28,758 Shares in ACV Auctions Inc. $ACVA Acquired by Dynamic Technology Lab Private Ltd

Key Points

• Dynamic Technology Lab Private Ltd has acquired a new stake of 28,758 shares in ACV Auctions Inc., valued at approximately $405,000 during the first quarter.
• Insider Michael Waterman sold 34,339 shares for about $551,140, reducing his ownership by 8.29%, while another insider, Craig Eric Anderson, also sold shares, decreasing his position by 4.22%.
• ACV Auctions has seen significant price target reductions from several analysts, with projections now ranging from $16.00 to $19.00, while maintaining a consensus rating of "Moderate Buy."

Dynamic Technology Lab Private Ltd bought a new position in shares of ACV Auctions Inc. (NASDAQ:ACVA - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor bought 28,758 shares of the company's stock, valued at approximately $405,000.

Several other hedge funds have also recently bought and sold shares of ACVA. Versant Capital Management Inc lifted its stake in 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 in the last quarter. BI Asset Management Fondsmaeglerselskab A S acquired a new position in ACV Auctions during the 1st quarter worth about $35,000. GAMMA Investing LLC lifted its stake in 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 in the last quarter. AlphaQuest LLC lifted its stake in 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 in the last quarter. Finally, Bessemer Group Inc. increased its holdings in 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 purchasing an additional 1,257 shares during the period. Institutional investors and hedge funds own 88.55% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have weighed in on ACVA. JMP Securities cut their price target on ACV Auctions from $20.00 to $18.00 and set a "market outperform" rating on the stock in a report on Tuesday, August 12th. The Goldman Sachs Group cut 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. Citigroup cut their price target on ACV Auctions from $21.00 to $17.00 and set a "buy" rating on the stock in a report on Tuesday, August 12th. Bank of America cut their price target on ACV Auctions from $20.00 to $16.50 and set a "buy" rating on the stock in a report on Tuesday, August 12th. Finally, Needham & Company LLC cut their price target on ACV Auctions from $25.00 to $16.00 and set a "buy" rating on the stock in a 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. According to data from MarketBeat.com, ACV Auctions has a consensus rating of "Moderate Buy" and a consensus target price of $19.67.

ACV Auctions Stock Up 2.1%

Shares of ACVA traded up $0.21 during mid-day trading on Wednesday, reaching $10.25. The company's stock had a trading volume of 1,070,087 shares, compared to its average volume of 2,236,865. ACV Auctions Inc. has a 12-month low of $9.85 and a 12-month high of $23.46. The stock has a market cap of $1.76 billion, a PE ratio of -20.98 and a beta of 1.68. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.56 and a quick ratio of 1.56. The company's 50 day moving average is $12.96 and its 200 day moving average is $14.54.

Insider Buying and Selling

In related news, insider Craig Eric Anderson sold 15,000 shares of the firm's stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $15.04, for a total transaction of $225,600.00. Following the transaction, the insider owned 340,799 shares in the company, valued at $5,125,616.96. This trade represents a 4.22% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Michael Waterman sold 34,339 shares of the firm'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 transaction, the insider owned 379,957 shares in the company, valued at $6,098,309.85. This represents a 8.29% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 51,089 shares of company stock worth $794,433 in the last 90 days. 2.90% of the stock is currently owned by company insiders.

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.