Inflection Point Investments LLP Acquires 99,146 Shares of ACV Auctions Inc. $ACVA

Key Points

• Inflection Point Investments LLP increased its stake in ACV Auctions by 32.5%, acquiring an additional 99,146 shares and now holds 403,796 shares of the company, valued at approximately $6.55 million.
• Major investors have shown interest in ACV Auctions, with several firms such as GAMMA Investing LLC and Oppenheimer Asset Management Inc. significantly increasing their holdings in recent quarters.
• Analysts have revised their price targets for ACV Auctions, with firms like Needham & Company lowering their target from $16.00 to $14.00, while maintaining a "buy" rating.

Inflection Point Investments LLP grew its holdings in ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 32.5% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 403,796 shares of the company's stock after purchasing an additional 99,146 shares during the period. ACV Auctions makes up 12.4% of Inflection Point Investments LLP's investment portfolio, making the stock its 3rd largest position. Inflection Point Investments LLP owned 0.24% of ACV Auctions worth $6,550,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of ACVA. Brighton Jones LLC acquired a new position in ACV Auctions in the fourth quarter valued at about $392,000. GAMMA Investing LLC lifted its holdings in shares of ACV Auctions by 3,005.8% in 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 during the last quarter. Rhumbline Advisers lifted its holdings in shares of ACV Auctions by 4.1% in the 1st quarter. Rhumbline Advisers now owns 214,763 shares of the company's stock worth $3,026,000 after acquiring an additional 8,368 shares during the last quarter. SG Americas Securities LLC acquired a new position in shares of ACV Auctions in the 1st quarter worth approximately $364,000. Finally, Oppenheimer Asset Management Inc. lifted its holdings in shares of ACV Auctions by 9.8% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 227,811 shares of the company's stock worth $3,210,000 after acquiring an additional 20,400 shares during the last quarter. Institutional investors and hedge funds own 88.55% of the company's stock.

Insiders Place Their Bets

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 shares were 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 of the company's stock, valued at $5,125,616.96. This trade represents a 4.22% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.90% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research firms have commented on ACVA. Needham & Company LLC decreased their price target on ACV Auctions from $16.00 to $14.00 and set a "buy" rating on the stock in a research note on Tuesday, October 7th. Bank of America decreased their target price on ACV Auctions from $20.00 to $16.50 and set a "buy" rating on the stock in a research note on Tuesday, August 12th. The Goldman Sachs Group decreased their target price on ACV Auctions from $26.00 to $21.00 and set a "buy" rating on the stock in a research note on Tuesday, August 12th. Citigroup reduced 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 report on Tuesday, August 12th. Finally, JMP Securities reduced 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 report on Tuesday, August 12th. Ten analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, ACV Auctions presently has an average rating of "Moderate Buy" and an average target price of $19.27.

ACV Auctions Price Performance

ACVA stock opened at $8.48 on Tuesday. 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 firm has a market capitalization of $1.46 billion, a P/E ratio of -17.31 and a beta of 1.64. The business's 50-day moving average is $10.96 and its two-hundred day moving average is $13.88. ACV Auctions Inc. has a 1 year low of $8.36 and a 1 year high of $23.46.

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.

Want to see what other hedge funds are holding ACVA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for ACV Auctions Inc. (NASDAQ:ACVA - Free Report).

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.