Engineers Gate Manager LP Reduces Stock Position in ACV Auctions Inc. $ACVA

Key Points

• Engineers Gate Manager LP cut its ACV Auctions position by 81.6% in the second quarter, selling 453,978 shares and retaining 102,472 shares worth approximately $737,000. Institutional investors collectively own 88.55% of the company.
• Analyst sentiment is mixed, with several firms recently downgrading the stock while Stephens upgraded it. ACV Auctions has a consensus rating of “Hold” and an average price target of $9.70.
• ACVA opened at $10.46, near its 52-week high of $10.55, and has risen above its 50-day and 200-day moving averages. The company operates a digital wholesale vehicle auction marketplace with related inspection, logistics and post-sale services.

Engineers Gate Manager LP decreased its position in ACV Auctions Inc. (NYSE:ACVA - Free Report) by 81.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 102,472 shares of the company's stock after selling 453,978 shares during the quarter. Engineers Gate Manager LP owned approximately 0.06% of ACV Auctions worth $737,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Renaissance Technologies LLC purchased a new position in ACV Auctions during the 1st quarter valued at $815,000. Quantinno Capital Management LP lifted its holdings in shares of ACV Auctions by 215.8% during the first quarter. Quantinno Capital Management LP now owns 425,494 shares of the company's stock valued at $1,804,000 after purchasing an additional 290,739 shares during the last quarter. True North Advisors LLC purchased a new position in ACV Auctions during the first quarter valued at $743,000. Fifth Third Bancorp boosted its stake in ACV Auctions by 3,753.7% in the 1st quarter. Fifth Third Bancorp now owns 130,370 shares of the company's stock worth $553,000 after purchasing an additional 126,987 shares in the last quarter. Finally, Royce & Associates LP lifted its stake in shares of ACV Auctions by 141.7% in the fourth quarter. Royce & Associates LP now owns 1,736,476 shares of the company's stock worth $13,927,000 after buying an additional 1,018,084 shares in the last quarter. 88.55% of the stock is owned by institutional investors.

Analysts Set New Price Targets

ACVA has been the subject of a number of research analyst reports. Barclays downgraded shares of ACV Auctions from an "equal weight" rating to an "underweight" rating and set a $8.00 target price for the company. in a research report on Tuesday, August 11th. Stephens upgraded ACV Auctions from an "equal weight" rating to an "overweight" rating and set a $10.50 price objective for the company in a research report on Tuesday, August 11th. Needham & Company LLC downgraded ACV Auctions from a "buy" rating to a "hold" rating in a report on Friday, September 11th. CJS Securities cut ACV Auctions from a "market outperform" rating to a "market perform" rating in a research report on Tuesday, September 15th. Finally, Citizens Jmp downgraded ACV Auctions from an "outperform" rating to a "market perform" rating in a research note on Tuesday, August 11th. Five analysts have rated the stock with a Buy rating, six have issued a Hold rating and four have given a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $9.70.

ACV Auctions Stock Down 0.2%

NYSE ACVA opened at $10.46 on Monday. ACV Auctions Inc. has a 52 week low of $4.07 and a 52 week high of $10.55. The company has a quick ratio of 1.52, a current ratio of 1.52 and a debt-to-equity ratio of 0.53. The company has a market capitalization of $1.78 billion, a P/E ratio of -29.05 and a beta of 1.84. The stock's 50-day moving average price is $7.83 and its 200-day moving average price is $6.39.

About ACV Auctions

ACV Auctions Inc NYSE: ACVA operates a digital marketplace for wholesale vehicle transactions. Its platform connects automotive dealers with sellers, including franchised and independent dealerships, commercial partners and other participants in the wholesale vehicle market, enabling vehicles to be bought and sold through online auctions.

The company provides services designed to support the wholesale transaction process, including vehicle inspections and condition reports, digital auction tools, transportation and logistics coordination, and post-sale protection and arbitration services.

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