ACV Auctions Inc. (NASDAQ:ACVA) Shares Acquired by State Street Corp

State Street Corp lifted its position in shares of ACV Auctions Inc. (NASDAQ:ACVA) by 3.7% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,242,388 shares of the company’s stock after acquiring an additional 115,700 shares during the period. State Street Corp owned about 1.95% of ACV Auctions worth $65,918,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in ACVA. Quadrature Capital Ltd bought a new position in ACV Auctions during the 3rd quarter worth $566,000. Richmond Hill Investments LLC grew its stake in ACV Auctions by 26.4% during the 3rd quarter. Richmond Hill Investments LLC now owns 488,208 shares of the company’s stock worth $9,925,000 after buying an additional 101,892 shares during the last quarter. Point72 DIFC Ltd bought a new position in ACV Auctions during the 3rd quarter worth $666,000. Point72 Asset Management L.P. grew its stake in ACV Auctions by 17.4% during the 3rd quarter. Point72 Asset Management L.P. now owns 652,949 shares of the company’s stock worth $13,274,000 after buying an additional 96,647 shares during the last quarter. Finally, Polar Asset Management Partners Inc. grew its stake in ACV Auctions by 13.6% during the 3rd quarter. Polar Asset Management Partners Inc. now owns 945,000 shares of the company’s stock worth $19,212,000 after buying an additional 113,200 shares during the last quarter. 88.55% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, VP Andrew Peer sold 1,795 shares of the company’s stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $21.00, for a total value of $37,695.00. Following the completion of the sale, the vice president now owns 62,956 shares in the company, valued at $1,322,076. This represents a 2.77 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Michael Waterman sold 16,098 shares of the company’s stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $19.95, for a total value of $321,155.10. Following the sale, the insider now directly owns 348,155 shares of the company’s stock, valued at approximately $6,945,692.25. This represents a 4.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 100,894 shares of company stock worth $2,036,089 over the last 90 days. 8.50% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on ACVA shares. Raymond James started coverage on ACV Auctions in a research note on Friday, September 27th. They set a “market perform” rating and a $22.00 price objective for the company. Barrington Research restated an “outperform” rating and set a $23.00 price objective on shares of ACV Auctions in a research note on Monday, November 4th. B. Riley upped their price objective on ACV Auctions from $24.00 to $27.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. JMP Securities reissued a “market outperform” rating and issued a $25.00 price target on shares of ACV Auctions in a research note on Monday. Finally, Piper Sandler increased 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. Two equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $23.60.

ACV Auctions Trading Down 0.7 %

Shares of ACV Auctions stock opened at $21.08 on Wednesday. The company has a quick ratio of 1.51, a current ratio of 1.51 and a debt-to-equity ratio of 0.25. The firm has a market cap of $3.53 billion, a price-to-earnings ratio of -44.85 and a beta of 1.70. The business has a fifty day simple moving average of $20.17 and a 200-day simple moving average of $19.01. ACV Auctions Inc. has a fifty-two week low of $12.84 and a fifty-two week high of $23.46.

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.