ACV Auctions Inc. (NASDAQ:ACVA) Shares Acquired by Summit Partners Public Asset Management LLC

Summit Partners Public Asset Management LLC grew its stake in shares of ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 10.7% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,552,026 shares of the company's stock after acquiring an additional 150,000 shares during the period. ACV Auctions comprises approximately 1.0% of Summit Partners Public Asset Management LLC's investment portfolio, making the stock its 25th biggest holding. Summit Partners Public Asset Management LLC owned approximately 0.93% of ACV Auctions worth $31,553,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the company. Comerica Bank boosted its position in ACV Auctions by 5,045.7% during the 1st quarter. Comerica Bank now owns 63,550 shares of the company's stock valued at $1,193,000 after acquiring an additional 62,315 shares in the last quarter. William Blair Investment Management LLC raised its holdings in ACV Auctions by 4.1% in the second quarter. William Blair Investment Management LLC now owns 5,013,642 shares of the company's stock worth $91,499,000 after purchasing an additional 198,228 shares in the last quarter. Swedbank AB purchased a new stake in shares of ACV Auctions during the first quarter valued at about $15,016,000. Harbor Capital Advisors Inc. boosted its holdings in shares of ACV Auctions by 383.7% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 153,050 shares of the company's stock valued at $3,112,000 after buying an additional 121,411 shares in the last quarter. Finally, Essex Investment Management Co. LLC purchased a new position in shares of ACV Auctions in the 3rd quarter worth approximately $2,915,000. 88.55% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CFO William Zerella sold 32,500 shares of ACV Auctions stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $22.41, for a total transaction of $728,325.00. Following the completion of the transaction, the chief financial officer now directly owns 490,482 shares in the company, valued at approximately $10,991,701.62. This trade represents a 6.21 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Michael Waterman sold 18,001 shares of the company's stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $18.79, for a total transaction of $338,238.79. Following the completion of the transaction, the insider now owns 337,190 shares of the company's stock, valued at approximately $6,335,800.10. This trade represents a 5.07 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 525,937 shares of company stock valued at $10,479,997. 8.50% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. Needham & Company LLC reissued a "buy" rating and set a $26.00 target price on shares of ACV Auctions in a research report on Tuesday. B. Riley raised their price objective on ACV Auctions from $24.00 to $27.00 and gave the stock a "buy" rating in a research report on Tuesday. JMP Securities upped their target price on ACV Auctions from $21.00 to $24.00 and gave the company a "market outperform" rating in a research report on Tuesday, September 17th. Jefferies Financial Group raised their price target on ACV Auctions from $22.00 to $25.00 and gave the stock a "buy" rating in a report on Tuesday, October 22nd. Finally, Raymond James started coverage on shares of ACV Auctions in a report on Friday, September 27th. They set a "market perform" rating and a $22.00 price objective on the stock. Two investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, ACV Auctions presently has a consensus rating of "Moderate Buy" and an average price target of $23.50.

ACV Auctions Stock Performance

Shares of ACV Auctions stock traded down $0.09 on Friday, reaching $22.62. 569,768 shares of the stock were exchanged, compared to its average volume of 1,263,299. The business has a 50 day moving average price of $19.69 and a two-hundred day moving average price of $18.69. The firm has a market capitalization of $3.79 billion, a price-to-earnings ratio of -48.13 and a beta of 1.59. ACV Auctions Inc. has a twelve month low of $12.84 and a twelve 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.