ACV Auctions Inc. $ACVA Stock Position Increased by Selkirk Management LLC

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 grew its stake in shares of ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 24.7% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 570,000 shares of the company's stock after acquiring an additional 113,000 shares during the period. ACV Auctions comprises approximately 3.1% of Selkirk Management LLC's investment portfolio, making the stock its 9th biggest holding. Selkirk Management LLC owned approximately 0.34% of ACV Auctions worth $8,031,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the company. Bessemer Group Inc. lifted 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 worth $140,000 after buying an additional 1,257 shares during the period. Versant Capital Management Inc increased its holdings in shares of ACV Auctions by 464.4% in the 1st quarter. Versant Capital Management Inc now owns 2,201 shares of the company's stock valued at $31,000 after acquiring an additional 1,811 shares during the period. California State Teachers Retirement System increased its holdings in shares of ACV Auctions by 1.4% in the 4th quarter. California State Teachers Retirement System now owns 141,873 shares of the company's stock valued at $3,064,000 after acquiring an additional 1,906 shares during the period. Russell Investments Group Ltd. increased its holdings in shares of ACV Auctions by 9.3% in the 1st quarter. Russell Investments Group Ltd. now owns 28,301 shares of the company's stock valued at $399,000 after acquiring an additional 2,407 shares during the period. Finally, BI Asset Management Fondsmaeglerselskab A S purchased a new position in shares of ACV Auctions in the 1st quarter valued at $35,000. 88.55% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at ACV Auctions

In related news, insider Michael Waterman sold 34,339 shares of the firm's stock in a transaction 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 owned 379,957 shares of the company's stock, valued at $6,098,309.85. This trade represents a 8.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, 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 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. Company insiders own 2.90% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the company. Bank of America cut their price target on ACV Auctions from $20.00 to $16.50 and set a "buy" rating on the stock in a report on Tuesday, August 12th. JMP Securities cut their price target on ACV Auctions from $20.00 to $18.00 and set a "market outperform" rating on the stock in a report on Tuesday, August 12th. Stephens cut their price target on 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 decreased their price objective on ACV Auctions from $26.00 to $21.00 and set a "buy" rating for the company in a report on Tuesday, August 12th. Finally, Needham & Company LLC decreased their price objective on ACV Auctions from $25.00 to $16.00 and set a "buy" rating for the company in a report on Tuesday, August 12th. Ten analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $19.67.

ACV Auctions Stock Performance

Shares of ACV Auctions stock traded down $0.17 during trading on Friday, hitting $10.17. 1,083,212 shares of the company's stock were exchanged, compared to its average volume of 2,227,233. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.56 and a current ratio of 1.56. The business has a 50-day simple moving average of $13.33 and a 200-day simple moving average of $14.68. ACV Auctions Inc. has a 52-week low of $9.99 and a 52-week high of $23.46. The stock has a market capitalization of $1.75 billion, a price-to-earnings ratio of -20.74 and a beta of 1.68.

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.