Citigroup Inc. Raises Position in ACV Auctions Inc. $ACVA

Key Points

• Citigroup Inc. significantly increased its stake in ACV Auctions Inc. by 305.4% during the first quarter, now owning approximately 764,518 shares valued at $10.77 million.
• Multiple institutional investors also expanded their holdings in ACV Auctions, with 88.55% of the stock now owned by institutional investors.
• Analysts have lowered their price targets for ACV Auctions, with recent reports from firms such as JMP Securities and Needham & Company adjusting their price objectives to between $16.00 and $18.00, while maintaining buy ratings.

Citigroup Inc. lifted its holdings in shares of ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 305.4% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 764,518 shares of the company's stock after acquiring an additional 575,925 shares during the quarter. Citigroup Inc. owned 0.45% of ACV Auctions worth $10,772,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of ACVA. Driehaus Capital Management LLC increased its position in shares of ACV Auctions by 128.5% during the fourth quarter. Driehaus Capital Management LLC now owns 2,837,165 shares of the company's stock valued at $61,283,000 after acquiring an additional 1,595,657 shares during the last quarter. Vanguard Group Inc. increased its position in shares of ACV Auctions by 7.4% during the first quarter. Vanguard Group Inc. now owns 15,301,225 shares of the company's stock valued at $215,594,000 after acquiring an additional 1,055,310 shares during the last quarter. Iridian Asset Management LLC CT increased its position in shares of ACV Auctions by 77.9% during the first quarter. Iridian Asset Management LLC CT now owns 1,967,332 shares of the company's stock valued at $27,720,000 after acquiring an additional 861,178 shares during the last quarter. Frontier Capital Management Co. LLC grew its holdings in ACV Auctions by 59.7% during the fourth quarter. Frontier Capital Management Co. LLC now owns 2,061,028 shares of the company's stock valued at $44,518,000 after purchasing an additional 770,828 shares during the period. Finally, Wellington Management Group LLP grew its holdings in ACV Auctions by 61.3% during the fourth quarter. Wellington Management Group LLP now owns 1,708,551 shares of the company's stock valued at $36,905,000 after purchasing an additional 649,039 shares during the period. 88.55% of the stock is owned by hedge funds and other institutional investors.

ACV Auctions Stock Performance

Shares of ACV Auctions stock traded down $0.20 during trading hours on Wednesday, reaching $11.31. The company had a trading volume of 437,133 shares, compared to its average volume of 2,120,785. ACV Auctions Inc. has a one year low of $10.26 and a one year high of $23.46. The business has a fifty day simple moving average of $14.89 and a 200 day simple moving average of $15.72. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.56 and a quick ratio of 1.56. The firm has a market cap of $1.93 billion, a PE ratio of -23.06 and a beta of 1.69.

Insiders Place Their Bets

In related news, insider Michael Waterman sold 34,339 shares of the stock in a transaction on Tuesday, July 8th. The stock was sold at an average price of $16.05, for a total value of $551,140.95. Following the sale, the insider owned 379,957 shares in the company, valued at approximately $6,098,309.85. This trade represents a 8.29% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Craig Eric Anderson sold 15,000 shares of the stock in a transaction 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 completion of the sale, the insider owned 340,799 shares in the company, valued at $5,125,616.96. This trade represents a 4.22% decrease in their position. The disclosure for this sale can be found here. Company insiders own 2.90% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on ACVA. JPMorgan Chase & Co. reduced their price objective on ACV Auctions from $20.00 to $19.00 and set an "overweight" rating for the company in a report on Thursday, July 17th. 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 report on Tuesday, August 12th. The Goldman Sachs Group reduced their price objective on ACV Auctions from $26.00 to $21.00 and set a "buy" rating for the company in a report on Tuesday, August 12th. Citigroup reduced their price objective on ACV Auctions from $21.00 to $17.00 and set a "buy" rating for the company in a report on Tuesday, August 12th. Finally, 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 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 company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $19.67.

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.