ACV Auctions Inc. $ACVA Stock Holdings Lifted by Aperture Investors LLC

Key Points

• Aperture Investors LLC increased its stake in ACV Auctions by 24.3% in Q1, holding over 1.58 million shares, which represents about 2.8% of its investment portfolio.
• Multiple research analysts have lowered their target prices for ACV Auctions, with Bank of America setting a new target of $16.50, and several others following suit with similar reductions.
• Insider trading activity includes sales by two executives, reducing their ownership in ACV Auctions, with Michael Waterman selling 34,339 shares valued at over $551,000.

Aperture Investors LLC grew its stake in ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 24.3% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,581,543 shares of the company's stock after purchasing an additional 308,863 shares during the period. ACV Auctions comprises approximately 2.8% of Aperture Investors LLC's investment portfolio, making the stock its 10th largest holding. Aperture Investors LLC owned 0.94% of ACV Auctions worth $22,284,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in ACVA. Versant Capital Management Inc raised its stake in shares of ACV Auctions by 464.4% during the 1st quarter. Versant Capital Management Inc now owns 2,201 shares of the company's stock worth $31,000 after buying an additional 1,811 shares during the period. BI Asset Management Fondsmaeglerselskab A S acquired a new position in ACV Auctions in the 1st quarter valued at $35,000. GAMMA Investing LLC raised its stake in ACV Auctions by 3,005.8% in the 1st quarter. GAMMA Investing LLC now owns 5,932 shares of the company's stock valued at $84,000 after purchasing an additional 5,741 shares during the last quarter. AlphaQuest LLC raised its stake in ACV Auctions by 2,640.6% in the 1st quarter. AlphaQuest LLC now owns 6,687 shares of the company's stock valued at $94,000 after purchasing an additional 6,443 shares during the last quarter. Finally, Bessemer Group Inc. raised its stake in ACV Auctions by 14.5% in the 1st quarter. Bessemer Group Inc. now owns 9,911 shares of the company's stock valued at $140,000 after purchasing an additional 1,257 shares during the last quarter. 88.55% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts recently commented on ACVA shares. JMP Securities reduced their price objective on ACV Auctions from $20.00 to $18.00 and set a "market outperform" rating for the company in a research note on Tuesday, August 12th. Needham & Company LLC reduced their price objective on ACV Auctions from $25.00 to $16.00 and set a "buy" rating for the company in a research note on Tuesday, August 12th. Stephens reduced their price objective on ACV Auctions from $16.00 to $11.50 and set an "equal weight" rating for the company in a research note on Tuesday, August 12th. JPMorgan Chase & Co. cut their target price on ACV Auctions from $20.00 to $19.00 and set an "overweight" rating for the company in a research note on Thursday, July 17th. Finally, The Goldman Sachs Group cut their target price on ACV Auctions from $26.00 to $21.00 and set a "buy" rating for the company in a research note on Tuesday, August 12th. Ten research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $19.67.

Insider Activity at ACV Auctions

In other ACV Auctions news, insider Michael Waterman sold 34,339 shares of ACV Auctions stock in a transaction that occurred on Tuesday, July 8th. The stock was sold at an average price of $16.05, for a total transaction of $551,140.95. Following the transaction, the insider owned 379,957 shares of the company's stock, valued at $6,098,309.85. The trade was a 8.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Craig Eric Anderson sold 15,000 shares of ACV Auctions stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $15.04, for a total value of $225,600.00. Following the transaction, the insider directly owned 340,799 shares in the company, valued at approximately $5,125,616.96. This trade represents a 4.22% decrease in their position. The disclosure for this sale can be found here. Insiders own 2.90% of the company's stock.

ACV Auctions Stock Down 0.6%

Shares of NASDAQ ACVA traded down $0.07 during midday trading on Tuesday, hitting $11.59. 2,415,836 shares of the company's stock were exchanged, compared to its average volume of 2,138,652. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.56 and a quick ratio of 1.56. ACV Auctions Inc. has a twelve month low of $10.26 and a twelve month high of $23.46. The company has a market cap of $1.99 billion, a PE ratio of -23.65 and a beta of 1.68. The firm's fifty day simple moving average is $14.14 and its 200-day simple moving average is $15.08.

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.