Connor Clark & Lunn Investment Management Ltd. Boosts Holdings in ACV Auctions Inc. (NASDAQ:ACVA)

Key Points

• Connor Clark & Lunn Investment Management Ltd. increased its holdings in ACV Auctions Inc. by 70.7% during the first quarter, now owning 339,023 shares valued at approximately $4.77 million.
• Multiple analysts have downgraded their price targets for ACV Auctions, with consensus ratings indicating a "Moderate Buy" and an average target price of $19.67.
• Insider selling is noted, with Craig Eric Anderson and Michael Waterman selling a combined total of 49,339 shares in recent transactions, indicating a decrease in insider ownership.

Connor Clark & Lunn Investment Management Ltd. boosted its position in shares of ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 70.7% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 339,023 shares of the company's stock after acquiring an additional 140,470 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned 0.20% of ACV Auctions worth $4,777,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Versant Capital Management Inc raised its holdings 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 buying an additional 1,811 shares during the last quarter. GAMMA Investing LLC raised its holdings in shares of ACV Auctions by 3,005.8% in the first quarter. GAMMA Investing LLC now owns 5,932 shares of the company's stock worth $84,000 after buying an additional 5,741 shares during the last quarter. Integrated Advisors Network LLC purchased a new position in shares of ACV Auctions in the fourth quarter worth $200,000. Mackenzie Financial Corp purchased a new position in shares of ACV Auctions in the fourth quarter worth $206,000. Finally, Bessemer Group Inc. raised its holdings 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 buying an additional 1,257 shares during the last quarter. Hedge funds and other institutional investors own 88.55% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. JMP Securities decreased their price target on shares of ACV Auctions from $20.00 to $18.00 and set a "market outperform" rating for the company in a report on Tuesday. Bank of America decreased their price target on shares of ACV Auctions from $20.00 to $16.50 and set a "buy" rating for the company in a report on Tuesday. Needham & Company LLC decreased their price target on shares of ACV Auctions from $25.00 to $16.00 and set a "buy" rating for the company in a report on Tuesday. Citigroup reduced their target price on shares of ACV Auctions from $21.00 to $17.00 and set a "buy" rating for the company in a report on Tuesday. Finally, The Goldman Sachs Group reduced their target price on shares of ACV Auctions from $26.00 to $21.00 and set a "buy" rating for the company in a report on Tuesday. Two equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $19.67.

ACV Auctions Trading Down 16.2%

Shares of ACV Auctions stock opened at $11.19 on Wednesday. The stock has a market cap of $1.91 billion, a PE ratio of -22.83 and a beta of 1.69. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.56 and a quick ratio of 1.56. The firm has a fifty day moving average price of $15.39 and a 200 day moving average price of $16.06. ACV Auctions Inc. has a 1 year low of $10.26 and a 1 year high of $23.46.

Insider Buying and Selling at ACV Auctions

In related news, insider Craig Eric Anderson sold 15,000 shares of the firm's stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $15.04, for a total transaction of $225,600.00. Following the sale, the insider owned 340,799 shares in the company, 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 filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Michael Waterman sold 34,339 shares of the firm's stock in a transaction 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 owned 379,957 shares in the company, valued at approximately $6,098,309.85. This represents a 8.29% decrease in their position. The disclosure for this sale can be found here. 2.90% of the stock is currently owned by company insiders.

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.

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