ACV Auctions Inc. $ACVA Shares Bought by Vanguard Group Inc.

Key Points

• Vanguard Group Inc. increased its stake in ACV Auctions Inc. by 7.4% during Q1, now owning 15,301,225 shares worth approximately $215.59 million.
• ACV Auctions' stock has experienced a 1-year low of $10.26 and a 1-year high of $23.46, currently trading at around $11.50.
• Several analysts have revised their price targets for ACV Auctions, with an average target of $19.67 and a current consensus rating of "Moderate Buy."

Vanguard Group Inc. raised its holdings in ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 7.4% in the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 15,301,225 shares of the company's stock after buying an additional 1,055,310 shares during the quarter. Vanguard Group Inc. owned about 9.07% of ACV Auctions worth $215,594,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the business. Versant Capital Management Inc increased its holdings in shares of ACV Auctions by 464.4% during the first 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 in the last quarter. GAMMA Investing LLC boosted its stake in ACV Auctions by 3,005.8% in the 1st quarter. GAMMA Investing LLC now owns 5,932 shares of the company's stock worth $84,000 after purchasing an additional 5,741 shares in the last quarter. Bessemer Group Inc. grew its position in ACV Auctions by 14.5% during the 1st quarter. Bessemer Group Inc. now owns 9,911 shares of the company's stock worth $140,000 after purchasing an additional 1,257 shares during the last quarter. Integrated Advisors Network LLC acquired a new position in ACV Auctions during the 4th quarter valued at approximately $200,000. Finally, Mackenzie Financial Corp increased its stake in ACV Auctions by 48.7% during the 1st quarter. Mackenzie Financial Corp now owns 14,203 shares of the company's stock valued at $200,000 after purchasing an additional 4,652 shares in the last quarter. Institutional investors and hedge funds own 88.55% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the stock. Stephens lowered their price objective on shares of ACV Auctions from $16.00 to $11.50 and set an "equal weight" rating for the company in a research note on Tuesday, August 12th. JPMorgan Chase & Co. lowered their price target on ACV Auctions from $20.00 to $19.00 and set an "overweight" rating for the company in a research report on Thursday, July 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. Needham & Company LLC cut their price objective on ACV Auctions from $25.00 to $16.00 and set a "buy" rating on the stock in a report on Tuesday, August 12th. Finally, The Goldman Sachs Group decreased their target price on ACV Auctions from $26.00 to $21.00 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 issued a Hold rating to the stock. According to MarketBeat.com, ACV Auctions presently has an average rating of "Moderate Buy" and a consensus price target of $19.67.

ACV Auctions Stock Performance

Shares of ACVA stock traded up $0.6520 on Friday, hitting $12.1220. The company had a trading volume of 2,276,730 shares, compared to its average volume of 2,126,876. ACV Auctions Inc. has a twelve month low of $10.26 and a twelve month high of $23.46. 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 firm has a market cap of $2.09 billion, a P/E ratio of -24.74 and a beta of 1.69. The company has a 50-day moving average price of $14.62 and a 200-day moving average price of $15.53.

Insider Activity at ACV Auctions

In other news, insider Michael Waterman sold 34,339 shares of the business's stock in a transaction that occurred on Tuesday, July 8th. The stock was sold at an average price of $16.05, for a total value 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. The trade was a 8.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Craig Eric Anderson sold 15,000 shares of the company's stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $15.04, for a total value 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. The trade was a 4.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.90% of the stock is currently owned by company 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.