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

Summit Partners Public Asset Management LLC boosted its position in shares of ACV Auctions Inc. (NASDAQ:ACVA) by 10.7% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,552,026 shares of the company’s stock after buying an additional 150,000 shares during the quarter. ACV Auctions makes up 1.0% of Summit Partners Public Asset Management LLC’s holdings, making the stock its 25th biggest position. Summit Partners Public Asset Management LLC’s holdings in ACV Auctions were worth $31,553,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in ACVA. Blue Trust Inc. boosted its stake in shares of 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 in the last quarter. MCF Advisors LLC boosted its position in ACV Auctions by 107.0% during the third quarter. MCF Advisors LLC now owns 1,480 shares of the company’s stock worth $30,000 after purchasing an additional 765 shares in the last quarter. Park Place Capital Corp boosted its position in ACV Auctions by 34.1% during 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 in the last quarter. Amalgamated Bank grew its holdings in 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 purchasing an additional 782 shares during the period. Finally, Verdence Capital Advisors LLC purchased a new stake in shares of ACV Auctions in the third quarter valued at approximately $206,000. Hedge funds and other institutional investors own 88.55% of the company’s stock.

ACV Auctions Stock Performance

Shares of ACV Auctions stock opened at $22.71 on Friday. The business’s 50 day moving average price is $19.65 and its 200 day moving average price is $18.66. The company has a market cap of $3.81 billion, a price-to-earnings ratio of -48.32 and a beta of 1.59. 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 Inc. has a one year low of $12.84 and a one year high of $23.46.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on ACVA. Barrington Research reissued an “outperform” rating and issued a $23.00 price target on shares of ACV Auctions in a research note on Monday, November 4th. Needham & Company LLC reiterated a “buy” rating and issued a $26.00 target price on shares of ACV Auctions in a research report on Tuesday. Piper Sandler upped their price target on shares of ACV Auctions from $16.00 to $18.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. B. Riley lifted their price objective on ACV Auctions from $24.00 to $27.00 and gave the stock a “buy” rating in a report on Tuesday. Finally, JMP Securities increased their target price on ACV Auctions from $21.00 to $24.00 and gave the company a “market outperform” rating in a report on Tuesday, September 17th. Two analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $23.50.

Insiders Place Their Bets

In related news, COO Vikas Mehta sold 154,324 shares of the company’s stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $19.19, for a total value of $2,961,477.56. Following the completion of the sale, the chief operating officer now owns 432,457 shares of the company’s stock, valued at approximately $8,298,849.83. This represents a 26.30 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO William Zerella sold 76,856 shares of ACV Auctions stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $20.26, for a total transaction of $1,557,102.56. Following the transaction, the chief financial officer now directly owns 503,077 shares in the company, valued at $10,192,340.02. This trade represents a 13.25 % 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 in the last three months. 8.50% of the stock is currently owned by insiders.

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.