVA)

State Street Corp lifted its position in ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 3.7% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,242,388 shares of the company's stock after acquiring an additional 115,700 shares during the period. State Street Corp owned 1.95% of ACV Auctions worth $65,918,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Blue Trust Inc. increased its holdings in shares of ACV Auctions by 165.2% in the third quarter. Blue Trust Inc. now owns 1,419 shares of the company's stock valued at $29,000 after purchasing an additional 884 shares during the period. MCF Advisors LLC boosted its position in ACV Auctions by 107.0% in the third quarter. MCF Advisors LLC now owns 1,480 shares of the company's stock valued at $30,000 after buying an additional 765 shares during the last quarter. Park Place Capital Corp increased its holdings in ACV Auctions by 34.1% in the 3rd quarter. Park Place Capital Corp now owns 2,779 shares of the company's stock worth $56,000 after buying an additional 706 shares during the period. Amalgamated Bank raised its position in ACV Auctions by 18.0% during the 2nd quarter. Amalgamated Bank now owns 5,120 shares of the company's stock worth $93,000 after buying an additional 782 shares during the last quarter. Finally, Verdence Capital Advisors LLC acquired a new stake in ACV Auctions during the 3rd quarter valued at approximately $206,000. Hedge funds and other institutional investors own 88.55% of the company's stock.

Insiders Place Their Bets

In other ACV Auctions news, VP Andrew Peer sold 1,795 shares of the stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $21.00, for a total transaction of $37,695.00. Following the completion of the transaction, the vice president now owns 62,956 shares of the company's stock, valued at $1,322,076. This represents a 2.77 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Michael Waterman sold 16,098 shares of the firm's stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $19.95, for a total value of $321,155.10. Following the completion of the transaction, the insider now owns 348,155 shares in the company, valued at approximately $6,945,692.25. This trade represents a 4.42 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 100,894 shares of company stock worth $2,036,089. Company insiders own 8.50% of the company's stock.

ACV Auctions Price Performance

Shares of ACV Auctions stock traded down $0.87 on Wednesday, reaching $20.21. The company's stock had a trading volume of 1,914,579 shares, compared to its average volume of 1,260,033. ACV Auctions Inc. has a 52-week low of $12.84 and a 52-week high of $23.46. The company has a market capitalization of $3.39 billion, a P/E ratio of -43.00 and a beta of 1.70. The company has a quick ratio of 1.51, a current ratio of 1.51 and a debt-to-equity ratio of 0.25. The stock has a 50-day moving average price of $20.20 and a 200-day moving average price of $19.02.

Wall Street Analyst Weigh In

ACVA has been the topic of a number of research reports. Barrington Research reiterated an "outperform" rating and issued a $23.00 price objective on shares of ACV Auctions in a research note on Monday, November 4th. Piper Sandler upped their price target on shares of ACV Auctions from $16.00 to $18.00 and gave the company a "neutral" rating in a report on Friday, November 8th. B. Riley lifted their price objective on ACV Auctions from $24.00 to $27.00 and gave the company a "buy" rating in a research note on Tuesday, November 26th. Citigroup boosted their price objective on ACV Auctions from $22.00 to $27.00 and gave the company a "buy" rating in a report on Wednesday, November 27th. Finally, Raymond James started coverage on ACV Auctions in a report on Friday, September 27th. They set a "market perform" rating and a $22.00 target price on the stock. Two investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $23.60.

ACV Auctions Company Profile

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.