Deepwater Asset Management LLC Acquires 57,717 Shares of ACV Auctions Inc. (NASDAQ:ACVA)

Deepwater Asset Management LLC lifted its holdings in ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 8.2% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 758,892 shares of the company's stock after buying an additional 57,717 shares during the quarter. ACV Auctions makes up about 5.3% of Deepwater Asset Management LLC's portfolio, making the stock its biggest position. Deepwater Asset Management LLC owned 0.45% of ACV Auctions worth $16,392,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of ACVA. Blue Trust Inc. raised its stake in shares of ACV Auctions by 165.2% during the third quarter. Blue Trust Inc. now owns 1,419 shares of the company's stock valued at $29,000 after acquiring an additional 884 shares in the last quarter. MCF Advisors LLC raised its position in ACV Auctions by 107.0% during the 3rd quarter. MCF Advisors LLC now owns 1,480 shares of the company's stock valued at $30,000 after purchasing an additional 765 shares in the last quarter. Park Place Capital Corp raised its position in ACV Auctions by 34.1% during the 3rd 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 in the last quarter. KBC Group NV lifted its holdings in shares of ACV Auctions by 80.4% in the 4th quarter. KBC Group NV now owns 7,406 shares of the company's stock worth $160,000 after buying an additional 3,300 shares during the period. Finally, Verdence Capital Advisors LLC bought a new position in shares of ACV Auctions during the 3rd quarter worth $206,000. 88.55% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms recently weighed in on ACVA. Needham & Company LLC restated a "buy" rating and issued a $28.00 price objective (up from $26.00) on shares of ACV Auctions in a report on Thursday, December 26th. Piper Sandler upped their price target on shares of ACV Auctions from $16.00 to $18.00 and gave the stock a "neutral" rating in a research report on Friday, November 8th. Barrington Research reiterated an "outperform" rating and set a $23.00 price objective on shares of ACV Auctions in a research note on Monday, November 4th. JMP Securities reissued a "market outperform" rating and issued a $25.00 price objective on shares of ACV Auctions in a research note on Monday, December 16th. Finally, Citigroup raised their price objective on ACV Auctions from $22.00 to $27.00 and gave the company a "buy" rating in a research report on Wednesday, November 27th. Three equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $23.65.

Insider Buying and Selling

In other ACV Auctions news, insider Michael Waterman sold 15,000 shares of the company's stock in a transaction on Tuesday, February 4th. The shares were sold at an average price of $20.27, for a total value of $304,050.00. Following the sale, the insider now directly owns 311,354 shares of the company's stock, valued at approximately $6,311,145.58. This represents a 4.60 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO William Zerella sold 32,500 shares of ACV Auctions stock in a transaction dated Monday, December 30th. The shares were sold at an average price of $21.65, for a total value of $703,625.00. Following the transaction, the chief financial officer now owns 490,482 shares of the company's stock, valued at $10,618,935.30. The trade was a 6.21 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 125,162 shares of company stock valued at $2,663,776 over the last quarter. 8.50% of the stock is currently owned by company insiders.

ACV Auctions Stock Performance

ACVA traded up $0.13 on Thursday, reaching $20.97. 1,118,079 shares of the stock were exchanged, compared to its average volume of 1,177,253. 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's 50-day moving average price is $21.44 and its 200 day moving average price is $19.86. The firm has a market capitalization of $3.52 billion, a PE ratio of -44.62 and a beta of 1.69. ACV Auctions Inc. has a fifty-two week low of $13.52 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.