Verition Fund Management LLC acquired a new position in shares of ACV Auctions Inc. (NASDAQ:ACVA - Free Report) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 64,232 shares of the company's stock, valued at approximately $1,306,000.
Other institutional investors have also recently modified their holdings of the company. Blue Trust Inc. increased its position in ACV Auctions by 165.2% during the third quarter. Blue Trust Inc. now owns 1,419 shares of the company's stock worth $29,000 after buying an additional 884 shares in 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 acquiring an additional 765 shares during the last quarter. Park Place Capital Corp raised its stake in ACV Auctions by 34.1% in the 3rd quarter. Park Place Capital Corp now owns 2,779 shares of the company's stock valued at $56,000 after purchasing an additional 706 shares during the last quarter. Amalgamated Bank raised its position in shares of ACV Auctions by 18.0% in the second quarter. Amalgamated Bank now owns 5,120 shares of the company's stock valued at $93,000 after buying an additional 782 shares during the last quarter. Finally, Verdence Capital Advisors LLC acquired a new stake in ACV Auctions during the third quarter worth approximately $206,000. 88.55% of the stock is currently owned by institutional investors and hedge funds.
Insiders Place Their Bets
In related news, 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 completion of the sale, the chief financial officer now owns 490,482 shares in the company, valued at approximately $10,991,701.62. The trade was a 6.21 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO George Chamoun sold 111,363 shares of the company's stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $20.27, for a total transaction of $2,257,328.01. Following the completion of the sale, the chief executive officer now directly owns 928,166 shares in the company, valued at $18,813,924.82. This represents a 10.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 525,937 shares of company stock worth $10,479,997 in the last quarter. 8.50% of the stock is owned by corporate insiders.
Wall Street Analyst Weigh In
Several research firms recently commented on ACVA. Piper Sandler upped their target price on ACV Auctions from $16.00 to $18.00 and gave the company a "neutral" rating in a research note on Friday, November 8th. B. Riley upped their price objective on shares of ACV Auctions from $24.00 to $27.00 and gave the company a "buy" rating in a research note on Tuesday, November 26th. Needham & Company LLC restated a "buy" rating and issued a $26.00 target price on shares of ACV Auctions in a report on Tuesday, November 26th. Raymond James began coverage on shares of ACV Auctions in a research report on Friday, September 27th. They set a "market perform" rating and a $22.00 price target for the company. Finally, Barrington Research reiterated an "outperform" rating and issued a $23.00 price target on shares of ACV Auctions in a report on Monday, November 4th. Two equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $23.50.
Get Our Latest Report on ACVA
ACV Auctions Stock Up 1.8 %
Shares of ACVA stock traded up $0.40 on Friday, hitting $22.34. The stock had a trading volume of 1,228,294 shares, compared to its average volume of 1,923,393. The stock's 50 day moving average is $19.91 and its 200-day moving average is $18.87. The firm has a market capitalization of $3.75 billion, a price-to-earnings ratio of -47.53 and a beta of 1.70. ACV Auctions Inc. has a 52-week low of $12.84 and a 52-week high of $23.46. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.51 and a current ratio of 1.51.
ACV Auctions Company Profile
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Free Report)
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.
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