ACV Auctions Inc. $ACVA Shares Bought by Cubist Systematic Strategies LLC

Key Points

• Cubist Systematic Strategies LLC increased its holdings in ACV Auctions Inc. by 621.4%, now owning about $8.07 million worth of shares.
• ACV Auctions' stock has recently seen ratings adjustments from several analysts, with target prices ranging from $11.50 to $21.00 amid a general consensus of a "Moderate Buy."
• Insider trading activity was notable, with Michael Waterman selling 34,339 shares and Craig Eric Anderson selling 15,000 shares in July, reflecting a decrease in their respective positions.

Cubist Systematic Strategies LLC lifted its holdings in ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 621.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 572,952 shares of the company's stock after buying an additional 493,532 shares during the period. Cubist Systematic Strategies LLC owned approximately 0.34% of ACV Auctions worth $8,073,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. SG Americas Securities LLC purchased a new position in shares of ACV Auctions in the first quarter worth about $364,000. Tempus Wealth Planning LLC purchased a new position in shares of ACV Auctions in the first quarter worth about $277,000. Vanguard Group Inc. lifted its stake in shares of ACV Auctions by 7.4% in the first quarter. Vanguard Group Inc. now owns 15,301,225 shares of the company's stock worth $215,594,000 after buying an additional 1,055,310 shares in the last quarter. Jump Financial LLC lifted 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 buying an additional 65,096 shares in the last quarter. Finally, XTX Topco Ltd lifted its stake in shares of ACV Auctions by 270.6% in the first quarter. XTX Topco Ltd now owns 80,355 shares of the company's stock worth $1,132,000 after buying an additional 58,674 shares in the last quarter. 88.55% of the stock is owned by hedge funds and other institutional investors.

ACV Auctions Trading Up 1.2%

Shares of ACV Auctions stock traded up $0.14 on Friday, reaching $11.80. The company had a trading volume of 2,527,486 shares, compared to its average volume of 2,143,951. The firm's 50 day moving average price is $13.79 and its two-hundred day moving average price is $14.85. The firm has a market cap of $2.03 billion, a PE ratio of -24.07 and a beta of 1.68. ACV Auctions Inc. has a 52-week low of $10.26 and a 52-week high of $23.46. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.56 and a current ratio of 1.56.

Wall Street Analyst Weigh In

ACVA has been the topic of several research reports. Bank of America decreased their price target on shares of ACV Auctions from $20.00 to $16.50 and set a "buy" rating on the stock in a research note on Tuesday, August 12th. The Goldman Sachs Group reduced their target price on shares of ACV Auctions from $26.00 to $21.00 and set a "buy" rating on the stock in a research note on Tuesday, August 12th. Stephens reduced their target price on shares of 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 shares of ACV Auctions from $21.00 to $17.00 and set a "buy" rating on the stock in a research note on Tuesday, August 12th. Finally, JMP Securities reduced their target price on shares of ACV Auctions from $20.00 to $18.00 and set a "market outperform" rating on the stock in a research note on Tuesday, August 12th. Ten investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $19.67.

Insider Buying and Selling

In related news, insider Michael Waterman sold 34,339 shares of ACV Auctions 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 completion of the transaction, the insider owned 379,957 shares in the company, valued at approximately $6,098,309.85. The trade was a 8.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Craig Eric Anderson sold 15,000 shares of ACV Auctions stock in a transaction that occurred 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 completion of the transaction, the insider owned 340,799 shares of the company's stock, 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. Insiders own 2.90% of the company's stock.

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.