Swedbank AB Has $14.09 Million Stock Position in ACV Auctions Inc. $ACVA

Key Points

• Swedbank AB increased its stake in ACV Auctions by 25.0%, owning 1,000,000 shares valued at approximately $14.09 million.
• Multiple institutional investors significantly boosted their holdings in ACV Auctions, with Versant Capital Management increasing their stake by 464.4%.
• Wall Street analysts have recently revised their price targets for ACV Auctions, with JMP Securities lowering theirs from $20.00 to $18.00 while still rating it as a "market outperform."

Swedbank AB increased its stake in shares of ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 25.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,000,000 shares of the company's stock after buying an additional 200,000 shares during the period. Swedbank AB owned 0.58% of ACV Auctions worth $14,090,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Rhumbline Advisers lifted its position in ACV Auctions by 4.1% during the 1st quarter. Rhumbline Advisers now owns 214,763 shares of the company's stock worth $3,026,000 after buying an additional 8,368 shares in the last quarter. Intech Investment Management LLC lifted its position in ACV Auctions by 54.8% during the 1st quarter. Intech Investment Management LLC now owns 96,559 shares of the company's stock worth $1,361,000 after buying an additional 34,164 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in ACV Auctions by 19.4% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 321,732 shares of the company's stock worth $4,533,000 after buying an additional 52,338 shares in the last quarter. Rivermont Capital Management LP lifted its position in ACV Auctions by 16.8% during the 1st quarter. Rivermont Capital Management LP now owns 933,113 shares of the company's stock worth $13,148,000 after buying an additional 133,936 shares in the last quarter. Finally, Dynamic Technology Lab Private Ltd acquired a new position in ACV Auctions during the 1st quarter worth about $405,000. Institutional investors and hedge funds own 88.55% of the company's stock.

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. Bank of America reduced their price target on shares of ACV Auctions from $20.00 to $16.50 and set a "buy" rating on the stock in a research report on Tuesday, August 12th. JPMorgan Chase & Co. reduced their price target on shares of ACV Auctions from $20.00 to $19.00 and set an "overweight" rating on the stock in a research report on Thursday, July 17th. Citigroup cut their target price on shares of ACV Auctions from $21.00 to $17.00 and set a "buy" rating on the stock in a research report on Tuesday, August 12th. The Goldman Sachs Group cut their target price on shares of ACV Auctions from $26.00 to $21.00 and set a "buy" rating on the stock in a research report on Tuesday, August 12th. Finally, JMP Securities cut their target price on shares of ACV Auctions from $20.00 to $18.00 and set a "market outperform" rating on the stock in a research report on Tuesday, August 12th. Ten investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $19.67.

ACV Auctions Trading Up 0.3%

Shares of NASDAQ:ACVA traded up $0.03 during mid-day trading on Friday, reaching $10.37. The stock had a trading volume of 3,203,642 shares, compared to its average volume of 2,262,009. The firm has a market cap of $1.78 billion, a PE ratio of -21.16 and a beta of 1.68. The firm has a 50 day simple moving average of $12.59 and a two-hundred day simple moving average of $14.44. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.28. ACV Auctions Inc. has a twelve month low of $9.85 and a twelve month high of $23.46.

Insider Buying and Selling

In related news, insider Michael Waterman sold 34,339 shares of the stock in a transaction that occurred on Tuesday, July 8th. The shares were sold at an average price of $16.05, for a total value of $551,140.95. Following the sale, the insider directly owned 379,957 shares in the company, valued at $6,098,309.85. This trade represents a 8.29% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Craig Eric Anderson sold 15,000 shares of the stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $15.04, for a total transaction of $225,600.00. Following the completion of the sale, the insider owned 340,799 shares in the company, 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 sold a total of 51,089 shares of company stock worth $794,433 over the last quarter. 2.90% of the stock is currently owned by corporate insiders.

ACV Auctions 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.