Point72 Asset Management L.P. Grows Stake in ACV Auctions Inc. (NASDAQ:ACVA)

Point72 Asset Management L.P. lifted its holdings in shares of ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 17.4% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 652,949 shares of the company's stock after acquiring an additional 96,647 shares during the quarter. Point72 Asset Management L.P. owned approximately 0.39% of ACV Auctions worth $13,274,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Massachusetts Financial Services Co. MA increased its position in ACV Auctions by 11.6% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 8,655,640 shares of the company's stock valued at $175,969,000 after purchasing an additional 897,477 shares during the period. William Blair Investment Management LLC increased its position in shares of 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 valued at $91,499,000 after buying an additional 198,228 shares during the period. Jennison Associates LLC raised its stake in ACV Auctions by 6.8% in the third quarter. Jennison Associates LLC now owns 4,247,932 shares of the company's stock worth $86,360,000 after buying an additional 271,970 shares in the last quarter. Loomis Sayles & Co. L P lifted its holdings in ACV Auctions by 10.4% in the third quarter. Loomis Sayles & Co. L P now owns 2,735,055 shares of the company's stock worth $55,603,000 after buying an additional 258,104 shares during the period. Finally, Spyglass Capital Management LLC boosted its position in ACV Auctions by 69.1% during the 3rd quarter. Spyglass Capital Management LLC now owns 2,614,245 shares of the company's stock valued at $53,148,000 after acquiring an additional 1,068,356 shares in the last quarter. Hedge funds and other institutional investors own 88.55% of the company's stock.

Analysts Set New Price Targets

ACVA has been the subject of several research reports. Needham & Company LLC reissued a "buy" rating and issued a $26.00 target price on shares of ACV Auctions in a research report on Tuesday, November 26th. Piper Sandler increased their price objective on ACV Auctions from $16.00 to $18.00 and gave the stock a "neutral" rating in a report on Friday, November 8th. Barrington Research reissued an "outperform" rating and set a $23.00 price objective on shares of ACV Auctions in a research report on Monday, November 4th. JMP Securities upped their target price on shares of ACV Auctions from $21.00 to $24.00 and gave the stock a "market outperform" rating in a research report on Tuesday, September 17th. Finally, B. Riley lifted their price target on shares of ACV Auctions from $24.00 to $27.00 and gave the company a "buy" rating in a research report on Tuesday, November 26th. Two investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to MarketBeat, ACV Auctions has a consensus rating of "Moderate Buy" and a consensus price target of $23.50.

Insider Activity at ACV Auctions

In other news, VP Andrew Peer sold 1,795 shares of the company's 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Craig Eric Anderson sold 7,500 shares of ACV Auctions stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $20.00, for a total value of $150,000.00. Following the completion of the sale, the insider now owns 328,167 shares of the company's stock, valued at $6,563,340. The trade was a 2.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 525,937 shares of company stock valued at $10,479,997 over the last 90 days. Corporate insiders own 8.50% of the company's stock.

ACV Auctions Price Performance

NASDAQ:ACVA traded up $0.40 on Friday, reaching $22.34. 1,228,294 shares of the stock traded hands, compared to its average volume of 1,923,393. The company's fifty day simple moving average is $19.91 and its 200 day simple moving average is $18.87. ACV Auctions Inc. has a 12 month low of $12.84 and a 12 month high of $23.46. The company has a quick ratio of 1.51, a current 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.