Deepwater Asset Management LLC Acquires 155,757 Shares of ACV Auctions Inc. $ACVA

Key Points

• Deepwater Asset Management LLC increased its holdings in ACV Auctions Inc. by 20.5% in Q1, now owning 914,649 shares valued at approximately $12.89 million.
• Institutional investors dominate ACV Auctions, holding 88.55% of the stock, with significant stakes from firms like Nuveen LLC and Vanguard Group Inc.
• Recent analyst reports have adjusted price targets for ACV Auctions, with estimates ranging from $11.50 to $21.00, and a consensus rating of "Moderate Buy."

Deepwater Asset Management LLC raised its holdings in shares of ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 20.5% during the first quarter, according to its most recent filing with the SEC. The firm owned 914,649 shares of the company's stock after purchasing an additional 155,757 shares during the period. ACV Auctions accounts for about 5.5% of Deepwater Asset Management LLC's portfolio, making the stock its 7th largest position. Deepwater Asset Management LLC owned 0.54% of ACV Auctions worth $12,887,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. SG Americas Securities LLC purchased a new position in shares of ACV Auctions in the 1st quarter worth approximately $364,000. Cramer Rosenthal Mcglynn LLC grew its holdings in ACV Auctions by 1.4% in the fourth quarter. Cramer Rosenthal Mcglynn LLC now owns 2,237,786 shares of the company's stock worth $48,336,000 after purchasing an additional 30,641 shares during the last quarter. Tempus Wealth Planning LLC acquired a new position in shares of ACV Auctions during the first quarter worth $277,000. Raymond James Financial Inc. purchased a new stake in shares of ACV Auctions during the 4th quarter valued at $4,704,000. Finally, XTX Topco Ltd boosted its position in shares of ACV Auctions by 270.6% in the 1st quarter. XTX Topco Ltd now owns 80,355 shares of the company's stock worth $1,132,000 after purchasing an additional 58,674 shares in the last quarter. Institutional investors own 88.55% of the company's stock.

Analyst Ratings Changes

Several brokerages recently issued reports on ACVA. 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. JPMorgan Chase & Co. cut their price objective on shares of ACV Auctions from $20.00 to $19.00 and set an "overweight" rating on the stock in a report on Thursday, July 17th. Needham & Company LLC dropped their target price on shares of ACV Auctions from $25.00 to $16.00 and set a "buy" rating on the stock in a research report on Tuesday, August 12th. The Goldman Sachs Group decreased their price target on shares of ACV Auctions from $26.00 to $21.00 and set a "buy" rating for the company in a report on Tuesday, August 12th. Finally, Bank of America dropped their price objective on shares of ACV Auctions from $20.00 to $16.50 and set a "buy" rating on the stock in a report on Tuesday, August 12th. Two research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $19.67.

Insider Activity at ACV Auctions

In related news, insider Craig Eric Anderson sold 15,000 shares of the business's stock in a transaction dated 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 in the company, valued at $5,125,616.96. The trade was a 4.22% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Michael Waterman sold 34,339 shares of the firm's stock in a transaction dated Tuesday, July 8th. The shares were sold at an average price of $16.05, for a total transaction of $551,140.95. Following the transaction, the insider owned 379,957 shares of the company's stock, valued at $6,098,309.85. This trade represents a 8.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 2.90% of the company's stock.

ACV Auctions Stock Performance

Shares of NASDAQ ACVA traded down $0.13 during mid-day trading on Monday, hitting $11.59. 3,077,964 shares of the company were exchanged, compared to its average volume of 2,133,957. ACV Auctions Inc. has a 1-year low of $10.26 and a 1-year high of $23.46. The stock has a 50 day simple moving average of $15.00 and a 200-day simple moving average of $15.75. The firm has a market cap of $1.98 billion, a price-to-earnings ratio of -23.64 and a beta of 1.69. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.28.

About ACV Auctions

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.