EntryPoint Capital LLC Buys New Stake in ACV Auctions Inc. $ACVA

Key Points

• EntryPoint Capital LLC acquired a new stake in ACV Auctions, purchasing 36,781 shares worth approximately $518,000 in the first quarter, reflecting growing interest among institutional investors in the company.
• Several hedge funds, including Nuveen LLC and Vanguard Group Inc., have recently increased their positions in ACV Auctions, indicating strong institutional backing with 88.55% of the company's shares now held by institutional investors.
• Analysts have lowered their price targets for ACV Auctions, with Citigroup reducing its target from $21.00 to $17.00, while the consensus rating remains a "Moderate Buy" with a target price of $19.67.

EntryPoint Capital LLC bought a new stake in shares of ACV Auctions Inc. (NASDAQ:ACVA - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 36,781 shares of the company's stock, valued at approximately $518,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of ACVA. Nuveen LLC purchased a new stake in ACV Auctions during the first quarter valued at approximately $25,078,000. Driehaus Capital Management LLC lifted its position in ACV Auctions by 128.5% during the fourth quarter. Driehaus Capital Management LLC now owns 2,837,165 shares of the company's stock valued at $61,283,000 after acquiring an additional 1,595,657 shares during the last quarter. Vanguard Group Inc. increased its stake in ACV Auctions by 7.4% during the 1st quarter. Vanguard Group Inc. now owns 15,301,225 shares of the company's stock valued at $215,594,000 after purchasing an additional 1,055,310 shares in the last quarter. Iridian Asset Management LLC CT increased its stake in ACV Auctions by 77.9% during the 1st quarter. Iridian Asset Management LLC CT now owns 1,967,332 shares of the company's stock valued at $27,720,000 after purchasing an additional 861,178 shares in the last quarter. Finally, Frontier Capital Management Co. LLC increased its stake in ACV Auctions by 59.7% during the 4th quarter. Frontier Capital Management Co. LLC now owns 2,061,028 shares of the company's stock valued at $44,518,000 after purchasing an additional 770,828 shares in the last quarter. Hedge funds and other institutional investors own 88.55% of the company's stock.

Insiders Place Their Bets

In related news, insider Michael Waterman sold 34,339 shares of the stock in a transaction on Tuesday, July 8th. The shares were sold at an average price of $16.05, for a total transaction of $551,140.95. Following the sale, the insider directly owned 379,957 shares of the company's stock, valued at approximately $6,098,309.85. This represents a 8.29% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Craig Eric Anderson sold 15,000 shares of the stock in a transaction 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 sale, the insider directly owned 340,799 shares in the company, 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. 2.90% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the stock. Citigroup cut their price target on shares of ACV Auctions from $21.00 to $17.00 and set a "buy" rating on the stock in a research note on Tuesday, August 12th. Stephens cut their price target on shares of ACV Auctions from $16.00 to $11.50 and set an "equal weight" 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 on the stock in a research note on Tuesday, August 12th. Bank of America cut their price target on shares of ACV Auctions from $20.00 to $16.50 and set a "buy" rating on the stock in a research note on Tuesday, August 12th. Finally, JMP Securities cut their price target 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. Ten equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $19.67.

ACV Auctions Stock Down 0.7%

NASDAQ:ACVA opened at $11.4960 on Wednesday. The firm has a market capitalization of $1.97 billion, a P/E ratio of -23.46 and a beta of 1.69. ACV Auctions Inc. has a 1-year low of $10.26 and a 1-year high of $23.46. The company's fifty day moving average price is $14.89 and its 200-day moving average price is $15.72. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.56 and a quick ratio of 1.56.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.