First Trust Capital Management L.P. Acquires 3,438,759 Shares of ACV Auctions Inc. $ACVA

Key Points

• First Trust Capital Management initiated a position in ACV Auctions, buying 3.44 million shares worth about $35.9 million. The stake represents approximately 2.03% of the company and 1.7% of the fund’s holdings.
• Analyst sentiment is mixed but leans cautious: the consensus rating is Hold, based on four Buy, six Hold, and four Sell ratings, with an average price target of $10.
• ACVA opened at $10.50, near its 52-week high of $10.51; institutional investors and hedge funds own 88.55% of the shares.

First Trust Capital Management L.P. acquired a new stake in shares of ACV Auctions Inc. (NYSE:ACVA - Free Report) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 3,438,759 shares of the company's stock, valued at approximately $35,866,000. ACV Auctions comprises approximately 1.7% of First Trust Capital Management L.P.'s holdings, making the stock its 9th biggest holding. First Trust Capital Management L.P. owned about 2.03% of ACV Auctions as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Versant Capital Management Inc raised its stake in ACV Auctions by 28.8% in the 2nd quarter. Versant Capital Management Inc now owns 6,187 shares of the company's stock worth $44,000 after acquiring an additional 1,382 shares during the last quarter. Sterling Capital Management LLC lifted its position in ACV Auctions by 200.1% during the 3rd quarter. Sterling Capital Management LLC now owns 4,820 shares of the company's stock worth $50,000 after acquiring an additional 3,214 shares during the period. Principal Financial Group Inc. acquired a new stake in ACV Auctions during the 1st quarter worth about $52,000. Chicago Partners Investment Group LLC purchased a new stake in ACV Auctions during the 1st quarter valued at about $52,000. Finally, Wealth Alliance LLC purchased a new stake in ACV Auctions during the 1st quarter valued at about $60,000. 88.55% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have recently weighed in on ACVA shares. Weiss Ratings raised ACV Auctions from a "sell (e+)" rating to a "sell (d-)" rating in a report on Wednesday, August 5th. Barclays downgraded ACV Auctions from an "equal weight" rating to an "underweight" rating and set a $8.00 target price for the company. in a report on Tuesday, August 11th. Barrington Research lowered ACV Auctions from an "outperform" rating to a "strong sell" rating in a research report on Friday, September 11th. CJS Securities lowered ACV Auctions from a "market outperform" rating to a "market perform" rating in a research report on Tuesday, September 15th. Finally, Northcoast Research downgraded shares of ACV Auctions from a "strong-buy" rating to a "hold" rating in a report on Tuesday, September 22nd. Four equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and four have assigned a Sell rating to the company's stock. According to MarketBeat, the stock has an average rating of "Hold" and an average target price of $10.00.

ACV Auctions Stock Performance

NYSE ACVA opened at $10.50 on Friday. The company has a market capitalization of $1.78 billion, a PE ratio of -29.17 and a beta of 1.76. The company has a fifty day moving average of $10.13 and a 200 day moving average of $7.23. ACV Auctions Inc. has a 1 year low of $4.07 and a 1 year high of $10.51. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.52 and a quick ratio of 1.52.

ACV Auctions Profile

ACV Auctions operates a digital wholesale automotive marketplace that connects vehicle dealers and other commercial sellers with buyers. Its online auction platform enables dealers to purchase and sell used vehicles through live and timed auctions. The company supplements its marketplace with services intended to support wholesale transactions, including vehicle condition reports, transportation, title processing and financing solutions. These offerings help customers evaluate vehicles and manage the steps involved in buying and selling them.

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