ACV Auctions Inc. $ACVA Shares Sold by Iridian Asset Management LLC CT

Key Points

• Iridian Asset Management cut its ACV Auctions stake by 32.9% in the third quarter, selling 1.5 million shares and retaining 3.07 million shares worth approximately $32 million. ACV Auctions remains Iridian’s largest holding and represents about 11.5% of its portfolio.
• Institutional ownership stands at 88.55%, with several firms increasing or initiating positions. However, analyst sentiment is mixed, resulting in a consensus “Hold” rating and an average price target of $9.70.
• ACVA shares opened at $10.50, near their 52-week high of $10.51, and have risen above their 50-day and 200-day moving averages. The company operates a digital marketplace for wholesale vehicle auctions and related services.

Iridian Asset Management LLC CT trimmed its stake in ACV Auctions Inc. (NYSE:ACVA - Free Report) by 32.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,072,272 shares of the company's stock after selling 1,505,449 shares during the period. ACV Auctions makes up approximately 11.5% of Iridian Asset Management LLC CT's portfolio, making the stock its biggest holding. Iridian Asset Management LLC CT owned approximately 1.81% of ACV Auctions worth $32,044,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Versant Capital Management Inc lifted its position in ACV Auctions by 28.8% during the second quarter. Versant Capital Management Inc now owns 6,187 shares of the company's stock valued at $44,000 after purchasing an additional 1,382 shares during the last quarter. Sterling Capital Management LLC grew its stake in ACV Auctions by 200.1% in the 3rd quarter. Sterling Capital Management LLC now owns 4,820 shares of the company's stock worth $50,000 after buying an additional 3,214 shares in the last quarter. Principal Financial Group Inc. bought a new position in shares of ACV Auctions in the 1st quarter worth $52,000. Chicago Partners Investment Group LLC bought a new position in shares of ACV Auctions in the 1st quarter worth $52,000. Finally, American Trust bought a new position in shares of ACV Auctions in the 1st quarter worth $53,000. 88.55% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on ACVA. Barrington Research cut shares of ACV Auctions from an "outperform" rating to a "strong sell" rating in a research report on Friday, September 11th. Citigroup upped their target price on shares of ACV Auctions from $8.50 to $10.50 and gave the stock a "neutral" rating in a research report on Monday, September 14th. Northcoast Research cut ACV Auctions from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, September 22nd. Barclays cut ACV Auctions from an "equal weight" rating to an "underweight" rating and set a $8.00 target price on the stock. in a research note on Tuesday, August 11th. Finally, Bank of America restated an "underperform" rating on shares of ACV Auctions in a research report on Tuesday, August 11th. Five investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and four have issued a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $9.70.

ACV Auctions Price Performance

Shares of ACVA opened at $10.50 on Friday. ACV Auctions Inc. has a 1 year low of $4.07 and a 1 year high of $10.51. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.52 and a quick ratio of 1.52. The stock has a 50 day simple moving average of $9.23 and a two-hundred day simple moving average of $7.38. The firm has a market cap of $1.78 billion, a P/E ratio of -29.17 and a beta of 1.76.

ACV Auctions Company Profile

ACV Auctions Inc operates a digital marketplace for wholesale vehicle transactions. Its platform connects automotive dealers with buyers and sellers of used vehicles, enabling auctions to be conducted online rather than through traditional physical auction facilities.

The company provides tools and services intended to support the wholesale vehicle lifecycle, including online auctions, vehicle condition reports, inspections, transportation and logistics coordination, and transaction-related services.

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