Royce & Associates LP Has $16.24 Million Stock Holdings in ACV Auctions Inc. (NASDAQ:ACVA)

Royce & Associates LP cut its holdings in shares of ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 4.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 798,674 shares of the company's stock after selling 39,180 shares during the quarter. Royce & Associates LP owned about 0.48% of ACV Auctions worth $16,237,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of ACVA. Massachusetts Financial Services Co. MA increased its position in ACV Auctions by 47.6% during the second quarter. Massachusetts Financial Services Co. MA now owns 7,758,163 shares of the company's stock worth $141,586,000 after acquiring an additional 2,502,064 shares during the period. Bank of New York Mellon Corp grew its position in ACV Auctions by 217.5% during the second quarter. Bank of New York Mellon Corp now owns 1,391,070 shares of the company's stock worth $25,387,000 after buying an additional 952,929 shares in the last quarter. Swedbank AB bought a new position in ACV Auctions during the first quarter valued at about $15,016,000. Allspring Global Investments Holdings LLC bought a new position in ACV Auctions during the second quarter valued at about $8,567,000. Finally, Driehaus Capital Management LLC raised its holdings in ACV Auctions by 48.0% in the 2nd quarter. Driehaus Capital Management LLC now owns 1,232,238 shares of the company's stock valued at $22,488,000 after acquiring an additional 399,402 shares in the last quarter. 88.55% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at ACV Auctions

In other news, COO Vikas Mehta sold 154,324 shares of the stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $19.19, for a total transaction of $2,961,477.56. Following the sale, the chief operating officer now owns 432,457 shares in the company, valued at approximately $8,298,849.83. This represents a 26.30 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Andrew Peer sold 1,795 shares of the firm'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 trade represents a 2.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 709,426 shares of company stock valued at $13,792,090. Corporate insiders own 8.50% of the company's stock.

Analyst Ratings Changes

Several brokerages have recently weighed in on ACVA. Jefferies Financial Group lifted their price objective on ACV Auctions from $22.00 to $25.00 and gave the stock a "buy" rating in a report on Tuesday, October 22nd. Raymond James initiated 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 target on the stock. Needham & Company LLC boosted their price target on shares of ACV Auctions from $23.00 to $26.00 and gave the company a "buy" rating in a report on Friday, November 8th. Piper Sandler raised their price objective on shares of ACV Auctions from $16.00 to $18.00 and gave the stock a "neutral" rating in a report on Friday, November 8th. Finally, JMP Securities lifted their target price on shares of ACV Auctions from $21.00 to $24.00 and gave the company a "market outperform" rating in a research report on Tuesday, September 17th. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $22.63.

ACV Auctions Price Performance

Shares of ACV Auctions stock traded up $0.70 during mid-day trading on Friday, reaching $20.72. 1,925,300 shares of the stock were exchanged, compared to its average volume of 1,236,515. The company has a market cap of $3.45 billion, a price-to-earnings ratio of -44.09 and a beta of 1.59. ACV Auctions Inc. has a fifty-two week low of $12.84 and a fifty-two week high of $21.31. The company has a current ratio of 1.51, a quick ratio of 1.51 and a debt-to-equity ratio of 0.25. The firm has a 50-day simple moving average of $19.29 and a 200 day simple moving average of $18.40.

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.