40,085 Shares in ACV Auctions Inc. (NASDAQ:ACVA) Purchased by Intech Investment Management LLC

Intech Investment Management LLC purchased a new stake in ACV Auctions Inc. (NASDAQ:ACVA) during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 40,085 shares of the company’s stock, valued at approximately $815,000.

Several other hedge funds have also recently bought and sold shares of ACVA. Blue Trust Inc. increased its stake in shares of 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 purchasing an additional 884 shares during the period. MCF Advisors LLC grew its holdings in ACV Auctions by 107.0% in the 3rd quarter. MCF Advisors LLC now owns 1,480 shares of the company’s stock valued at $30,000 after buying an additional 765 shares in the last quarter. Park Place Capital Corp increased its position in ACV Auctions by 34.1% during the 3rd quarter. Park Place Capital Corp now owns 2,779 shares of the company’s stock worth $56,000 after buying an additional 706 shares during the period. Amalgamated Bank boosted 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 acquiring an additional 782 shares during the period. Finally, Verdence Capital Advisors LLC acquired a new position in shares of ACV Auctions in the third quarter valued at about $206,000. 88.55% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, insider Craig Eric Anderson sold 7,500 shares of the business’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $20.00, for a total value of $150,000.00. Following the transaction, the insider now directly owns 328,167 shares of the company’s stock, valued at $6,563,340. The trade was a 2.23 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Andrew Peer sold 1,795 shares of the stock in a transaction that occurred 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 transaction, the vice president now owns 62,956 shares in the company, valued at $1,322,076. The trade was a 2.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 525,937 shares of company stock valued at $10,479,997. Company insiders own 8.50% of the company’s stock.

ACV Auctions Stock Performance

NASDAQ ACVA opened at $22.71 on Friday. The company has a market capitalization of $3.81 billion, a price-to-earnings ratio of -48.32 and a beta of 1.59. The company has a quick ratio of 1.51, a current ratio of 1.51 and a debt-to-equity ratio of 0.25. ACV Auctions Inc. has a twelve month low of $12.84 and a twelve month high of $23.46. The stock has a fifty day simple moving average of $19.65 and a 200 day simple moving average of $18.66.

Analysts Set New Price Targets

Several analysts have weighed in on ACVA shares. B. Riley lifted their price objective on shares of ACV Auctions from $24.00 to $27.00 and gave the stock a “buy” rating in a research note on Tuesday. Barrington Research reiterated an “outperform” rating and issued a $23.00 price target on shares of ACV Auctions in a research note on Monday, November 4th. Raymond James initiated coverage on ACV Auctions in a research note on Friday, September 27th. They set a “market perform” rating and a $22.00 price objective on the stock. 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 report on Friday, November 8th. Finally, Needham & Company LLC restated a “buy” rating and issued a $26.00 price target on shares of ACV Auctions in a research report on Tuesday. Two investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $23.50.

ACV Auctions 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.