Edgestream Partners L.P. Acquires Shares of 99,027 ACV Auctions Inc. (NASDAQ:ACVA)

Edgestream Partners L.P. acquired a new position in ACV Auctions Inc. (NASDAQ:ACVA - Free Report) in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 99,027 shares of the company's stock, valued at approximately $2,013,000. Edgestream Partners L.P. owned 0.06% of ACV Auctions at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in ACVA. Massachusetts Financial Services Co. MA lifted its stake in ACV Auctions by 47.6% in 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. Spyglass Capital Management LLC lifted its stake in ACV Auctions by 69.1% in the third quarter. Spyglass Capital Management LLC now owns 2,614,245 shares of the company's stock worth $53,148,000 after acquiring an additional 1,068,356 shares during the period. Bank of New York Mellon Corp lifted its stake in ACV Auctions by 217.5% in 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 acquiring an additional 952,929 shares during the period. Allspring Global Investments Holdings LLC purchased a new stake in ACV Auctions in the second quarter worth about $8,567,000. Finally, Driehaus Capital Management LLC lifted its stake in ACV Auctions by 48.0% in the second quarter. Driehaus Capital Management LLC now owns 1,232,238 shares of the company's stock worth $22,488,000 after acquiring an additional 399,402 shares during the period. 88.55% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, COO Vikas Mehta sold 154,324 shares of the stock in a transaction that occurred 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 transaction, 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO George Chamoun sold 111,363 shares of the firm's stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $20.27, for a total transaction of $2,257,328.01. Following the sale, the chief executive officer now directly owns 928,166 shares in the company, valued at $18,813,924.82. The trade was a 10.71 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 525,937 shares of company stock worth $10,479,997. 8.50% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of analysts recently weighed in on ACVA shares. Citigroup upped their price objective on shares of ACV Auctions from $22.00 to $27.00 and gave the stock a "buy" rating in a research note on Wednesday, November 27th. Needham & Company LLC reissued a "buy" rating and set a $26.00 price target on shares of ACV Auctions in a research report on Tuesday, November 26th. Jefferies Financial Group increased their price target 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. Barrington Research reissued an "outperform" rating and set a $23.00 price target on shares of ACV Auctions in a research report on Monday, November 4th. Finally, Piper Sandler increased their price target on shares of ACV Auctions from $16.00 to $18.00 and gave the company a "neutral" rating in a research report on Friday, November 8th. Two research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, ACV Auctions currently has an average rating of "Moderate Buy" and an average price target of $23.50.

ACV Auctions Price Performance

Shares of ACV Auctions stock traded down $0.34 during midday trading on Tuesday, hitting $22.83. The company had a trading volume of 1,126,458 shares, compared to its average volume of 1,968,261. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.51 and a current ratio of 1.51. The company has a fifty day simple moving average of $19.77 and a 200 day simple moving average of $18.77. ACV Auctions Inc. has a 12-month low of $12.84 and a 12-month high of $23.46.

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.