ACV Auctions Inc. $ACVA Shares Sold by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. reduced its position in shares of ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 85.0% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 15,753 shares of the company's stock after selling 89,613 shares during the quarter. PNC Financial Services Group Inc.'s holdings in ACV Auctions were worth $222,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. Versant Capital Management Inc increased its holdings in ACV Auctions by 464.4% during the 1st quarter. Versant Capital Management Inc now owns 2,201 shares of the company's stock worth $31,000 after purchasing an additional 1,811 shares during the period. GAMMA Investing LLC increased its holdings 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 period. Bessemer Group Inc. increased its holdings in shares of ACV Auctions by 14.5% in 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 period. Integrated Advisors Network LLC purchased a new position in shares of ACV Auctions in the 4th quarter valued at $200,000. Finally, Mackenzie Financial Corp increased its holdings in shares of ACV Auctions by 48.7% in the 1st quarter. Mackenzie Financial Corp now owns 14,203 shares of the company's stock valued at $200,000 after acquiring an additional 4,652 shares during the period. 88.55% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on ACVA shares. Citigroup cut their price target on ACV Auctions from $21.00 to $17.00 and set a "buy" rating on the stock in a report on Tuesday, August 12th. The Goldman Sachs Group cut their price target on ACV Auctions from $26.00 to $21.00 and set a "buy" rating on the stock in a report on Tuesday, August 12th. Bank of America lowered their price objective on ACV Auctions from $20.00 to $16.50 and set a "buy" rating for the company in a research report on Tuesday, August 12th. Needham & Company LLC lowered their price objective on ACV Auctions from $25.00 to $16.00 and set a "buy" rating for the company in a research report on Tuesday, August 12th. Finally, JPMorgan Chase & Co. lowered their price objective on ACV Auctions from $20.00 to $19.00 and set an "overweight" rating for the company in a research report on Thursday, July 17th. Ten equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $19.67.

ACV Auctions Stock Performance

ACVA traded up $0.6520 on Friday, reaching $12.1220. 2,276,730 shares of the stock were exchanged, compared to its average volume of 2,126,876. The company's 50-day moving average price is $14.62 and its 200 day moving average price is $15.56. ACV Auctions Inc. has a fifty-two week low of $10.26 and a fifty-two week high of $23.46. 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 $2.07 billion, a PE ratio of -24.74 and a beta of 1.69.

Insider Transactions at ACV Auctions

In other news, insider Craig Eric Anderson sold 15,000 shares of the business's stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of $15.04, for a total value of $225,600.00. Following the completion of the transaction, the insider owned 340,799 shares of the company's stock, valued at $5,125,616.96. The trade was a 4.22% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Michael Waterman sold 34,339 shares of the business's stock in a transaction dated Tuesday, July 8th. The shares were sold at an average price of $16.05, for a total value of $551,140.95. Following the completion of the transaction, the insider directly owned 379,957 shares of the company's stock, valued at approximately $6,098,309.85. This trade represents a 8.29% decrease in their position. The disclosure for this sale can be found here. Insiders own 2.90% of the company's stock.

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.