Public Employees Retirement System of Ohio Raises Holdings in ACV Auctions Inc. $ACVA

Key Points

• The Public Employees Retirement System of Ohio increased its holdings in ACV Auctions Inc. by 50.4%, owning approximately 120,175 shares valued at $1,949,000 after purchasing an additional 40,267 shares.
• Multiple institutional investors have also increased their stakes in ACV Auctions, including Vanguard Group Inc. and Iridian Asset Management LLC, indicating growing institutional interest in the stock.
• Analysts have recently revised price targets for ACV Auctions, with the consensus target price now at $19.45, reflecting a cautious outlook after several reductions from previous estimates.

Public Employees Retirement System of Ohio raised its holdings in shares of ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 50.4% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 120,175 shares of the company's stock after purchasing an additional 40,267 shares during the period. Public Employees Retirement System of Ohio owned approximately 0.07% of ACV Auctions worth $1,949,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in ACVA. Nuveen LLC purchased a new stake in ACV Auctions during the 1st quarter valued at $25,078,000. Vanguard Group Inc. boosted its stake in ACV Auctions by 7.4% during the 1st quarter. Vanguard Group Inc. now owns 15,301,225 shares of the company's stock valued at $215,594,000 after purchasing an additional 1,055,310 shares during the last quarter. Philadelphia Financial Management of San Francisco LLC purchased a new stake in ACV Auctions during the 1st quarter valued at $14,426,000. Iridian Asset Management LLC CT boosted its stake in shares of ACV Auctions by 77.9% in the 1st quarter. Iridian Asset Management LLC CT now owns 1,967,332 shares of the company's stock worth $27,720,000 after buying an additional 861,178 shares during the last quarter. Finally, TimesSquare Capital Management LLC boosted its stake in shares of ACV Auctions by 33.9% in the 1st quarter. TimesSquare Capital Management LLC now owns 2,533,258 shares of the company's stock worth $35,694,000 after buying an additional 641,631 shares during the last quarter. 88.55% of the stock is currently owned by hedge funds and other institutional investors.

ACV Auctions Price Performance

NASDAQ:ACVA opened at $10.09 on Friday. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.28. The business's 50-day simple moving average is $11.55 and its two-hundred day simple moving average is $14.16. The stock has a market cap of $1.74 billion, a PE ratio of -20.58 and a beta of 1.64. ACV Auctions Inc. has a 52 week low of $9.56 and a 52 week high of $23.46.

Analysts Set New Price Targets

A number of research firms have recently issued reports on ACVA. Needham & Company LLC dropped their price target 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. JMP Securities dropped their price target on ACV Auctions from $20.00 to $18.00 and set a "market outperform" rating on the stock in a research note on Tuesday, August 12th. Citigroup dropped their price target 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. Stephens dropped their price target 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. Finally, JPMorgan Chase & Co. dropped their price target 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. Ten equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat.com, ACV Auctions presently has an average rating of "Moderate Buy" and a consensus target price of $19.45.

Insider Transactions at ACV Auctions

In other ACV Auctions news, insider Craig Eric Anderson sold 15,000 shares of the firm's stock in a transaction dated 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 $5,125,616.96. This trade represents a 4.22% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Michael Waterman sold 34,339 shares of the firm'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 sale, the insider directly owned 379,957 shares in the company, valued at approximately $6,098,309.85. This represents a 8.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 51,089 shares of company stock worth $794,433. 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.

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.