Brighton Jones LLC Buys New Holdings in ACV Auctions Inc. (NASDAQ:ACVA)

Brighton Jones LLC purchased a new position in ACV Auctions Inc. (NASDAQ:ACVA - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 18,167 shares of the company's stock, valued at approximately $392,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Spyglass Capital Management LLC raised its position in shares of ACV Auctions by 69.1% during the 3rd quarter. Spyglass Capital Management LLC now owns 2,614,245 shares of the company's stock worth $53,148,000 after purchasing an additional 1,068,356 shares during the last quarter. Wellington Management Group LLP acquired a new position in shares of ACV Auctions during the third quarter valued at approximately $21,540,000. Massachusetts Financial Services Co. MA boosted its stake in shares of ACV Auctions by 11.6% in the third quarter. Massachusetts Financial Services Co. MA now owns 8,655,640 shares of the company's stock worth $175,969,000 after acquiring an additional 897,477 shares during the last quarter. Driehaus Capital Management LLC increased its position in shares of ACV Auctions by 48.0% during the second quarter. Driehaus Capital Management LLC now owns 1,232,238 shares of the company's stock worth $22,488,000 after purchasing an additional 399,402 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its stake in ACV Auctions by 10.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 3,167,615 shares of the company's stock valued at $64,398,000 after purchasing an additional 311,465 shares during the last quarter. 88.55% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on ACVA shares. Jefferies Financial Group upped their target price on shares of ACV Auctions from $22.00 to $25.00 and gave the stock a "buy" rating in a report on Tuesday, October 22nd. Stephens started coverage on shares of ACV Auctions in a report on Wednesday, January 22nd. They issued an "equal weight" rating and a $20.50 price objective for the company. Barrington Research restated an "outperform" rating and set a $23.00 target price on shares of ACV Auctions in a report on Monday, November 4th. B. Riley lifted their price objective on ACV Auctions from $24.00 to $27.00 and gave the stock a "buy" rating in a research report on Tuesday, November 26th. Finally, Citigroup upped their target price on ACV Auctions from $22.00 to $27.00 and gave the company a "buy" rating in a report on Wednesday, November 27th. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $23.65.

Insiders Place Their Bets

In related news, insider Michael Waterman sold 30,162 shares of the stock in a transaction dated Tuesday, January 7th. The stock was sold at an average price of $20.53, for a total transaction of $619,225.86. Following the transaction, the insider now owns 314,738 shares of the company's stock, valued at approximately $6,461,571.14. This represents a 8.75 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO William Zerella sold 32,500 shares of ACV Auctions stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $22.41, for a total value of $728,325.00. Following the completion of the transaction, the chief financial officer now directly owns 490,482 shares of the company's stock, valued at approximately $10,991,701.62. This represents a 6.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 110,162 shares of company stock worth $2,359,726 over the last ninety days. Corporate insiders own 8.50% of the company's stock.

ACV Auctions Trading Down 1.3 %

Shares of ACVA stock traded down $0.28 during trading hours on Monday, hitting $21.11. The company had a trading volume of 1,212,303 shares, compared to its average volume of 1,170,325. 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 stock has a market capitalization of $3.54 billion, a PE ratio of -44.91 and a beta of 1.69. The company's fifty day moving average is $21.62 and its 200 day moving average is $19.70. ACV Auctions Inc. has a fifty-two week low of $12.84 and a fifty-two week high of $23.46.

About ACV Auctions

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.