ACV Auctions Inc. (NASDAQ:ACVA) Shares Sold by Atreides Management LP

Atreides Management LP lessened its stake in shares of ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 27.4% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 5,684,445 shares of the company's stock after selling 2,148,185 shares during the quarter. ACV Auctions comprises approximately 2.9% of Atreides Management LP's holdings, making the stock its 9th largest position. Atreides Management LP owned about 3.41% of ACV Auctions worth $115,565,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in ACVA. Edgestream Partners L.P. acquired a new position in ACV Auctions during the third quarter valued at approximately $2,013,000. Verition Fund Management LLC bought a new position in ACV Auctions in the 3rd quarter worth $1,306,000. Captrust Financial Advisors lifted its position in ACV Auctions by 21.1% during the 3rd quarter. Captrust Financial Advisors now owns 26,216 shares of the company's stock worth $533,000 after acquiring an additional 4,563 shares during the last quarter. Icon Wealth Advisors LLC boosted its holdings in ACV Auctions by 13.5% during the third quarter. Icon Wealth Advisors LLC now owns 11,048 shares of the company's stock valued at $225,000 after acquiring an additional 1,317 shares during the period. Finally, Walleye Capital LLC grew its position in shares of ACV Auctions by 25.3% in the third quarter. Walleye Capital LLC now owns 973,538 shares of the company's stock valued at $19,792,000 after purchasing an additional 196,321 shares during the last quarter. 88.55% of the stock is owned by institutional investors.

ACV Auctions Price Performance

Shares of ACV Auctions stock traded up $0.55 during trading on Monday, hitting $23.17. 1,247,656 shares of the company's stock traded hands, compared to its average volume of 1,262,011. ACV Auctions Inc. has a twelve month low of $12.84 and a twelve month high of $23.46. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.51 and a quick ratio of 1.51. The company has a market cap of $3.88 billion, a PE ratio of -48.72 and a beta of 1.59. The firm's fifty day moving average price is $19.72 and its 200 day moving average price is $18.73.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on ACVA shares. Barrington Research restated an "outperform" rating and set a $23.00 target price on shares of ACV Auctions in a research note on Monday, November 4th. Jefferies Financial Group increased their price objective on ACV Auctions from $22.00 to $25.00 and gave the company a "buy" rating in a research report on Tuesday, October 22nd. Needham & Company LLC restated a "buy" rating and issued a $26.00 price objective on shares of ACV Auctions in a research note on Tuesday, November 26th. Piper Sandler upped their target price on shares of ACV Auctions from $16.00 to $18.00 and gave the company a "neutral" rating in a research note on Friday, November 8th. Finally, JMP Securities raised their price target on shares of ACV Auctions from $21.00 to $24.00 and gave the stock a "market outperform" rating in a research report on Tuesday, September 17th. Two investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $23.50.

Insider Transactions at ACV Auctions

In other news, COO Vikas Mehta sold 154,324 shares of ACV Auctions stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $19.19, for a total value of $2,961,477.56. Following the completion of the transaction, the chief operating officer now owns 432,457 shares in the company, valued at approximately $8,298,849.83. The trade was a 26.30 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO William Zerella sold 32,500 shares of the stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $18.79, for a total value of $610,675.00. Following the sale, the chief financial officer now owns 490,482 shares in the company, valued at approximately $9,216,156.78. This trade represents a 6.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 525,937 shares of company stock valued at $10,479,997. Corporate insiders own 8.50% of the company's stock.

ACV Auctions 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.