Charles Schwab Investment Management Inc. Buys 39,812 Shares of ACV Auctions Inc. (NASDAQ:ACVA)

Charles Schwab Investment Management Inc. grew its holdings in ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 3.3% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,241,341 shares of the company's stock after buying an additional 39,812 shares during the period. Charles Schwab Investment Management Inc. owned 0.75% of ACV Auctions worth $25,236,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Comerica Bank boosted its stake in ACV Auctions by 5,045.7% in the 1st quarter. Comerica Bank now owns 63,550 shares of the company's stock valued at $1,193,000 after purchasing an additional 62,315 shares during the period. William Blair Investment Management LLC increased its position in ACV Auctions by 4.1% during the second quarter. William Blair Investment Management LLC now owns 5,013,642 shares of the company's stock worth $91,499,000 after acquiring an additional 198,228 shares during the period. Harbor Capital Advisors Inc. raised its stake in ACV Auctions by 383.7% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 153,050 shares of the company's stock worth $3,112,000 after purchasing an additional 121,411 shares in the last quarter. Essex Investment Management Co. LLC acquired a new position in shares of ACV Auctions during the 3rd quarter worth approximately $2,915,000. Finally, Engle Capital Management L.P. increased its holdings in shares of ACV Auctions by 11.6% during the second quarter. Engle Capital Management L.P. now owns 1,563,000 shares of the company's stock worth $28,525,000 after purchasing an additional 163,000 shares during the period. 88.55% of the stock is currently owned by institutional investors.

Insider Activity at ACV Auctions

In other news, COO Vikas Mehta sold 154,324 shares of the company's stock in a transaction 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 sale, the chief operating officer now directly owns 432,457 shares of the company's stock, valued at approximately $8,298,849.83. This represents a 26.30 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Andrew Peer sold 1,795 shares of ACV Auctions stock in a transaction 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 transaction, the vice president now directly owns 62,956 shares of the company's stock, valued at $1,322,076. This represents a 2.77 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 525,937 shares of company stock worth $10,479,997 over the last three months. Company insiders own 8.50% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the company. JMP Securities increased their price target on ACV Auctions from $21.00 to $24.00 and gave the stock a "market outperform" rating in a research report on Tuesday, September 17th. Raymond James began coverage on ACV Auctions in a research report on Friday, September 27th. They issued a "market perform" rating and a $22.00 price target on the stock. B. Riley upped their price objective on shares of ACV Auctions from $24.00 to $27.00 and gave the stock a "buy" rating in a research report on Tuesday, November 26th. Jefferies Financial Group boosted their target price on shares of ACV Auctions from $22.00 to $25.00 and gave the company a "buy" rating in a research report on Tuesday, October 22nd. Finally, Needham & Company LLC reiterated a "buy" rating and set a $26.00 price target on shares of ACV Auctions in a research report on Tuesday, November 26th. Two equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $23.50.

ACV Auctions Trading Up 1.8 %

NASDAQ:ACVA traded up $0.40 during mid-day trading on Friday, hitting $22.34. 1,228,259 shares of the company's stock were exchanged, compared to its average volume of 1,259,289. ACV Auctions Inc. has a fifty-two week low of $12.84 and a fifty-two week high of $23.46. 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 market capitalization of $3.75 billion, a P/E ratio of -46.68 and a beta of 1.70. The company has a 50 day simple moving average of $19.87 and a 200-day simple moving average of $18.84.

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.