Granahan Investment Management LLC Sells 75,168 Shares of ACV Auctions Inc. $ACVA

Key Points

• Granahan Investment Management LLC reduced its holdings in ACV Auctions by 5.2%, now owning approximately 1.36 million shares worth about $19.18 million, according to a recent SEC filing.
• ACV Auctions' stock price increased by 3.6%, with analysts adjusting their price targets downward; the average target is now $19.67, despite maintaining a consensus rating of "Moderate Buy."
• Insider selling activities were noted, with Michael Waterman and Craig Eric Anderson reducing their stakes by 8.29% and 4.22% respectively, highlighting potential shifts in investor sentiment.

Granahan Investment Management LLC decreased its position in shares of ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 5.2% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,361,305 shares of the company's stock after selling 75,168 shares during the quarter. Granahan Investment Management LLC owned approximately 0.81% of ACV Auctions worth $19,181,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Versant Capital Management Inc lifted its holdings in 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 shares of ACV Auctions in the 1st quarter valued at about $35,000. GAMMA Investing LLC lifted its stake in shares of 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 period. AlphaQuest LLC lifted its stake in shares of 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 period. Finally, Bessemer Group Inc. lifted its stake in shares of 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 period. Institutional investors and hedge funds own 88.55% of the company's stock.

ACV Auctions Stock Up 1.2%

ACV Auctions stock traded up $0.14 during midday trading on Friday, reaching $11.80. The stock had a trading volume of 2,527,486 shares, compared to its average volume of 2,143,951. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.28. The company has a fifty day moving average price of $13.79 and a two-hundred day moving average price of $14.83. The company has a market capitalization of $2.03 billion, a P/E ratio of -24.07 and a beta of 1.68. ACV Auctions Inc. has a 12 month low of $10.26 and a 12 month high of $23.46.

Wall Street Analysts Forecast Growth

ACVA has been the topic of a number of recent analyst reports. JMP Securities dropped their price objective on ACV Auctions from $20.00 to $18.00 and set a "market outperform" rating on the stock in a research note on Tuesday, August 12th. JPMorgan Chase & Co. dropped their price objective on ACV Auctions from $20.00 to $19.00 and set an "overweight" rating on the stock in a research note on Thursday, July 17th. Needham & Company LLC dropped their price objective on ACV Auctions from $25.00 to $16.00 and set a "buy" rating on the stock in a research note on Tuesday, August 12th. Bank of America dropped their price objective on ACV Auctions from $20.00 to $16.50 and set a "buy" rating on the stock in a research note on Tuesday, August 12th. Finally, Citigroup dropped their price objective on ACV Auctions from $21.00 to $17.00 and set a "buy" rating on the stock in a research note on Tuesday, August 12th. Ten analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $19.67.

Insider Buying and Selling

In other ACV Auctions news, insider Michael Waterman sold 34,339 shares of the business's 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 completion of the sale, the insider directly owned 379,957 shares of the company's stock, valued at approximately $6,098,309.85. The trade was a 8.29% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Craig Eric Anderson sold 15,000 shares of the business's 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 sale, the insider directly owned 340,799 shares of the company's stock, valued at $5,125,616.96. This represents a 4.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 2.90% of the company's stock.

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.