Spyglass Capital Management LLC Increases Holdings in ACV Auctions Inc. (NASDAQ:ACVA)

Spyglass Capital Management LLC grew its holdings in shares of ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 69.1% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 2,614,245 shares of the company's stock after acquiring an additional 1,068,356 shares during the quarter. ACV Auctions accounts for approximately 3.5% of Spyglass Capital Management LLC's holdings, making the stock its 16th biggest holding. Spyglass Capital Management LLC owned approximately 1.57% of ACV Auctions worth $53,148,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in ACVA. Blue Trust Inc. grew its position in ACV Auctions by 165.2% during the 3rd quarter. Blue Trust Inc. now owns 1,419 shares of the company's stock worth $29,000 after acquiring an additional 884 shares during the last quarter. MCF Advisors LLC boosted its stake in shares of ACV Auctions by 107.0% during the third quarter. MCF Advisors LLC now owns 1,480 shares of the company's stock valued at $30,000 after purchasing an additional 765 shares during the period. Park Place Capital Corp grew its holdings in shares of ACV Auctions by 34.1% in the third quarter. Park Place Capital Corp now owns 2,779 shares of the company's stock worth $56,000 after purchasing an additional 706 shares during the last quarter. Amalgamated Bank increased its stake in shares of ACV Auctions by 18.0% in the second quarter. Amalgamated Bank now owns 5,120 shares of the company's stock worth $93,000 after buying an additional 782 shares during the period. Finally, Verdence Capital Advisors LLC bought a new stake in ACV Auctions during the 3rd quarter valued at $206,000. 88.55% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on ACVA shares. JMP Securities raised their price target on shares of ACV Auctions from $21.00 to $24.00 and gave the stock a "market outperform" rating in a report on Tuesday, September 17th. Jefferies Financial Group boosted their price target on ACV Auctions from $22.00 to $25.00 and gave the company a "buy" rating in a report on Tuesday, October 22nd. Citigroup increased their price objective on ACV Auctions from $22.00 to $27.00 and gave the stock a "buy" rating in a report on Wednesday. Needham & Company LLC reissued a "buy" rating and set a $26.00 target price on shares of ACV Auctions in a research note on Tuesday. Finally, Raymond James started coverage on 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. Two analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $23.50.

ACV Auctions Stock Down 0.4 %

Shares of ACVA stock traded down $0.09 during mid-day trading on Friday, reaching $22.62. 569,768 shares of the company's stock traded hands, compared to its average volume of 1,263,299. The company's 50-day moving average price is $19.69 and its 200-day moving average price is $18.69. The company has a market cap of $3.79 billion, a P/E ratio of -48.13 and a beta of 1.59. The company has a quick ratio of 1.51, a current ratio of 1.51 and a debt-to-equity ratio of 0.25. ACV Auctions Inc. has a 12 month low of $12.84 and a 12 month high of $23.46.

Insider Activity at ACV Auctions

In related news, COO Vikas Mehta sold 154,324 shares of the firm's stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $19.19, for a total transaction of $2,961,477.56. Following the completion of the transaction, the chief operating officer now owns 432,457 shares of the company's stock, valued at $8,298,849.83. This trade represents a 26.30 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO William Zerella sold 32,500 shares of ACV Auctions stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $22.41, for a total value of $728,325.00. Following the transaction, the chief financial officer now owns 490,482 shares of the company's stock, valued at $10,991,701.62. The trade was a 6.21 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 525,937 shares of company stock valued at $10,479,997 in the last three months. Company insiders own 8.50% of the company's stock.

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.