Alliancebernstein L.P. Purchases 592,107 Shares of ACV Auctions Inc. $ACVA

Key Points

• Alliancebernstein L.P. increased its stake in ACV Auctions by 10.5%, acquiring 592,107 shares, which brings its total ownership to 6,214,362 shares valued at approximately $87.56 million.
• Multiple analysts have lowered their price targets for ACV Auctions, with Citigroup setting a new target of $17.00, down from $21.00, and Needham & Company reducing theirs from $25.00 to $16.00.
• As of now, institutional investors hold 88.55% of ACV Auctions' stock, reflecting a strong backing from large investment firms.

Alliancebernstein L.P. grew its position in ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 10.5% in the first quarter, according to its most recent filing with the SEC. The fund owned 6,214,362 shares of the company's stock after acquiring an additional 592,107 shares during the period. Alliancebernstein L.P. owned 3.68% of ACV Auctions worth $87,560,000 as of its most recent filing with the SEC.

Other large investors also recently modified their holdings of the company. Brighton Jones LLC bought a new position in ACV Auctions during the 4th quarter worth $392,000. Northern Trust Corp raised its position in ACV Auctions by 8.9% during the 4th quarter. Northern Trust Corp now owns 1,725,599 shares of the company's stock worth $37,273,000 after purchasing an additional 141,592 shares during the last quarter. BNP Paribas Financial Markets bought a new position in ACV Auctions during the 4th quarter worth $6,520,000. Balyasny Asset Management L.P. bought a new position in ACV Auctions during the 4th quarter worth $2,262,000. Finally, Brevan Howard Capital Management LP bought a new position in ACV Auctions during the 4th quarter worth $270,000. 88.55% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. Citigroup decreased their price target on ACV Auctions from $21.00 to $17.00 and set a "buy" rating for the company in a report on Tuesday, August 12th. Bank of America decreased their price target on ACV Auctions from $20.00 to $16.50 and set a "buy" rating for the company in a report on Tuesday, August 12th. Stephens decreased their price target on ACV Auctions from $16.00 to $11.50 and set an "equal weight" rating for the company in a report on Tuesday, August 12th. JMP Securities decreased their price target 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. Finally, Needham & Company LLC decreased their price target 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 equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, ACV Auctions has a consensus rating of "Moderate Buy" and a consensus target price of $19.67.

ACV Auctions Stock Performance

Shares of ACVA opened at $11.80 on Friday. 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 stock has a 50-day moving average of $13.79 and a 200-day moving average of $14.89. The company has a market cap of $2.03 billion, a PE ratio of -24.07 and a beta of 1.68. ACV Auctions Inc. has a one year low of $10.26 and a one year high of $23.46.

Insider Activity

In other ACV Auctions news, insider Craig Eric Anderson sold 15,000 shares of ACV Auctions stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of $15.04, for a total transaction of $225,600.00. Following the completion of the transaction, the insider owned 340,799 shares in the company, valued at approximately $5,125,616.96. The trade was a 4.22% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Michael Waterman sold 34,339 shares of ACV Auctions stock in a transaction dated Tuesday, July 8th. The shares were sold at an average price of $16.05, for a total value of $551,140.95. Following the transaction, the insider owned 379,957 shares of the company's stock, valued at $6,098,309.85. This trade represents a 8.29% decrease in their position. The disclosure for this sale can be found here. Company insiders own 2.90% of the company's stock.

About ACV Auctions

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.

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