ACV Auctions Inc. $ACVA Shares Sold by Atreides Management LP

Key Points

• Atreides Management LP reduced its stake in ACV Auctions Inc. by 5.8%, bringing its holdings to 4,731,079 shares, making it the 16th largest position in their portfolio.
• Insiders, including Michael Waterman and Craig Eric Anderson, have made notable stock sales recently, with ownership reductions of 8.29% and 4.22% respectively.
• Analysts have lowered their price targets on ACV Auctions, with a consensus target of $19.67, while maintaining a rating of "Moderate Buy."

Atreides Management LP cut its holdings in ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 5.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 4,731,079 shares of the company's stock after selling 291,803 shares during the period. ACV Auctions accounts for 2.0% of Atreides Management LP's portfolio, making the stock its 16th largest holding. Atreides Management LP owned 2.80% of ACV Auctions worth $66,661,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Versant Capital Management Inc increased its stake in shares of ACV Auctions by 464.4% in the first quarter. Versant Capital Management Inc now owns 2,201 shares of the company's stock worth $31,000 after purchasing an additional 1,811 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in shares of ACV Auctions in the first quarter worth $35,000. GAMMA Investing LLC increased its stake in shares of ACV Auctions by 3,005.8% in the first quarter. GAMMA Investing LLC now owns 5,932 shares of the company's stock worth $84,000 after purchasing an additional 5,741 shares in the last quarter. AlphaQuest LLC grew its stake in ACV Auctions by 2,640.6% during the first quarter. AlphaQuest LLC now owns 6,687 shares of the company's stock valued at $94,000 after acquiring an additional 6,443 shares in the last quarter. Finally, Integrated Advisors Network LLC purchased a new position in ACV Auctions during the fourth quarter valued at $200,000. 88.55% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. The Goldman Sachs Group cut their target price on shares of ACV Auctions from $26.00 to $21.00 and set a "buy" rating for the company in a research note on Tuesday, August 12th. JPMorgan Chase & Co. lowered their price objective on shares of ACV Auctions from $20.00 to $19.00 and set an "overweight" rating for the company in a research report on Thursday, July 17th. Bank of America lowered their price objective on shares of ACV Auctions from $20.00 to $16.50 and set a "buy" rating for the company in a research report on Tuesday, August 12th. JMP Securities lowered their price objective on shares of 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. Finally, Stephens lowered their price objective on shares of ACV Auctions from $16.00 to $11.50 and set an "equal weight" rating for the company in a research report on Tuesday, August 12th. Ten investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $19.67.

ACV Auctions Trading Up 1.2%

Shares of ACV Auctions stock traded up $0.14 during trading on Friday, hitting $11.80. The stock had a trading volume of 2,527,486 shares, compared to its average volume of 2,143,951. The firm's fifty day simple moving average is $13.79 and its 200-day simple moving average is $14.89. The stock has a market cap of $2.03 billion, a PE ratio of -24.07 and a beta of 1.68. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.56 and a quick ratio of 1.56. ACV Auctions Inc. has a 12 month low of $10.26 and a 12 month high of $23.46.

Insider Transactions at ACV Auctions

In other news, insider Michael Waterman sold 34,339 shares of ACV Auctions 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 transaction, the insider owned 379,957 shares of the company's stock, valued at $6,098,309.85. The trade was a 8.29% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Craig Eric Anderson sold 15,000 shares of ACV Auctions stock in a transaction that occurred on 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 sale, the insider owned 340,799 shares of the company's stock, valued at $5,125,616.96. This trade represents a 4.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 2.90% of the company's stock.

ACV Auctions Company 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.