Connor Clark & Lunn Investment Management Ltd. boosted its stake in shares of ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 70.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 339,023 shares of the company's stock after purchasing an additional 140,470 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned about 0.20% of ACV Auctions worth $4,777,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors also recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its position in ACV Auctions by 7.4% during the first quarter. Vanguard Group Inc. now owns 15,301,225 shares of the company's stock valued at $215,594,000 after purchasing an additional 1,055,310 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its holdings in ACV Auctions by 6.0% in the first quarter. Massachusetts Financial Services Co. MA now owns 9,084,830 shares of the company's stock worth $128,005,000 after acquiring an additional 510,680 shares in the last quarter. Jennison Associates LLC boosted its holdings in ACV Auctions by 9.0% in the first quarter. Jennison Associates LLC now owns 5,427,521 shares of the company's stock worth $76,474,000 after acquiring an additional 447,167 shares in the last quarter. Nuveen Asset Management LLC boosted its holdings in ACV Auctions by 12.0% in the fourth quarter. Nuveen Asset Management LLC now owns 3,041,900 shares of the company's stock worth $65,705,000 after acquiring an additional 326,206 shares in the last quarter. Finally, Spyglass Capital Management LLC boosted its holdings in ACV Auctions by 11.6% in the fourth quarter. Spyglass Capital Management LLC now owns 2,916,586 shares of the company's stock worth $62,998,000 after acquiring an additional 302,341 shares in the last quarter. Institutional investors own 88.55% of the company's stock.
ACV Auctions Stock Performance
ACVA stock traded up $0.36 during trading on Friday, hitting $11.65. 2,947,948 shares of the company traded hands, compared to its average volume of 2,127,866. The stock's 50-day simple moving average is $15.10 and its 200 day simple moving average is $15.85. 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 company has a market cap of $1.99 billion, a PE ratio of -23.78 and a beta of 1.69. ACV Auctions Inc. has a 1 year low of $10.26 and a 1 year high of $23.46.
Insider Activity at ACV Auctions
In other ACV Auctions news, insider Michael Waterman sold 34,339 shares of the firm's stock in a transaction that occurred on Tuesday, July 8th. The stock was sold at an average price of $16.05, for a total value of $551,140.95. Following the sale, the insider directly owned 379,957 shares of the company's stock, valued at approximately $6,098,309.85. This trade represents a 8.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Craig Eric Anderson sold 15,000 shares of the firm's stock in a transaction that occurred on 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 directly owned 340,799 shares in the company, valued at approximately $5,125,616.96. The trade was a 4.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.90% of the stock is currently owned by company insiders.
Analyst Ratings Changes
Several equities research analysts have weighed in on the company. JMP Securities lowered their price target on ACV Auctions from $20.00 to $18.00 and set a "market outperform" rating for the company in a report on Tuesday, August 12th. Needham & Company LLC reduced their price objective on ACV Auctions from $25.00 to $16.00 and set a "buy" rating for the company in a research note on Tuesday, August 12th. Stephens reduced their price objective on ACV Auctions from $16.00 to $11.50 and set an "equal weight" rating for the company in a research note on Tuesday. Bank of America reduced their price objective on ACV Auctions from $20.00 to $16.50 and set a "buy" rating for the company in a research note on Tuesday, August 12th. Finally, The Goldman Sachs Group reduced their price objective 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. Two equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $19.67.
Get Our Latest Stock Report on ACV Auctions
ACV Auctions Profile
(
Free Report)
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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