Needham Investment Management LLC Sells 51,500 Shares of ACV Auctions Inc. (NASDAQ:ACVA)

Needham Investment Management LLC cut its position in shares of ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 59.5% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 35,000 shares of the company's stock after selling 51,500 shares during the quarter. Needham Investment Management LLC's holdings in ACV Auctions were worth $712,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Blue Trust Inc. raised its position in ACV Auctions by 165.2% in the third quarter. Blue Trust Inc. now owns 1,419 shares of the company's stock worth $29,000 after acquiring an additional 884 shares during the period. MCF Advisors LLC raised its position in shares of 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 purchasing an additional 765 shares during the period. Park Place Capital Corp raised its position in shares of ACV Auctions by 34.1% in the third quarter. Park Place Capital Corp now owns 2,779 shares of the company's stock valued at $56,000 after purchasing an additional 706 shares during the period. Amalgamated Bank raised its position in shares of ACV Auctions by 18.0% in the second quarter. Amalgamated Bank now owns 5,120 shares of the company's stock valued at $93,000 after purchasing an additional 782 shares during the period. Finally, Verdence Capital Advisors LLC bought a new stake in shares of ACV Auctions in the third quarter valued at approximately $206,000. 88.55% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, VP Andrew Peer sold 1,795 shares of the company's stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $21.00, for a total value of $37,695.00. Following the completion of the sale, the vice president now owns 62,956 shares of the company's stock, valued at approximately $1,322,076. This represents a 2.77 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO William Zerella sold 32,500 shares of the company's stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $22.41, for a total transaction of $728,325.00. Following the completion of the sale, the chief financial officer now directly owns 490,482 shares of the company's stock, valued at $10,991,701.62. This trade represents a 6.21 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 525,937 shares of company stock valued at $10,479,997 in the last quarter. Corporate insiders own 8.50% of the company's stock.

Analysts Set New Price Targets

Several analysts have recently issued reports on ACVA shares. Needham & Company LLC reissued a "buy" rating and issued a $26.00 price target on shares of ACV Auctions in a research report on Tuesday, November 26th. Citigroup boosted their price target on shares of ACV Auctions from $22.00 to $27.00 and gave the company a "buy" rating in a research report on Wednesday, November 27th. Piper Sandler boosted their price objective 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. Raymond James assumed coverage on shares of ACV Auctions in a research note on Friday, September 27th. They set a "market perform" rating and a $22.00 price objective for the company. Finally, JMP Securities boosted their price objective on shares of ACV Auctions from $21.00 to $24.00 and gave the company a "market outperform" rating in a research note on Tuesday, September 17th. Two research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, ACV Auctions currently has a consensus rating of "Moderate Buy" and an average price target of $23.50.

ACV Auctions Price Performance

ACVA stock traded down $0.23 during midday trading on Wednesday, reaching $22.60. The company had a trading volume of 711,586 shares, compared to its average volume of 1,260,183. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.51 and a quick ratio of 1.51. ACV Auctions Inc. has a 1 year low of $12.84 and a 1 year high of $23.46. The company has a market capitalization of $3.79 billion, a P/E ratio of -48.57 and a beta of 1.70. The firm has a 50-day moving average price of $19.77 and a 200-day moving average price of $18.77.

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.