Charles Schwab Investment Management Inc. Sells 27,184 Shares of ACV Auctions Inc. $ACVA

Key Points

• Charles Schwab Investment Management Inc. reduced its stake in ACV Auctions by 2.1% during the first quarter, now owning approximately 1,262,178 shares valued at $17,784,000.
• Several hedge funds have adjusted their positions in ACV Auctions, with notable increases from Wells Fargo & Company MN, which raised its stake by 55.3%.
• Analysts have downgraded their price targets for ACV Auctions, with Stephens setting a new target at $11.50, while maintaining a consensus rating of "Moderate Buy" with an average target price of $19.67.

Charles Schwab Investment Management Inc. reduced its position in shares of ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 2.1% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,262,178 shares of the company's stock after selling 27,184 shares during the period. Charles Schwab Investment Management Inc. owned about 0.75% of ACV Auctions worth $17,784,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in ACVA. Driehaus Capital Management LLC lifted its holdings in ACV Auctions by 128.5% during the 4th quarter. Driehaus Capital Management LLC now owns 2,837,165 shares of the company's stock valued at $61,283,000 after purchasing an additional 1,595,657 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of ACV Auctions by 7.4% in the first quarter. Vanguard Group Inc. now owns 15,301,225 shares of the company's stock worth $215,594,000 after acquiring an additional 1,055,310 shares during the last quarter. Iridian Asset Management LLC CT raised its stake in shares of ACV Auctions by 77.9% in the first quarter. Iridian Asset Management LLC CT now owns 1,967,332 shares of the company's stock worth $27,720,000 after acquiring an additional 861,178 shares during the last quarter. Frontier Capital Management Co. LLC raised its stake in shares of ACV Auctions by 59.7% in the fourth quarter. Frontier Capital Management Co. LLC now owns 2,061,028 shares of the company's stock worth $44,518,000 after acquiring an additional 770,828 shares during the last quarter. Finally, Wellington Management Group LLP raised its stake in shares of ACV Auctions by 61.3% in the fourth quarter. Wellington Management Group LLP now owns 1,708,551 shares of the company's stock worth $36,905,000 after acquiring an additional 649,039 shares during the last quarter. 88.55% of the stock is owned by institutional investors.

ACV Auctions Stock Performance

Shares of ACVA traded up $0.19 during trading hours 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 firm has a market cap of $2.01 billion, a price-to-earnings ratio of -23.87 and a beta of 1.69. The business has a fifty day moving average of $14.31 and a 200-day moving average of $15.30. ACV Auctions Inc. has a 12 month low of $10.26 and a 12 month 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.

Insider Transactions at ACV Auctions

In other ACV Auctions news, insider Craig Eric Anderson sold 15,000 shares of the firm's stock in a transaction dated Tuesday, July 22nd. The shares were 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 of the company's stock, valued at $5,125,616.96. This trade represents a 4.22% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 transaction of $551,140.95. Following the sale, 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 disclosure for this sale can be found here. Insiders own 2.90% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on ACVA shares. JMP Securities dropped their target price on shares of ACV Auctions from $20.00 to $18.00 and set a "market outperform" rating for the company in a research note on Tuesday, August 12th. Stephens dropped their target price on shares of ACV Auctions from $16.00 to $11.50 and set an "equal weight" rating for the company in a research note on Tuesday, August 12th. Citigroup dropped their price target on shares of ACV Auctions from $21.00 to $17.00 and set a "buy" rating for the company in a research note on Tuesday, August 12th. JPMorgan Chase & Co. dropped their price target on shares of ACV Auctions from $20.00 to $19.00 and set an "overweight" rating for the company in a research note on Thursday, July 17th. Finally, Needham & Company LLC decreased their price objective on shares of ACV Auctions from $25.00 to $16.00 and set a "buy" rating for the company in a report on Tuesday, August 12th. Ten analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $19.67.

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.