TD Asset Management Inc Purchases Shares of 37,352 ACV Auctions Inc. $ACVA

Key Points

• TD Asset Management Inc acquired a stake in ACV Auctions Inc (NASDAQ:ACVA) by purchasing 37,352 shares valued at approximately $606,000 during the second quarter.
• A significant percentage of the stock, about 88.55%, is held by institutional investors and hedge funds, indicating strong institutional interest in the company.
• Recent analyst reports have seen price targets for ACV Auctions dropped, with an average target of $18.36 and a consensus rating of "Moderate Buy" from ten analysts.

TD Asset Management Inc acquired a new stake in ACV Auctions Inc. (NASDAQ:ACVA - Free Report) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 37,352 shares of the company's stock, valued at approximately $606,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. BI Asset Management Fondsmaeglerselskab A S acquired a new position in shares of ACV Auctions in the 1st quarter valued at about $35,000. CWM LLC lifted its stake in shares of ACV Auctions by 77.4% in the 2nd quarter. CWM LLC now owns 4,642 shares of the company's stock valued at $75,000 after purchasing an additional 2,026 shares during the period. AlphaQuest LLC lifted its stake in shares of ACV Auctions by 2,640.6% in the 1st quarter. AlphaQuest LLC now owns 6,687 shares of the company's stock valued at $94,000 after purchasing an additional 6,443 shares during the period. Bessemer Group Inc. lifted its stake 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 purchasing an additional 1,257 shares during the period. Finally, UMB Bank n.a. lifted its stake in shares of ACV Auctions by 100.0% in the 2nd quarter. UMB Bank n.a. now owns 12,100 shares of the company's stock valued at $196,000 after purchasing an additional 6,050 shares during the period. 88.55% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on ACVA shares. JPMorgan Chase & Co. dropped their price objective 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. Jefferies Financial Group dropped their price target on ACV Auctions from $22.00 to $15.00 and set a "buy" rating on the stock in a research note on Friday, October 17th. Bank of America dropped their price target on ACV Auctions from $20.00 to $16.50 and set a "buy" rating on the stock in a research note on Tuesday, August 12th. The Goldman Sachs Group dropped their price target on ACV Auctions from $26.00 to $21.00 and set a "buy" rating on the stock in a research note on Tuesday, August 12th. Finally, Needham & Company LLC dropped their price target on ACV Auctions from $16.00 to $14.00 and set a "buy" rating on the stock in a research note on Tuesday, October 7th. Ten research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat, ACV Auctions presently has a consensus rating of "Moderate Buy" and an average price target of $18.36.

ACV Auctions Stock Performance

Shares of ACV Auctions stock opened at $9.39 on Friday. The company has a market cap of $1.62 billion, a PE ratio of -19.15 and a beta of 1.64. ACV Auctions Inc. has a 52 week low of $8.33 and a 52 week high of $23.46. The business has a 50 day moving average price of $10.33 and a 200-day moving average price of $13.61. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.28.

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.

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