Selkirk Management LLC Buys 113,000 Shares of ACV Auctions Inc. $ACVA

Key Points

• Selkirk Management LLC has increased its stake in ACV Auctions Inc. by 24.7%, acquiring an additional 113,000 shares, bringing their total holdings to 570,000 shares valued at approximately $8 million.
• Investment activity among institutional investors has surged, with significant increases in holdings by firms like Versant Capital Management and GAMMA Investing LLC, contributing to 88.55% of the stock being owned by such entities.
• Analyst ratings for ACV Auctions have varied, with Stephens and Needham & Company reducing their price targets, while the stock maintains a consensus rating of "Moderate Buy" with a target price of $19.67.

Selkirk Management LLC lifted its holdings in ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 24.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 570,000 shares of the company's stock after acquiring an additional 113,000 shares during the quarter. ACV Auctions makes up approximately 3.1% of Selkirk Management LLC's holdings, making the stock its 9th largest holding. Selkirk Management LLC owned about 0.34% of ACV Auctions worth $8,031,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Park West Asset Management LLC increased its holdings in shares of ACV Auctions by 0.6% in the first quarter. Park West Asset Management LLC now owns 1,360,000 shares of the company's stock valued at $19,162,000 after purchasing an additional 8,082 shares in the last quarter. Petrus Trust Company LTA acquired a new position in ACV Auctions in the first quarter valued at approximately $222,000. Philadelphia Financial Management of San Francisco LLC acquired a new position in ACV Auctions during the first quarter valued at approximately $14,426,000. Millennium Management LLC grew its holdings in ACV Auctions by 35.7% during the first quarter. Millennium Management LLC now owns 728,697 shares of the company's stock valued at $10,267,000 after purchasing an additional 191,883 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in ACV Auctions by 19.1% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 188,904 shares of the company's stock valued at $2,662,000 after purchasing an additional 30,299 shares during the period. Institutional investors and hedge funds own 88.55% of the company's stock.

Analysts Set New Price Targets

A number of analysts recently commented on ACVA shares. Needham & Company LLC lowered their price objective on shares of ACV Auctions from $25.00 to $16.00 and set a "buy" rating for the company in a research report on Tuesday, August 12th. Stephens dropped their target price on shares of ACV Auctions from $16.00 to $11.50 and set an "equal weight" rating on the stock in a report on Tuesday, August 12th. The Goldman Sachs Group dropped their target price on shares of ACV Auctions from $26.00 to $21.00 and set a "buy" rating on the stock in a report on Tuesday, August 12th. JMP Securities dropped their target price on shares of ACV Auctions from $20.00 to $18.00 and set a "market outperform" rating on the stock in a report on Tuesday, August 12th. Finally, Bank of America reduced their price target 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. Ten investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $19.67.

Insiders Place Their Bets

In other ACV Auctions news, insider Craig Eric Anderson sold 15,000 shares of the firm's stock in a transaction 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 transaction, the insider owned 340,799 shares in the company, valued at $5,125,616.96. This trade represents a 4.22% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at 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 completion of the transaction, the insider directly owned 379,957 shares in the company, valued at $6,098,309.85. This trade 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 company insiders.

ACV Auctions Stock Performance

ACVA traded down $0.12 during trading on Thursday, hitting $10.32. The stock had a trading volume of 10,989,094 shares, compared to its average volume of 2,222,664. The company has a 50 day moving average price of $13.46 and a 200-day moving average price of $14.73. The firm has a market cap of $1.78 billion, a price-to-earnings ratio of -21.05 and a beta of 1.68. ACV Auctions Inc. has a one year low of $10.13 and a one year 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.

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.