Bank of America Corp DE lessened its holdings in shares of ACV Auctions Inc. (NYSE:ACVA - Free Report) by 8.6% in the first quarter, according to its most recent filing with the SEC. The firm owned 2,461,290 shares of the company's stock after selling 231,746 shares during the quarter. Bank of America Corp DE owned about 1.41% of ACV Auctions worth $10,436,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently modified their holdings of the business. Brighton Jones LLC bought a new stake in shares of ACV Auctions during the fourth quarter valued at about $392,000. Royal Bank of Canada grew its position in ACV Auctions by 14.3% in the 1st quarter. Royal Bank of Canada now owns 83,187 shares of the company's stock valued at $1,173,000 after buying an additional 10,382 shares in the last quarter. AQR Capital Management LLC acquired a new position in ACV Auctions during the 1st quarter valued at about $197,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in ACV Auctions by 19.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 188,904 shares of the company's stock valued at $2,662,000 after buying an additional 30,299 shares during the period. Finally, Millennium Management LLC increased its stake in ACV Auctions by 35.7% during the 1st quarter. Millennium Management LLC now owns 728,697 shares of the company's stock valued at $10,267,000 after buying an additional 191,883 shares during the period. Institutional investors own 88.55% of the company's stock.
ACV Auctions Stock Performance
NYSE:ACVA opened at $7.43 on Monday. The stock has a fifty day simple moving average of $7.31 and a 200 day simple moving average of $6.14. The firm has a market capitalization of $1.26 billion, a price-to-earnings ratio of -20.64 and a beta of 1.82. ACV Auctions Inc. has a 1-year low of $4.07 and a 1-year high of $12.21. The company has a quick ratio of 1.52, a current ratio of 1.52 and a debt-to-equity ratio of 0.53.
Analyst Upgrades and Downgrades
A number of analysts have recently weighed in on ACVA shares. Barrington Research raised shares of ACV Auctions from a "hold" rating to a "strong-buy" rating in a research note on Monday, August 3rd. Stephens upgraded shares of ACV Auctions from an "equal weight" rating to an "overweight" rating and set a $10.50 price objective on the stock in a research note on Tuesday, August 11th. Citigroup boosted their target price on ACV Auctions from $7.00 to $8.50 and gave the stock a "neutral" rating in a report on Monday, August 17th. Barclays downgraded ACV Auctions from an "equal weight" rating to an "underweight" rating and set a $8.00 target price for the company. in a research report on Tuesday, August 11th. Finally, Citizens Jmp cut ACV Auctions from an "outperform" rating to a "market perform" rating in a research report on Tuesday, August 11th. Two research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, four have assigned a Hold rating and three have given a Sell rating to the company's stock. According to data from MarketBeat, ACV Auctions presently has an average rating of "Hold" and an average price target of $9.50.
Check Out Our Latest Research Report on ACVA
ACV Auctions Company Profile
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Free Report)
ACV Auctions operates a digital marketplace designed to streamline the wholesale used-vehicle auction process for independent dealerships and larger automotive groups. The platform enables dealers to participate in live, online auctions, submit real-time bids, and access guaranteed-sale programs that reduce the risk of inventory moving. By replicating the dynamics of in-lane bidding in a virtual environment, ACV Auctions connects sellers and buyers across a broad geographic footprint without the need for physical auction attendance.
In addition to its core marketplace, ACV Auctions offers a suite of software tools and data-driven services aimed at improving transparency and decision-making in the remarketing process.
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