Invesco Ltd. Decreases Stock Position in ACV Auctions Inc. $ACVA

Key Points

• Invesco Ltd. reduced its stake in ACV Auctions Inc. by 57%, selling 169,182 shares, and now holds approximately 127,583 shares valued at $1.8 million.
• Several institutional investors, including Bessemer Group Inc. and Versant Capital Management Inc., have either increased or decreased their positions in ACV Auctions, which is largely owned by institutional investors (88.55%).
• Analysts are mixed on ACV Auctions, with target prices ranging from $11.50 to $21.00, but the consensus rating remains a "Moderate Buy" with a price target of $19.67.

Invesco Ltd. lessened its holdings in ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 57.0% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 127,583 shares of the company's stock after selling 169,182 shares during the period. Invesco Ltd. owned 0.08% of ACV Auctions worth $1,798,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in ACVA. Vanguard Group Inc. grew its stake in shares of ACV Auctions by 7.4% during the first quarter. Vanguard Group Inc. now owns 15,301,225 shares of the company's stock valued at $215,594,000 after buying an additional 1,055,310 shares during the last quarter. Massachusetts Financial Services Co. MA grew its stake in shares of ACV Auctions by 6.0% during the first quarter. Massachusetts Financial Services Co. MA now owns 9,084,830 shares of the company's stock valued at $128,005,000 after buying an additional 510,680 shares during the last quarter. Jennison Associates LLC grew its stake in shares of ACV Auctions by 9.0% during the first quarter. Jennison Associates LLC now owns 5,427,521 shares of the company's stock valued at $76,474,000 after buying an additional 447,167 shares during the last quarter. Nuveen Asset Management LLC grew its stake in shares of ACV Auctions by 12.0% during the fourth quarter. Nuveen Asset Management LLC now owns 3,041,900 shares of the company's stock valued at $65,705,000 after buying an additional 326,206 shares during the last quarter. Finally, Spyglass Capital Management LLC grew its stake in shares of ACV Auctions by 11.6% during the fourth quarter. Spyglass Capital Management LLC now owns 2,916,586 shares of the company's stock valued at $62,998,000 after buying an additional 302,341 shares during the last quarter. Hedge funds and other institutional investors own 88.55% of the company's stock.

Insider Activity at ACV Auctions

In other news, insider Craig Eric Anderson sold 15,000 shares of ACV Auctions stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $15.04, for a total transaction of $225,600.00. Following the completion of the transaction, the insider directly owned 340,799 shares in the company, valued at approximately $5,125,616.96. This trade represents a 4.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Michael Waterman sold 34,339 shares of ACV Auctions stock in a transaction that occurred 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 transaction, the insider owned 379,957 shares of the company's stock, valued at $6,098,309.85. The trade was a 8.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 2.90% of the company's stock.

Analyst Ratings Changes

ACVA has been the topic of a number of recent research reports. JPMorgan Chase & Co. reduced their price objective on ACV Auctions from $20.00 to $19.00 and set an "overweight" rating on the stock in a research note on Thursday, July 17th. Stephens cut their target price on 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. Citigroup cut their target price on ACV Auctions from $21.00 to $17.00 and set a "buy" rating on the stock in a research note on Tuesday, August 12th. Needham & Company LLC cut their target price on ACV Auctions from $25.00 to $16.00 and set a "buy" rating on the stock in a research note on Tuesday, August 12th. Finally, The Goldman Sachs Group cut 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. Ten analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, ACV Auctions currently has a consensus rating of "Moderate Buy" and an average target price of $19.67.

ACV Auctions Stock Up 1.2%

ACV Auctions stock traded up $0.14 during trading hours on Friday, hitting $11.80. 2,527,486 shares of the stock traded hands, compared to its average volume of 2,143,951. The firm's 50-day moving average price is $13.79 and its two-hundred day moving average price is $14.89. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.28. The company has a market cap of $2.03 billion, a PE ratio of -24.07 and a beta of 1.68. ACV Auctions Inc. has a one year low of $10.26 and a one year high of $23.46.

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.