Congress Asset Management Co. Sells 323,709 Shares of ACV Auctions Inc. $ACVA

Key Points

• Congress Asset Management reduced its ACV Auctions stake by 60.3% in the third quarter, selling 323,709 shares and retaining 213,132 shares valued at approximately $2.22 million.
• Institutional investors own 88.55% of ACV Auctions, with several funds increasing or initiating positions during recent quarters.
• Analyst sentiment is mixed, resulting in a consensus “Hold” rating and an average price target of $9.70; ACVA recently traded at $10.45, near its 52-week high of $10.50.

Congress Asset Management Co. lowered its holdings in ACV Auctions Inc. (NYSE:ACVA - Free Report) by 60.3% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 213,132 shares of the company's stock after selling 323,709 shares during the period. Congress Asset Management Co. owned approximately 0.13% of ACV Auctions worth $2,223,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of ACVA. Versant Capital Management Inc grew its stake in ACV Auctions by 28.8% during the 2nd quarter. Versant Capital Management Inc now owns 6,187 shares of the company's stock valued at $44,000 after acquiring an additional 1,382 shares in the last quarter. Alpine Global Management LLC purchased a new stake in shares of ACV Auctions in the fourth quarter worth approximately $88,000. Allworth Financial LP boosted its holdings in shares of ACV Auctions by 316.8% during the second quarter. Allworth Financial LP now owns 11,004 shares of the company's stock worth $79,000 after purchasing an additional 8,364 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in shares of ACV Auctions during the second quarter worth approximately $80,000. Finally, Chicago Partners Investment Group LLC purchased a new position in ACV Auctions during the first quarter valued at approximately $52,000. Institutional investors and hedge funds own 88.55% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on ACVA. Barrington Research lowered shares of ACV Auctions from an "outperform" rating to a "strong sell" rating in a research note on Friday, September 11th. Citigroup increased their price objective on ACV Auctions from $8.50 to $10.50 and gave the stock a "neutral" rating in a report on Monday, September 14th. CJS Securities cut ACV Auctions from a "market outperform" rating to a "market perform" rating in a research report on Tuesday, September 15th. Stephens raised ACV Auctions from an "equal weight" rating to an "overweight" rating and set a $10.50 price objective for the company in a research report on Tuesday, August 11th. Finally, Weiss Ratings upgraded ACV Auctions from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Wednesday, August 5th. Five equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and four have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $9.70.

ACV Auctions Stock Up 0.0%

ACV Auctions stock opened at $10.45 on Thursday. The company has a market capitalization of $1.77 billion, a P/E ratio of -29.01 and a beta of 1.76. The firm's fifty day simple moving average is $8.57 and its 200-day simple moving average is $6.89. 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 1-year low of $4.07 and a 1-year high of $10.50.

ACV Auctions Profile

ACV Auctions Inc operates a digital marketplace for wholesale vehicle transactions. Its platform connects automotive dealers with buyers and sellers, enabling vehicles to be auctioned online rather than through traditional physical wholesale auctions.

The company provides services intended to support the wholesale vehicle lifecycle, including vehicle listings, digital auctions, condition reports and inspection tools. Its platform also offers related solutions such as transportation coordination, title processing and financing options for eligible dealers.

Founded in 2014 and headquartered in Buffalo, New York, ACV Auctions primarily serves automotive dealers and other participants in the United States wholesale vehicle market.

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