ACV Auctions Inc. (NASDAQ:ACVA) Shares Sold by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. decreased its holdings in ACV Auctions Inc. (NASDAQ:ACVA) by 8.3% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 111,361 shares of the company’s stock after selling 10,122 shares during the quarter. PNC Financial Services Group Inc. owned approximately 0.07% of ACV Auctions worth $2,264,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. RiverPark Advisors LLC acquired a new position in ACV Auctions during the third quarter worth approximately $301,000. Oppenheimer Asset Management Inc. grew its stake in shares of ACV Auctions by 43.9% during the 3rd quarter. Oppenheimer Asset Management Inc. now owns 199,972 shares of the company’s stock valued at $4,065,000 after buying an additional 60,991 shares during the period. Aigen Investment Management LP acquired a new stake in shares of ACV Auctions during the 3rd quarter worth $287,000. GSA Capital Partners LLP purchased a new position in shares of ACV Auctions in the 3rd quarter worth $562,000. Finally, Los Angeles Capital Management LLC boosted its holdings in ACV Auctions by 6.6% in the third quarter. Los Angeles Capital Management LLC now owns 26,958 shares of the company’s stock valued at $548,000 after acquiring an additional 1,670 shares during the last quarter. 88.55% of the stock is currently owned by hedge funds and other institutional investors.

ACV Auctions Price Performance

ACVA opened at $22.96 on Tuesday. ACV Auctions Inc. has a twelve month low of $12.84 and a twelve month high of $23.46. The firm has a market cap of $3.85 billion, a price-to-earnings ratio of -48.85 and a beta of 1.59. The company has a current ratio of 1.51, a quick ratio of 1.51 and a debt-to-equity ratio of 0.25. The company has a fifty day simple moving average of $19.56 and a 200 day simple moving average of $18.60.

Insider Activity

In other news, VP Andrew Peer sold 1,795 shares of the firm’s stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $21.00, for a total transaction of $37,695.00. Following the completion of the sale, the vice president now owns 62,956 shares of the company’s stock, valued at approximately $1,322,076. This trade represents a 2.77 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Vikas Mehta sold 154,324 shares of the company’s stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $19.19, for a total transaction of $2,961,477.56. Following the completion of the sale, the chief operating officer now directly owns 432,457 shares in the company, valued at $8,298,849.83. This represents a 26.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 493,437 shares of company stock worth $9,751,672 over the last ninety days. Corporate insiders own 8.50% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have commented on ACVA. Piper Sandler upped their price target on ACV Auctions from $16.00 to $18.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. Jefferies Financial Group increased their target price on shares of ACV Auctions from $22.00 to $25.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. JMP Securities lifted their price target on shares of ACV Auctions from $21.00 to $24.00 and gave the company a “market outperform” rating in a research report on Tuesday, September 17th. Barrington Research reissued an “outperform” rating and issued a $23.00 price objective on shares of ACV Auctions in a research report on Monday, November 4th. Finally, Raymond James began coverage on shares of ACV Auctions in a report on Friday, September 27th. They set a “market perform” rating and a $22.00 target price on the stock. Two investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $22.63.

ACV Auctions Company 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.