28,758 Shares in ACV Auctions Inc. $ACVA Purchased 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 stake in ACV Auctions Inc. (NASDAQ:ACVA - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 28,758 shares of the company's stock, valued at approximately $405,000.

Other hedge funds also recently modified their holdings of the company. SG Americas Securities LLC acquired a new stake in shares of ACV Auctions in the 1st quarter valued at $364,000. Tempus Wealth Planning LLC acquired a new stake in shares of ACV Auctions in the first quarter worth about $277,000. Vanguard Group Inc. boosted its stake in shares of ACV Auctions by 7.4% during the 1st quarter. Vanguard Group Inc. now owns 15,301,225 shares of the company's stock worth $215,594,000 after acquiring an additional 1,055,310 shares in the last quarter. Jump Financial LLC boosted its stake in shares of ACV Auctions by 233.3% during the 1st quarter. Jump Financial LLC now owns 92,996 shares of the company's stock worth $1,310,000 after acquiring an additional 65,096 shares in the last quarter. Finally, Caption Management LLC acquired a new position in shares of ACV Auctions during the 1st quarter valued at about $564,000. Institutional investors and hedge funds own 88.55% of the company's stock.

Insider Activity

In other ACV Auctions news, insider Craig Eric Anderson sold 15,000 shares of the company's stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of $15.04, for a total value of $225,600.00. Following the sale, the insider owned 340,799 shares in the company, valued at approximately $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 this link. Also, insider Michael Waterman sold 34,339 shares of the firm's 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 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. 2.90% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. Stephens lowered their price target on ACV Auctions from $16.00 to $11.50 and set an "equal weight" rating on the stock in a research report on Tuesday, August 12th. JMP Securities lowered 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. The Goldman Sachs Group cut their price target on shares of ACV Auctions from $26.00 to $21.00 and set a "buy" rating for the company in a research note on Tuesday, August 12th. Needham & Company LLC decreased their price objective on ACV Auctions from $25.00 to $16.00 and set a "buy" rating on the stock in a report on Tuesday, August 12th. Finally, Citigroup dropped their target price on ACV Auctions from $21.00 to $17.00 and set a "buy" rating for the company in a report on Tuesday, August 12th. Ten research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $19.67.

ACV Auctions Trading Down 0.6%

Shares of ACVA stock traded down $0.07 on Tuesday, hitting $10.02. The stock had a trading volume of 988,372 shares, compared to its average volume of 2,233,325. The company has a fifty day moving average price of $13.08 and a two-hundred day moving average price of $14.57. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.28. ACV Auctions Inc. has a twelve month low of $9.85 and a twelve month high of $23.46. The firm has a market cap of $1.72 billion, a P/E ratio of -20.42 and a beta of 1.68.

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.