ACV Auctions Inc. $ACVA is TFJ Management LLC's 4th Largest Position

Key Points

• TFJ Management LLC increased its stake in ACV Auctions Inc. by 146.8%, now holding 702,218 shares, which comprises about 9.4% of its total holdings.
• Multiple institutional investors, including Russell Investments Group and Wells Fargo, have also significantly modified their holdings in ACV Auctions during the last quarter, reflecting growing interest in the stock.
• Recent analyst reports have led to revised price targets for ACV Auctions, with Bank of America lowering its target from $20 to $16.50 while maintaining a "buy" rating, affecting overall market sentiment.

TFJ Management LLC lifted its stake in ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 146.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 702,218 shares of the company's stock after acquiring an additional 417,736 shares during the period. ACV Auctions accounts for approximately 9.4% of TFJ Management LLC's holdings, making the stock its 4th biggest position. TFJ Management LLC owned approximately 0.42% of ACV Auctions worth $9,901,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in ACVA. Nuveen LLC bought a new position in ACV Auctions during the first quarter valued at about $25,078,000. Driehaus Capital Management LLC lifted its holdings in ACV Auctions by 128.5% in the 4th 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. boosted its position in shares of ACV Auctions by 7.4% during the 1st quarter. Vanguard Group Inc. now owns 15,301,225 shares of the company's stock valued at $215,594,000 after purchasing an additional 1,055,310 shares in the last quarter. Iridian Asset Management LLC CT grew its stake in shares of ACV Auctions by 77.9% in the 1st quarter. Iridian Asset Management LLC CT now owns 1,967,332 shares of the company's stock worth $27,720,000 after purchasing an additional 861,178 shares during the last quarter. Finally, Frontier Capital Management Co. LLC grew its stake in shares of ACV Auctions by 59.7% in the 4th quarter. Frontier Capital Management Co. LLC now owns 2,061,028 shares of the company's stock worth $44,518,000 after purchasing an additional 770,828 shares during the last quarter. 88.55% of the stock is currently owned by institutional investors.

Insider Activity

In other news, 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 value of $225,600.00. Following the completion of 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Michael Waterman sold 34,339 shares of the firm'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 sale, the insider owned 379,957 shares of the company's stock, valued at approximately $6,098,309.85. This represents a 8.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.90% of the stock is currently owned by corporate insiders.

ACV Auctions Stock Down 1.3%

Shares of ACVA traded down $0.1540 during mid-day trading on Wednesday, reaching $11.3560. The company's stock had a trading volume of 1,109,394 shares, compared to its average volume of 2,123,019. The company has a market cap of $1.94 billion, a price-to-earnings ratio of -23.18 and a beta of 1.69. The business has a fifty day moving average of $14.89 and a 200 day moving average of $15.72. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.28. ACV Auctions Inc. has a 1 year low of $10.26 and a 1 year high of $23.46.

Wall Street Analyst Weigh In

ACVA has been the subject of several recent research reports. Stephens cut their target price on shares of ACV Auctions from $16.00 to $11.50 and set an "equal weight" rating for the company in a research note on Tuesday, August 12th. JMP Securities cut their price objective on ACV Auctions from $20.00 to $18.00 and set a "market outperform" rating for the company in a research report on Tuesday, August 12th. JPMorgan Chase & Co. decreased their target price on ACV Auctions from $20.00 to $19.00 and set an "overweight" rating on the stock in a report on Thursday, July 17th. Needham & Company LLC reduced their target price on ACV Auctions from $25.00 to $16.00 and set a "buy" rating for the company in a report on Tuesday, August 12th. Finally, Citigroup decreased their price target on ACV Auctions from $21.00 to $17.00 and set a "buy" rating for the company in a research report on Tuesday, August 12th. Ten research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price 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.