Diversified Trust Co Acquires Shares of 37,342 ACV Auctions Inc. $ACVA

Key Points

• Diversified Trust Co acquired 37,342 shares of ACV Auctions Inc, valued at approximately $606,000, during the second quarter.
• Several institutional investors significantly increased their holdings in ACV Auctions, with notable increases from Versant Capital Management and GAMMA Investing LLC.
• Analysts have downgraded ACV Auctions' price targets, with Goldman Sachs reducing its target from $26.00 to $21.00 while maintaining a "buy" rating.

Diversified Trust Co acquired a new stake in ACV Auctions Inc. (NASDAQ:ACVA - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 37,342 shares of the company's stock, valued at approximately $606,000.

Other institutional investors have also modified their holdings of the company. Versant Capital Management Inc raised its holdings in shares of ACV Auctions by 464.4% during the 1st quarter. Versant Capital Management Inc now owns 2,201 shares of the company's stock worth $31,000 after acquiring an additional 1,811 shares during the period. BI Asset Management Fondsmaeglerselskab A S purchased a new position in shares of ACV Auctions during the 1st quarter worth $35,000. GAMMA Investing LLC raised its holdings in shares of ACV Auctions by 3,005.8% during the 1st quarter. GAMMA Investing LLC now owns 5,932 shares of the company's stock worth $84,000 after acquiring an additional 5,741 shares during the period. AlphaQuest LLC raised its holdings in shares of ACV Auctions by 2,640.6% during the 1st quarter. AlphaQuest LLC now owns 6,687 shares of the company's stock worth $94,000 after acquiring an additional 6,443 shares during the period. Finally, Bessemer Group Inc. raised its holdings in shares of ACV Auctions by 14.5% during the 1st quarter. Bessemer Group Inc. now owns 9,911 shares of the company's stock worth $140,000 after acquiring an additional 1,257 shares during the period. Hedge funds and other institutional investors own 88.55% of the company's stock.

ACV Auctions Stock Performance

Shares of ACVA opened at $10.15 on Wednesday. The stock has a 50-day simple moving average of $12.36 and a 200-day simple moving average of $14.38. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.56 and a current ratio of 1.56. The stock has a market capitalization of $1.75 billion, a PE ratio of -20.70 and a beta of 1.68. ACV Auctions Inc. has a 1 year low of $9.85 and a 1 year high of $23.46.

Analyst Upgrades and Downgrades

ACVA has been the topic of several analyst reports. The Goldman Sachs Group reduced their price target on ACV Auctions from $26.00 to $21.00 and set a "buy" rating on the stock in a report on Tuesday, August 12th. JPMorgan Chase & Co. cut their price objective on ACV Auctions from $20.00 to $19.00 and set an "overweight" rating for the company in a research report on Thursday, July 17th. JMP Securities cut their price objective on ACV Auctions from $20.00 to $18.00 and set a "market outperform" rating for the company in a research report on Tuesday, August 12th. Citigroup cut their price objective on ACV Auctions from $21.00 to $17.00 and set a "buy" rating for the company in a research report on Tuesday, August 12th. Finally, 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. Ten investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, ACV Auctions has a consensus rating of "Moderate Buy" and a consensus price target of $19.67.

Insider Activity

In related 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 value of $551,140.95. Following the completion of the transaction, 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 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 completion of the transaction, the insider directly owned 340,799 shares of the company's stock, valued at $5,125,616.96. This trade represents a 4.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 51,089 shares of company stock valued at $794,433 in the last quarter. Company 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.

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