Charles Schwab Investment Management Inc. Cuts Stock Holdings in 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. decreased its position in shares of ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 2.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,262,178 shares of the company's stock after selling 27,184 shares during the quarter. Charles Schwab Investment Management Inc. owned approximately 0.75% of ACV Auctions worth $17,784,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of ACVA. Versant Capital Management Inc boosted its stake in shares of 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 in the last quarter. GAMMA Investing LLC raised its holdings in ACV Auctions by 3,005.8% in the 1st quarter. GAMMA Investing LLC now owns 5,932 shares of the company's stock valued at $84,000 after buying an additional 5,741 shares during the last quarter. Bessemer Group Inc. boosted its position in ACV Auctions by 14.5% during the 1st quarter. Bessemer Group Inc. now owns 9,911 shares of the company's stock worth $140,000 after buying an additional 1,257 shares during the period. Integrated Advisors Network LLC acquired a new stake in ACV Auctions during the 4th quarter worth approximately $200,000. Finally, Mackenzie Financial Corp grew its holdings in ACV Auctions by 48.7% during the 1st quarter. Mackenzie Financial Corp now owns 14,203 shares of the company's stock worth $200,000 after acquiring an additional 4,652 shares during the last quarter. Institutional investors and hedge funds own 88.55% of the company's stock.

ACV Auctions Trading Down 4.3%

Shares of ACV Auctions stock traded down $0.5270 on Monday, reaching $11.6230. 2,313,381 shares of the company's stock were exchanged, compared to its average volume of 2,128,035. The firm's 50-day moving average is $14.62 and its two-hundred day moving average is $15.49. The company has a market capitalization of $2.00 billion, a P/E ratio of -23.72 and a beta of 1.69. 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 Inc. has a 52 week low of $10.26 and a 52 week high of $23.46.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the stock. 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. Stephens lowered their target price on ACV Auctions from $16.00 to $11.50 and set an "equal weight" rating for the company in a research report on Tuesday, August 12th. JPMorgan Chase & Co. cut their target price on ACV Auctions from $20.00 to $19.00 and set an "overweight" rating on the stock in a report on Thursday, July 17th. The Goldman Sachs Group decreased their price target on ACV Auctions from $26.00 to $21.00 and set a "buy" rating for the company in a research note on Tuesday, August 12th. Finally, Needham & Company LLC cut 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. Ten investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $19.67.

Insiders Place Their Bets

In other ACV Auctions news, insider Michael Waterman sold 34,339 shares of ACV Auctions stock in a transaction on 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 sale, the insider directly owned 379,957 shares of the company's stock, valued at approximately $6,098,309.85. The trade was a 8.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, 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 completion of the sale, the insider owned 340,799 shares of the company's stock, valued at approximately $5,125,616.96. This represents a 4.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 2.90% of the company's stock.

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.