Axiom Investors LLC DE Sells 127,995 Shares of ACV Auctions Inc. $ACVA

Key Points

• Axiom Investors LLC DE reduced its stake in ACV Auctions Inc. by 40.9% in Q1, now holding 185,290 shares worth approximately $2.61 million.
• ACV Auctions stock increased by 5.7%, with a market cap of $2.09 billion and a current price of $12.12, considerably below its 52-week high of $23.46.
• Several analysts have adjusted their price targets for ACV Auctions, with Goldman Sachs lowering it from $26.00 to $21.00, indicating strong sentiment as ten analysts rated the stock as a Buy.

Axiom Investors LLC DE cut its position in ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 40.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 185,290 shares of the company's stock after selling 127,995 shares during the quarter. Axiom Investors LLC DE owned about 0.11% of ACV Auctions worth $2,611,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Versant Capital Management Inc lifted its holdings in ACV Auctions by 464.4% during the first quarter. Versant Capital Management Inc now owns 2,201 shares of the company's stock valued at $31,000 after purchasing an additional 1,811 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in ACV Auctions during the first quarter valued at about $35,000. GAMMA Investing LLC lifted its holdings in ACV Auctions by 3,005.8% during the first quarter. GAMMA Investing LLC now owns 5,932 shares of the company's stock valued at $84,000 after purchasing an additional 5,741 shares during the last quarter. AlphaQuest LLC lifted its holdings 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 purchasing an additional 6,443 shares during the last quarter. Finally, Integrated Advisors Network LLC purchased a new stake in ACV Auctions during the fourth quarter valued at about $200,000. 88.55% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other ACV Auctions 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 transaction of $551,140.95. Following the transaction, 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 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 transaction, the insider owned 340,799 shares in the company, valued at $5,125,616.96. The trade was a 4.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.90% of the stock is owned by company insiders.

ACV Auctions Price Performance

Shares of ACVA stock traded up $0.19 during trading on Thursday, hitting $11.70. The company had a trading volume of 2,219,834 shares, compared to its average volume of 2,130,614. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.28. The stock's 50-day moving average is $14.38 and its two-hundred day moving average is $15.37. The stock has a market capitalization of $2.01 billion, a price-to-earnings ratio of -23.87 and a beta of 1.69. ACV Auctions Inc. has a 52 week low of $10.26 and a 52 week high of $23.46.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. Bank of America dropped their price objective on shares of ACV Auctions from $20.00 to $16.50 and set a "buy" rating on the stock in a report on Tuesday, August 12th. Needham & Company LLC dropped their price objective on shares of ACV Auctions from $25.00 to $16.00 and set a "buy" rating on the stock in a report on Tuesday, August 12th. The Goldman Sachs Group decreased their price target on ACV Auctions from $26.00 to $21.00 and set a "buy" rating on the stock in a research report on Tuesday, August 12th. Citigroup decreased their price target on ACV Auctions from $21.00 to $17.00 and set a "buy" rating on the stock in a research report on Tuesday, August 12th. Finally, JMP Securities decreased their price target on 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 given a Hold rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $19.67.

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.