Comerica Bank Cuts Stake in ACV Auctions Inc. $ACVA

Key Points

• Comerica Bank reduced its stake in ACV Auctions by 37.4%, now holding approximately 0.06% of the company, valued at $1,339,000.
• Several institutional investors such as Bessemer Group and Versant Capital Management significantly increased their holdings in ACV Auctions, indicating a mixed sentiment among investors.
• Analysts have lowered price targets for ACV Auctions, with estimates now ranging from $11.50 to $19.00, while maintaining a consensus rating of "Moderate Buy."

Comerica Bank reduced its stake in ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 37.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 95,000 shares of the company's stock after selling 56,803 shares during the period. Comerica Bank owned approximately 0.06% of ACV Auctions worth $1,339,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the stock. Bessemer Group Inc. grew its stake in shares of ACV Auctions by 14.5% in the first quarter. Bessemer Group Inc. now owns 9,911 shares of the company's stock worth $140,000 after acquiring an additional 1,257 shares during the last quarter. Versant Capital Management Inc grew its stake in shares of ACV Auctions by 464.4% in the first quarter. Versant Capital Management Inc now owns 2,201 shares of the company's stock worth $31,000 after acquiring an additional 1,811 shares during the last quarter. California State Teachers Retirement System grew its stake in shares of ACV Auctions by 1.4% in the fourth quarter. California State Teachers Retirement System now owns 141,873 shares of the company's stock worth $3,064,000 after acquiring an additional 1,906 shares during the last quarter. Russell Investments Group Ltd. grew its stake in shares of ACV Auctions by 9.3% in the first quarter. Russell Investments Group Ltd. now owns 28,301 shares of the company's stock worth $399,000 after acquiring an additional 2,407 shares during the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S purchased a new stake in shares of ACV Auctions in the first quarter worth $35,000. 88.55% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at ACV Auctions

In other news, insider Michael Waterman sold 34,339 shares of the stock in a transaction that occurred 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 transaction, the insider owned 379,957 shares in the company, valued at $6,098,309.85. This represents a 8.29% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, 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 transaction of $225,600.00. Following the completion of the transaction, the insider owned 340,799 shares in the company, valued at $5,125,616.96. This trade represents a 4.22% decrease in their position. The disclosure for this sale can be found here. 2.90% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

ACVA has been the topic of several recent analyst reports. Bank of America dropped their price objective on ACV Auctions from $20.00 to $16.50 and set a "buy" rating on the stock in a research report on Tuesday, August 12th. JPMorgan Chase & Co. dropped their price objective on ACV Auctions from $20.00 to $19.00 and set an "overweight" rating on the stock in a research report on Thursday, July 17th. Needham & Company LLC dropped their price objective on ACV Auctions from $25.00 to $16.00 and set a "buy" rating on the stock in a research report on Tuesday, August 12th. JMP Securities dropped their price objective on ACV Auctions from $20.00 to $18.00 and set a "market outperform" rating on the stock in a research report on Tuesday, August 12th. Finally, Stephens dropped their price objective on ACV Auctions from $16.00 to $11.50 and set an "equal weight" rating on the stock in a research report on Tuesday, August 12th. Ten equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $19.67.

ACV Auctions Price Performance

Shares of NASDAQ:ACVA opened at $11.65 on Friday. The firm's 50 day moving average price is $13.88 and its 200-day moving average price is $14.96. ACV Auctions Inc. has a twelve month low of $10.26 and a twelve 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. The stock has a market capitalization of $2.01 billion, a PE ratio of -23.78 and a beta of 1.68.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.