ACV Auctions Inc. $ACVA is Cramer Rosenthal Mcglynn LLC's 3rd Largest Position

Key Points

• Cramer Rosenthal Mcglynn LLC increased its stake in ACV Auctions by 21.5%, making it the fund's third-largest holding, with a total of approximately $38.3 million invested in the company.
• Institutional investors own 88.55% of ACV Auctions, indicating strong institutional interest in the company's stock.
• Several analysts have lowered their price targets for ACV Auctions, with opinions ranging from a "buy" to an "equal weight" rating, and a consensus price target set at $19.67.

Cramer Rosenthal Mcglynn LLC boosted its stake in shares of ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 21.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,718,457 shares of the company's stock after buying an additional 480,671 shares during the period. ACV Auctions accounts for about 2.8% of Cramer Rosenthal Mcglynn LLC's investment portfolio, making the stock its 3rd biggest holding. Cramer Rosenthal Mcglynn LLC owned approximately 1.61% of ACV Auctions worth $38,303,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently added to or reduced their stakes in the company. MetLife Investment Management LLC raised its stake in ACV Auctions by 671.7% in the first quarter. MetLife Investment Management LLC now owns 699,408 shares of the company's stock valued at $9,855,000 after buying an additional 608,779 shares during the last quarter. Jump Financial LLC raised its stake in shares of ACV Auctions by 233.3% in the first quarter. Jump Financial LLC now owns 92,996 shares of the company's stock worth $1,310,000 after purchasing an additional 65,096 shares during the last quarter. AlphaQuest LLC lifted its holdings in ACV Auctions by 2,640.6% in the first quarter. AlphaQuest LLC now owns 6,687 shares of the company's stock valued at $94,000 after acquiring an additional 6,443 shares during the period. EntryPoint Capital LLC purchased a new stake in ACV Auctions during the first quarter worth $518,000. Finally, BI Asset Management Fondsmaeglerselskab A S acquired a new stake in shares of ACV Auctions during the 1st quarter valued at about $35,000. Institutional investors own 88.55% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. Bank of America cut their price objective on ACV Auctions from $20.00 to $16.50 and set a "buy" rating for the company in a research report on Tuesday, August 12th. Needham & Company LLC lowered 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. Stephens lowered their price objective on ACV Auctions from $16.00 to $11.50 and set an "equal weight" rating on the stock in a research note on Tuesday, August 12th. Citigroup reduced their target price on ACV Auctions from $21.00 to $17.00 and set a "buy" rating on the stock in a research report on Tuesday, August 12th. Finally, JMP Securities reduced their target price 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. Ten equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $19.67.

Insider Activity at ACV Auctions

In other ACV Auctions news, insider Michael Waterman sold 34,339 shares of the company'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 transaction of $551,140.95. Following the completion of the sale, the insider directly owned 379,957 shares of the company's stock, valued at $6,098,309.85. This represents a 8.29% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Craig Eric Anderson sold 15,000 shares of the company'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 sale, the insider directly 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. 2.90% of the stock is owned by corporate insiders.

ACV Auctions Stock Performance

Shares of NASDAQ ACVA traded up $0.19 during trading hours on Thursday, reaching $11.70. The stock had a trading volume of 2,219,834 shares, compared to its average volume of 2,130,614. The firm has a 50-day moving average of $14.38 and a 200-day moving average of $15.37. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.28. The firm has a market cap of $2.01 billion, a price-to-earnings ratio of -23.87 and a beta of 1.69. ACV Auctions Inc. has a fifty-two week low of $10.26 and a fifty-two week high of $23.46.

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.