ACV Auctions Inc. $ACVA Stock Position Reduced by Driehaus Capital Management LLC

Key Points

• Driehaus Capital Management LLC reduced its holdings in ACV Auctions Inc. by 4.1%, selling 114,995 shares to hold a total of 2,722,170 shares, valued at approximately $38.36 million.
• Insider Michael Waterman and Craig Eric Anderson sold significant portions of their shares recently, impacting their ownership stake in the company.
• ACV Auctions faces varied analyst opinions, with price targets adjusted downwards by multiple firms, including a reduction from $20.00 to $16.50 by Bank of America.

Driehaus Capital Management LLC cut its position in shares of ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 4.1% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 2,722,170 shares of the company's stock after selling 114,995 shares during the quarter. Driehaus Capital Management LLC owned 1.61% of ACV Auctions worth $38,355,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in ACVA. Bessemer Group Inc. raised its position in ACV Auctions by 14.5% during the first 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 last quarter. Versant Capital Management Inc raised its holdings in shares of ACV Auctions by 464.4% in the first 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 last quarter. California State Teachers Retirement System lifted its position in shares of ACV Auctions by 1.4% in the fourth quarter. California State Teachers Retirement System now owns 141,873 shares of the company's stock valued at $3,064,000 after acquiring an additional 1,906 shares in the last quarter. Russell Investments Group Ltd. boosted its stake in shares of ACV Auctions by 9.3% during the first quarter. Russell Investments Group Ltd. now owns 28,301 shares of the company's stock valued at $399,000 after acquiring an additional 2,407 shares during the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S purchased a new stake in shares of ACV Auctions during the first quarter worth about $35,000. Hedge funds and other institutional investors own 88.55% of the company's stock.

Analyst Ratings Changes

ACVA has been the subject of several analyst reports. Bank of America cut their price target on ACV Auctions from $20.00 to $16.50 and set a "buy" rating for the company in a report on Tuesday, August 12th. Needham & Company LLC decreased their price target 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. JMP Securities dropped their price objective on shares of ACV Auctions from $20.00 to $18.00 and set a "market outperform" rating for the company in a research note on Tuesday, August 12th. Stephens lowered their target price on shares of ACV Auctions from $16.00 to $11.50 and set an "equal weight" rating for the company in a report on Tuesday, August 12th. Finally, The Goldman Sachs Group cut their price target 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. Ten equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $19.67.

ACV Auctions Stock Down 0.6%

ACV Auctions stock traded down $0.07 during midday trading on Tuesday, hitting $11.59. 2,415,836 shares of the company were exchanged, compared to its average volume of 2,138,652. The company has a market cap of $1.99 billion, a PE ratio of -23.65 and a beta of 1.68. ACV Auctions Inc. has a fifty-two week low of $10.26 and a fifty-two week high of $23.46. The company's fifty day moving average price is $14.14 and its 200-day moving average price is $15.08. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.56 and a quick ratio of 1.56.

Insider Buying and Selling at ACV Auctions

In related news, insider Craig Eric Anderson sold 15,000 shares of ACV Auctions stock in a transaction 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 sale, the insider owned 340,799 shares of the company's stock, 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 SEC, which is accessible through the SEC website. Also, insider Michael Waterman sold 34,339 shares of ACV Auctions stock in a transaction dated 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 in the company, valued at approximately $6,098,309.85. The trade was a 8.29% 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 corporate insiders.

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.