Roubaix Capital LLC Increases Stake in ACV Auctions Inc. $ACVA

Key Points

• Roubaix Capital LLC increased its stake in ACV Auctions Inc. by 18.4%, owning 222,295 shares valued at approximately $3.13 million as of its latest SEC filing.
• Multiple institutional investors have acquired shares in ACV Auctions, with 88.55% of the company's stock now owned by hedge funds and other institutional investors.
• Wall Street analysts have downgraded ACV Auctions' price targets, with Goldman Sachs reducing it from $26 to $21, while the consensus rating remains a "Moderate Buy."

Roubaix Capital LLC boosted its position in shares of ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 18.4% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 222,295 shares of the company's stock after buying an additional 34,553 shares during the quarter. Roubaix Capital LLC owned approximately 0.13% of ACV Auctions worth $3,132,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. SG Americas Securities LLC bought a new stake in ACV Auctions during the 1st quarter valued at $364,000. Tempus Wealth Planning LLC bought a new stake in ACV Auctions during the 1st quarter valued at $277,000. Raymond James Financial Inc. bought a new stake in ACV Auctions during the 4th quarter valued at $4,704,000. XTX Topco Ltd raised its holdings in ACV Auctions by 270.6% during the 1st quarter. XTX Topco Ltd now owns 80,355 shares of the company's stock valued at $1,132,000 after buying an additional 58,674 shares during the last quarter. Finally, CenterBook Partners LP raised its holdings in ACV Auctions by 312.6% during the 1st quarter. CenterBook Partners LP now owns 72,802 shares of the company's stock valued at $1,026,000 after buying an additional 55,156 shares during the last quarter. 88.55% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts recently commented on ACVA shares. JMP Securities lowered their price target on shares of ACV Auctions from $20.00 to $18.00 and set a "market outperform" rating for the company in a report on Tuesday, August 12th. The Goldman Sachs Group lowered their price target on shares of ACV Auctions from $26.00 to $21.00 and set a "buy" rating for the company in a 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 for the company in a report on Tuesday, August 12th. Bank of America lowered their price target on shares of ACV Auctions from $20.00 to $16.50 and set a "buy" rating for the company in a report on Tuesday, August 12th. Finally, Needham & Company LLC decreased their price objective on shares of ACV Auctions from $25.00 to $16.00 and set a "buy" rating for the company in a report on Tuesday, August 12th. Ten investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $19.67.

ACV Auctions Trading Up 0.7%

NASDAQ ACVA traded up $0.0750 during trading on Thursday, hitting $11.4550. The company had a trading volume of 1,808,655 shares, compared to its average volume of 2,125,933. The company's fifty day moving average is $14.78 and its 200-day moving average is $15.69. The company has a market cap of $1.96 billion, a price-to-earnings ratio of -23.38 and a beta of 1.69. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.28. ACV Auctions Inc. has a one year low of $10.26 and a one year high of $23.46.

Insider Transactions at ACV Auctions

In other news, insider Craig Eric Anderson sold 15,000 shares of the company's stock in a transaction dated 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 directly owned 340,799 shares of the company's stock, valued at $5,125,616.96. This represents a 4.22% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Michael Waterman sold 34,339 shares of the company's stock in a transaction dated Tuesday, July 8th. The stock was sold at an average price of $16.05, for a total transaction of $551,140.95. Following the completion of the sale, the insider directly owned 379,957 shares in the company, valued at $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. 2.90% of the stock is owned by corporate insiders.

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.