Philadelphia Financial Management of San Francisco LLC Makes New $14.43 Million Investment in ACV Auctions Inc. $ACVA

Key Points

• Philadelphia Financial Management of San Francisco LLC has invested approximately $14.43 million in ACV Auctions Inc., acquiring over 1 million shares, making it the fund's 15th largest holding.
• Major hedge funds such as Vanguard Group and AllianceBernstein have increased their stakes in ACV Auctions, indicating strong interest from institutional investors.
• Recent analyst ratings have lowered price targets for ACV Auctions, with Citigroup setting a new target of $17 while maintaining a "buy" rating, reflecting mixed market sentiment.

Philadelphia Financial Management of San Francisco LLC bought a new stake in shares of ACV Auctions Inc. (NASDAQ:ACVA - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 1,023,871 shares of the company's stock, valued at approximately $14,426,000. ACV Auctions makes up about 2.8% of Philadelphia Financial Management of San Francisco LLC's investment portfolio, making the stock its 15th biggest position. Philadelphia Financial Management of San Francisco LLC owned approximately 0.61% of ACV Auctions as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in ACVA. Versant Capital Management Inc increased its holdings in shares of ACV Auctions by 464.4% during the 1st quarter. Versant Capital Management Inc now owns 2,201 shares of the company's stock valued at $31,000 after purchasing an additional 1,811 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in ACV Auctions during the 1st quarter worth $35,000. GAMMA Investing LLC boosted its stake in ACV Auctions by 3,005.8% during the 1st quarter. GAMMA Investing LLC now owns 5,932 shares of the company's stock worth $84,000 after purchasing an additional 5,741 shares during the last quarter. AlphaQuest LLC boosted its position in shares of ACV Auctions by 2,640.6% during the 1st quarter. AlphaQuest LLC now owns 6,687 shares of the company's stock valued at $94,000 after acquiring an additional 6,443 shares during the last quarter. Finally, Bessemer Group Inc. boosted its position in shares of ACV Auctions by 14.5% during the 1st quarter. Bessemer Group Inc. now owns 9,911 shares of the company's stock valued at $140,000 after acquiring an additional 1,257 shares during the last quarter. 88.55% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. The Goldman Sachs Group lowered 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 report on Tuesday, August 12th. Stephens lowered 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 report on Tuesday, August 12th. JPMorgan Chase & Co. decreased their target price on shares of ACV Auctions from $20.00 to $19.00 and set an "overweight" rating on the stock in a research report on Thursday, July 17th. Citigroup decreased their target price 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, Needham & Company LLC decreased their target price on shares of ACV Auctions from $25.00 to $16.00 and set a "buy" rating on the stock in a research report on Tuesday, August 12th. Ten research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, ACV Auctions has a consensus rating of "Moderate Buy" and a consensus target price of $19.67.

Insider Buying and Selling

In related news, insider Michael Waterman sold 34,339 shares of the 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 completion of the sale, the insider owned 379,957 shares of the company's stock, valued at approximately $6,098,309.85. This represents a 8.29% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Craig Eric Anderson sold 15,000 shares of the stock in a transaction that occurred 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 of the company's stock, valued at approximately $5,125,616.96. This trade represents a 4.22% decrease in their position. The disclosure for this sale can be found here. 2.90% of the stock is currently owned by corporate insiders.

ACV Auctions Trading Down 0.4%

Shares of NASDAQ ACVA traded down $0.04 on Thursday, reaching $10.39. 8,466,056 shares of the company traded hands, compared to its average volume of 2,196,505. ACV Auctions Inc. has a fifty-two week low of $10.13 and a fifty-two week high of $23.46. The company has a 50 day moving average of $13.46 and a 200 day moving average of $14.73. 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 stock has a market capitalization of $1.79 billion, a PE ratio of -21.09 and a beta of 1.68.

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.