Oppenheimer Asset Management Inc. Acquires 60,991 Shares of ACV Auctions Inc. (NASDAQ:ACVA)

Oppenheimer Asset Management Inc. grew its stake in ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 43.9% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 199,972 shares of the company's stock after purchasing an additional 60,991 shares during the quarter. Oppenheimer Asset Management Inc. owned about 0.12% of ACV Auctions worth $4,065,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of ACVA. Aigen Investment Management LP bought a new position in shares of ACV Auctions in the 3rd quarter worth approximately $287,000. GSA Capital Partners LLP bought a new position in ACV Auctions in the third quarter worth $562,000. Los Angeles Capital Management LLC raised its holdings in ACV Auctions by 6.6% in the third quarter. Los Angeles Capital Management LLC now owns 26,958 shares of the company's stock worth $548,000 after purchasing an additional 1,670 shares in the last quarter. TimesSquare Capital Management LLC lifted its position in ACV Auctions by 2.6% during the third quarter. TimesSquare Capital Management LLC now owns 1,773,206 shares of the company's stock valued at $36,049,000 after buying an additional 45,004 shares during the period. Finally, Verdence Capital Advisors LLC bought a new stake in shares of ACV Auctions during the 3rd quarter valued at $206,000. Institutional investors own 88.55% of the company's stock.

Insider Buying and Selling

In related news, Director Brian Hirsch sold 61,666 shares of ACV Auctions stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $18.63, for a total value of $1,148,837.58. Following the completion of the sale, the director now owns 9,239 shares of the company's stock, valued at $172,122.57. The trade was a 86.97 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, COO Vikas Mehta sold 154,324 shares of the stock in a transaction dated 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 completion of the transaction, the chief operating officer now directly owns 432,457 shares in the company, valued at approximately $8,298,849.83. This represents a 26.30 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 709,426 shares of company stock worth $13,792,090. 8.50% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the stock. Raymond James assumed coverage on shares of ACV Auctions in a research note on Friday, September 27th. They issued a "market perform" rating and a $22.00 price target for the company. Piper Sandler lifted their target price on shares of ACV Auctions from $16.00 to $18.00 and gave the company a "neutral" rating in a report on Friday, November 8th. JMP Securities boosted 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. Jefferies Financial Group raised their price objective on 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 lifted their price objective on ACV Auctions from $23.00 to $26.00 and gave the company a "buy" rating in a research note on Friday, November 8th. Two research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $22.63.

ACV Auctions Stock Up 3.5 %

ACVA stock traded up $0.70 during midday trading on Friday, hitting $20.72. The company's stock had a trading volume of 1,925,300 shares, compared to its average volume of 1,236,515. The company has a market cap of $3.45 billion, a PE ratio of -44.09 and a beta of 1.59. The firm's 50-day moving average is $19.29 and its 200-day moving average is $18.41. ACV Auctions Inc. has a 12 month low of $12.84 and a 12 month 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.

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.