Caption Management LLC Invests $564,000 in ACV Auctions Inc. $ACVA

Key Points

• Caption Management LLC has acquired a new position in ACV Auctions Inc., purchasing 40,000 shares valued at approximately $564,000 during the first quarter of the year.
• Analysts have rated ACV Auctions stock as a "Moderate Buy"** with a recent average price target of $19.67, despite several firms reducing their price objectives for the stock.
• Insider selling has been noted, with key executives offloading shares, resulting in decreased ownership percentages amid an overall institutional ownership of 88.55%.

Caption Management LLC acquired a new position in ACV Auctions Inc. (NASDAQ:ACVA - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 40,000 shares of the company's stock, valued at approximately $564,000.

Several other institutional investors have also recently made changes to their positions in ACVA. Versant Capital Management Inc raised its stake in ACV Auctions by 464.4% during the 1st 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 period. BI Asset Management Fondsmaeglerselskab A S bought a new stake in ACV Auctions during the 1st quarter valued at approximately $35,000. GAMMA Investing LLC raised its stake in ACV Auctions by 3,005.8% during the 1st 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 period. AlphaQuest LLC grew its holdings in ACV Auctions by 2,640.6% during the 1st quarter. AlphaQuest LLC now owns 6,687 shares of the company's stock valued at $94,000 after buying an additional 6,443 shares in the last quarter. Finally, Bessemer Group Inc. grew its holdings in ACV Auctions by 14.5% during the 1st quarter. Bessemer Group Inc. now owns 9,911 shares of the company's stock valued at $140,000 after buying an additional 1,257 shares in the last quarter. Institutional investors own 88.55% of the company's stock.

Insider Buying and Selling

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

Wall Street Analyst Weigh In

Several equities analysts have weighed in on ACVA shares. Citigroup cut 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. 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 dropped their target price on ACV Auctions from $25.00 to $16.00 and set a "buy" rating for the company in a report on Tuesday, August 12th. JPMorgan Chase & Co. dropped their target price on ACV Auctions from $20.00 to $19.00 and set an "overweight" rating for the company in a report on Thursday, July 17th. Finally, The Goldman Sachs Group dropped their target price on ACV Auctions from $26.00 to $21.00 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 given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $19.67.

ACV Auctions Stock Performance

Shares of ACVA traded down $0.38 during mid-day trading on Wednesday, reaching $11.25. The company had a trading volume of 3,070,209 shares, compared to its average volume of 2,144,230. ACV Auctions Inc. has a 52-week low of $10.26 and a 52-week high of $23.46. 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 has a market capitalization of $1.94 billion, a P/E ratio of -22.95 and a beta of 1.68. The stock has a 50 day moving average of $13.96 and a two-hundred day moving average of $15.02.

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.