Axiom Investors LLC DE Decreases Stake in ACV Auctions Inc. $ACVA

Key Points

• Axiom Investors LLC DE has reduced its stake in ACV Auctions Inc. by 40.9%, selling 127,995 shares and now holds 185,290 shares valued at approximately $2.61 million.
• Several institutional investors have increased their positions in ACV Auctions, including Selkirk Management LLC, which raised its stake by 24.7% to own 570,000 shares valued at $8.03 million.
• Analyst ratings vary with Needham & Company and others lowering their price targets for ACV Auctions, now averaging around $19.67, while maintaining a consensus rating of "Moderate Buy."

Axiom Investors LLC DE lowered its position in ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 40.9% in the 1st quarter, according to its most recent disclosure 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 period. Axiom Investors LLC DE owned about 0.11% of ACV Auctions worth $2,611,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of ACVA. Brighton Jones LLC purchased a new stake in ACV Auctions during the fourth quarter valued at $392,000. BNP Paribas Financial Markets purchased a new stake in ACV Auctions during the fourth quarter valued at $6,520,000. Balyasny Asset Management L.P. purchased a new stake in ACV Auctions during the fourth quarter valued at $2,262,000. Brevan Howard Capital Management LP purchased a new stake in ACV Auctions during the fourth quarter valued at $270,000. Finally, Deutsche Bank AG increased its position in ACV Auctions by 28.7% during the fourth quarter. Deutsche Bank AG now owns 264,680 shares of the company's stock valued at $5,717,000 after acquiring an additional 59,089 shares during the last quarter. Hedge funds and other institutional investors own 88.55% of the company's stock.

Insider Activity

In other news, insider Craig Eric Anderson sold 15,000 shares of the business's stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of $15.04, for a total value of $225,600.00. Following the transaction, the insider directly 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Michael Waterman sold 34,339 shares of the business's 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 completion of the transaction, the insider owned 379,957 shares in the company, valued at $6,098,309.85. The trade was 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 owned by insiders.

Wall Street Analyst Weigh In

A number of research firms recently commented on ACVA. Citigroup reduced their price objective 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. JMP Securities cut 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. Needham & Company LLC decreased their price objective on ACV Auctions from $25.00 to $16.00 and set a "buy" rating on the stock in a research note on Tuesday, August 12th. The Goldman Sachs Group decreased their price objective on ACV Auctions from $26.00 to $21.00 and set a "buy" rating on the stock in a research note on Tuesday, August 12th. Finally, Stephens decreased their price objective on ACV Auctions from $16.00 to $11.50 and set an "equal weight" rating on the stock in a research note on Tuesday, August 12th. Ten analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, ACV Auctions presently has an average rating of "Moderate Buy" and a consensus target price of $19.67.

ACV Auctions Price Performance

Shares of ACV Auctions stock traded down $0.29 during trading hours on Friday, hitting $10.05. The company's stock had a trading volume of 3,196,568 shares, compared to its average volume of 2,239,847. The business has a 50 day moving average price of $13.20 and a two-hundred day moving average price of $14.61. ACV Auctions Inc. has a 12-month low of $9.99 and a 12-month high of $23.46. The company has a market cap of $1.73 billion, a PE ratio of -20.50 and a beta of 1.68. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.56 and a current ratio of 1.56.

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.