Bank of New York Mellon Corp Purchases New Position in ACV Auctions Inc. $ACVA

Key Points

• Bank of New York Mellon acquired 555,704 ACV Auctions shares in the second quarter, worth approximately $4.0 million and representing about 0.32% of the company. Institutional investors collectively own 88.55% of ACV Auctions.
• ACV Auctions shares rose 4.6%, opening at $7.01, compared with a 12-month range of $4.07 to $11.91. The company has a market capitalization of roughly $1.19 billion.
• Analyst sentiment remains mixed, with ratings ranging from Strong Buy to Sell; the stock carries a consensus “Hold” rating and an average price target of $9.50.

Bank of New York Mellon Corp acquired a new position in ACV Auctions Inc. (NYSE:ACVA - Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 555,704 shares of the company's stock, valued at approximately $3,996,000. Bank of New York Mellon Corp owned about 0.32% of ACV Auctions as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Versant Capital Management Inc increased its holdings in ACV Auctions by 28.8% in the 2nd quarter. Versant Capital Management Inc now owns 6,187 shares of the company's stock worth $44,000 after buying an additional 1,382 shares in the last quarter. Fifth Third Bancorp grew its stake in shares of ACV Auctions by 72.4% in the fourth quarter. Fifth Third Bancorp now owns 3,383 shares of the company's stock worth $27,000 after acquiring an additional 1,421 shares during the period. State of Wisconsin Investment Board grew its stake in shares of ACV Auctions by 3.1% in the fourth quarter. State of Wisconsin Investment Board now owns 55,897 shares of the company's stock worth $448,000 after acquiring an additional 1,692 shares during the period. ProShare Advisors LLC raised its holdings in shares of ACV Auctions by 6.9% during the fourth quarter. ProShare Advisors LLC now owns 30,706 shares of the company's stock valued at $246,000 after purchasing an additional 1,982 shares during the last quarter. Finally, Hsbc Holdings PLC raised its holdings in shares of ACV Auctions by 13.6% during the second quarter. Hsbc Holdings PLC now owns 19,508 shares of the company's stock valued at $318,000 after purchasing an additional 2,342 shares during the last quarter. 88.55% of the stock is currently owned by hedge funds and other institutional investors.

ACV Auctions Stock Up 4.6%

Shares of ACVA stock opened at $7.01 on Friday. The company has a current ratio of 1.52, a quick ratio of 1.52 and a debt-to-equity ratio of 0.53. ACV Auctions Inc. has a 12 month low of $4.07 and a 12 month high of $11.91. The stock has a market cap of $1.19 billion, a P/E ratio of -19.47 and a beta of 1.84. The company has a 50 day simple moving average of $7.44 and a two-hundred day simple moving average of $6.15.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. Weiss Ratings upgraded shares of ACV Auctions from a "sell (e+)" rating to a "sell (d-)" rating in a report on Wednesday, August 5th. Citizens Jmp lowered shares of ACV Auctions from an "outperform" rating to a "market perform" rating in a research note on Tuesday, August 11th. Stephens upgraded shares of ACV Auctions from an "equal weight" rating to an "overweight" rating and set a $10.50 target price for the company in a research note on Tuesday, August 11th. Citigroup increased their price target on ACV Auctions from $7.00 to $8.50 and gave the company a "neutral" rating in a report on Monday, August 17th. Finally, Bank of America restated an "underperform" rating on shares of ACV Auctions in a research note on Tuesday, August 11th. Two equities research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, four have given a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, ACV Auctions presently has a consensus rating of "Hold" and a consensus target price of $9.50.

ACV Auctions Company Profile

ACV Auctions operates a digital marketplace designed to streamline the wholesale used-vehicle auction process for independent dealerships and larger automotive groups. The platform enables dealers to participate in live, online auctions, submit real-time bids, and access guaranteed-sale programs that reduce the risk of inventory moving. By replicating the dynamics of in-lane bidding in a virtual environment, ACV Auctions connects sellers and buyers across a broad geographic footprint without the need for physical auction attendance.

In addition to its core marketplace, ACV Auctions offers a suite of software tools and data-driven services aimed at improving transparency and decision-making in the remarketing process.

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