32,746 Shares in ACV Auctions Inc. (NASDAQ:ACVA) Purchased by Point72 DIFC Ltd

Point72 DIFC Ltd bought a new stake in shares of ACV Auctions Inc. (NASDAQ:ACVA - Free Report) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund bought 32,746 shares of the company's stock, valued at approximately $666,000.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Point72 Asset Management L.P. boosted its holdings in ACV Auctions by 17.4% in the third quarter. Point72 Asset Management L.P. now owns 652,949 shares of the company's stock worth $13,274,000 after acquiring an additional 96,647 shares in the last quarter. Polar Asset Management Partners Inc. raised its position in shares of ACV Auctions by 13.6% during the third quarter. Polar Asset Management Partners Inc. now owns 945,000 shares of the company's stock worth $19,212,000 after purchasing an additional 113,200 shares during the period. Janus Henderson Group PLC lifted its holdings in shares of ACV Auctions by 6.7% in the 3rd quarter. Janus Henderson Group PLC now owns 63,505 shares of the company's stock worth $1,290,000 after purchasing an additional 3,961 shares in the last quarter. HighTower Advisors LLC grew its position in ACV Auctions by 21.6% in the 3rd quarter. HighTower Advisors LLC now owns 25,159 shares of the company's stock valued at $515,000 after purchasing an additional 4,464 shares during the period. Finally, Arvin Capital Management LP increased its stake in ACV Auctions by 2.4% during the 3rd quarter. Arvin Capital Management LP now owns 407,261 shares of the company's stock valued at $8,280,000 after purchasing an additional 9,508 shares in the last quarter. 88.55% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other ACV Auctions news, CFO William Zerella sold 32,500 shares of the company's stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $18.79, for a total transaction of $610,675.00. Following the sale, the chief financial officer now directly owns 490,482 shares of the company's stock, valued at $9,216,156.78. This represents a 6.21 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Andrew Peer sold 1,795 shares of the stock in a transaction dated 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 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. Over the last 90 days, insiders have sold 525,937 shares of company stock valued at $10,479,997. Company insiders own 8.50% of the company's stock.

Analyst Upgrades and Downgrades

ACVA has been the topic of a number of recent research reports. Piper Sandler raised their price objective on shares of ACV Auctions from $16.00 to $18.00 and gave the company a "neutral" rating in a research note on Friday, November 8th. JMP Securities lifted their price target on ACV Auctions from $21.00 to $24.00 and gave the company a "market outperform" rating in a research note on Tuesday, September 17th. Citigroup increased their price objective on ACV Auctions from $22.00 to $27.00 and gave the stock a "buy" rating in a research note on Wednesday, November 27th. Raymond James assumed coverage on ACV Auctions in a report on Friday, September 27th. They set a "market perform" rating and a $22.00 price target for the company. Finally, B. Riley raised their price objective on ACV Auctions from $24.00 to $27.00 and gave the company a "buy" rating in a research note on Tuesday, November 26th. Two equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $23.50.

ACV Auctions Stock Performance

Shares of ACV Auctions stock traded up $0.40 during trading hours on Friday, hitting $22.34. 1,228,274 shares of the company's stock traded hands, compared to its average volume of 1,262,222. The stock has a market capitalization of $3.75 billion, a price-to-earnings ratio of -46.68 and a beta of 1.70. The company has a fifty day simple moving average of $19.87 and a 200-day simple moving average of $18.84. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.51 and a quick ratio of 1.51. 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.