Fmr LLC Has $273 Million Position in ACV Auctions Inc. (NASDAQ:ACVA)

Fmr LLC lessened its stake in ACV Auctions Inc. (NASDAQ:ACVA) by 22.5% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 13,428,169 shares of the company’s stock after selling 3,894,430 shares during the quarter. Fmr LLC owned 8.06% of ACV Auctions worth $272,995,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ACVA. Blue Trust Inc. increased its stake in shares of ACV Auctions by 165.2% in the third quarter. Blue Trust Inc. now owns 1,419 shares of the company’s stock worth $29,000 after acquiring an additional 884 shares during the last quarter. MCF Advisors LLC increased its position in ACV Auctions by 107.0% in the 3rd quarter. MCF Advisors LLC now owns 1,480 shares of the company’s stock worth $30,000 after purchasing an additional 765 shares during the last quarter. Park Place Capital Corp raised its stake in shares of 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 purchasing an additional 706 shares in the last quarter. Amalgamated Bank lifted its holdings in shares of ACV Auctions by 18.0% during the 2nd 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 bought a new stake in shares of ACV Auctions in the 3rd quarter valued at approximately $206,000. Hedge funds and other institutional investors own 88.55% of the company’s stock.

ACV Auctions Price Performance

NASDAQ ACVA opened at $22.62 on Monday. The stock has a 50-day simple moving average of $19.72 and a 200 day simple moving average of $18.73. ACV Auctions Inc. has a twelve month low of $12.84 and a twelve month high of $23.46. The stock has a market capitalization of $3.79 billion, a PE ratio of -48.13 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.

Insiders Place Their Bets

In related news, CFO William Zerella sold 32,500 shares of the stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $18.79, for a total value of $610,675.00. Following the completion of the sale, the chief financial officer now owns 490,482 shares in the company, valued at approximately $9,216,156.78. This trade represents a 6.21 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Vikas Mehta sold 154,324 shares of ACV Auctions stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $19.19, for a total value of $2,961,477.56. Following the sale, the chief operating officer now directly owns 432,457 shares in the company, valued at approximately $8,298,849.83. This trade represents a 26.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 525,937 shares of company stock valued at $10,479,997 in the last three months. Company insiders own 8.50% of the company’s stock.

Analyst Ratings Changes

ACVA has been the subject of a number of analyst reports. Jefferies Financial Group lifted their target price on shares of ACV Auctions from $22.00 to $25.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. B. Riley lifted 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. Barrington Research reissued an “outperform” rating and set a $23.00 target price on shares of ACV Auctions in a research report on Monday, November 4th. JMP Securities raised 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. Finally, Raymond James began coverage on ACV Auctions in a research note on Friday, September 27th. They set a “market perform” rating and a $22.00 price target for the company. Two research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $23.50.

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.