ACV Auctions Inc. $ACVA Shares Bought by Wellington Management Group LLP

Key Points

• Wellington Management Group LLP increased its holdings in ACV Auctions Inc. by 6.9%, owning a total of $25.74 million in stock as of its latest SEC filing.
• Major hedge funds such as Vanguard Group Inc. and Massachusetts Financial Services also expanded their stakes in ACV Auctions, indicating significant institutional interest in the company.
• ACV Auctions' stock has seen a price target reduction by several brokerages, with an average rating of "Moderate Buy" and a new approximate target of $19.67.

Wellington Management Group LLP lifted its holdings in ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 6.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,826,707 shares of the company's stock after acquiring an additional 118,156 shares during the period. Wellington Management Group LLP owned 1.08% of ACV Auctions worth $25,738,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Versant Capital Management Inc lifted 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 last quarter. GAMMA Investing LLC lifted its holdings in shares of ACV Auctions by 3,005.8% in the 1st quarter. GAMMA Investing LLC now owns 5,932 shares of the company's stock valued at $84,000 after acquiring an additional 5,741 shares during the last quarter. 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 valued at $140,000 after acquiring an additional 1,257 shares during the last quarter. Integrated Advisors Network LLC bought a new position in shares of ACV Auctions in the 4th quarter valued at about $200,000. Finally, Mackenzie Financial Corp lifted its holdings in shares of ACV Auctions by 48.7% in the 1st quarter. Mackenzie Financial Corp now owns 14,203 shares of the company's stock valued at $200,000 after acquiring an additional 4,652 shares during the last quarter. Institutional investors own 88.55% of the company's stock.

Wall Street Analysts Forecast Growth

ACVA has been the subject of several analyst reports. The Goldman Sachs Group decreased their price objective on shares of ACV Auctions from $26.00 to $21.00 and set a "buy" rating for the company in a research note on Tuesday, August 12th. Citigroup decreased their price objective on shares of ACV Auctions from $21.00 to $17.00 and set a "buy" rating for the company in a research note on Tuesday, August 12th. JMP Securities decreased their price objective on shares of ACV Auctions from $20.00 to $18.00 and set a "market outperform" rating for the company in a research note on Tuesday, August 12th. Bank of America decreased their price objective on shares of ACV Auctions from $20.00 to $16.50 and set a "buy" rating for the company in a research note on Tuesday, August 12th. Finally, Stephens decreased 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. Ten research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat.com, ACV Auctions presently has an average rating of "Moderate Buy" and a consensus target price of $19.67.

Insider Activity at ACV Auctions

In related news, insider Craig Eric Anderson sold 15,000 shares of ACV Auctions stock in a transaction that occurred on Tuesday, July 22nd. The shares were 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 $5,125,616.96. This trade represents a 4.22% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Michael Waterman sold 34,339 shares of the firm's 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 sale, the insider owned 379,957 shares of the company's stock, valued at approximately $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. Company insiders own 2.90% of the company's stock.

ACV Auctions Stock Up 1.6%

ACVA stock traded up $0.19 during trading on Thursday, hitting $11.70. 2,219,834 shares of the company's stock traded hands, compared to its average volume of 2,130,614. The firm has a market capitalization of $2.01 billion, a P/E ratio of -23.87 and a beta of 1.69. The business has a fifty day simple moving average of $14.31 and a two-hundred day simple moving average of $15.30. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.28. ACV Auctions Inc. has a 1 year low of $10.26 and a 1 year high of $23.46.

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.