Blue Trust Inc. Raises Stock Holdings in ACV Auctions Inc. (NASDAQ:ACVA)

Blue Trust Inc. raised its position in shares of ACV Auctions Inc. (NASDAQ:ACVA) by 65.8% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 2,352 shares of the company’s stock after purchasing an additional 933 shares during the period. Blue Trust Inc.’s holdings in ACV Auctions were worth $48,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the business. MCF Advisors LLC increased its stake in shares of ACV Auctions by 107.0% in the 3rd quarter. MCF Advisors LLC now owns 1,480 shares of the company’s stock worth $30,000 after acquiring an additional 765 shares in the last quarter. Verdence Capital Advisors LLC purchased a new stake in ACV Auctions in the third quarter worth about $206,000. Icon Wealth Advisors LLC lifted its holdings in shares of ACV Auctions by 13.5% during the third quarter. Icon Wealth Advisors LLC now owns 11,048 shares of the company’s stock valued at $225,000 after purchasing an additional 1,317 shares during the last quarter. Aigen Investment Management LP bought a new stake in shares of ACV Auctions in the 3rd quarter worth approximately $287,000. Finally, RiverPark Advisors LLC purchased a new stake in shares of ACV Auctions in the 3rd quarter worth approximately $301,000. Institutional investors own 88.55% of the company’s stock.

Analysts Set New Price Targets

Several research firms have commented on ACVA. Needham & Company LLC reissued a “buy” rating and issued a $28.00 target price (up from $26.00) on shares of ACV Auctions in a report on Thursday, December 26th. Barrington Research reiterated an “outperform” rating and issued a $23.00 price target on shares of ACV Auctions in a research note on Monday, November 4th. Jefferies Financial Group raised their price objective on shares of ACV Auctions from $22.00 to $25.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. Piper Sandler upped their target price on shares of ACV Auctions from $16.00 to $18.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. Finally, Stephens upgraded shares of ACV Auctions to a “hold” rating in a report on Saturday, February 1st. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, ACV Auctions presently has an average rating of “Moderate Buy” and an average target price of $23.65.

ACV Auctions Price Performance

NASDAQ ACVA opened at $21.17 on Monday. The stock has a market capitalization of $3.55 billion, a price-to-earnings ratio of -45.04 and a beta of 1.69. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.51 and a quick ratio of 1.51. ACV Auctions Inc. has a 1-year low of $13.52 and a 1-year high of $23.46. The business’s fifty day moving average price is $21.41 and its 200-day moving average price is $19.90.

Insider Activity at ACV Auctions

In other news, CFO William Zerella sold 32,500 shares of ACV Auctions stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $22.41, for a total transaction of $728,325.00. Following the transaction, the chief financial officer now directly owns 490,482 shares of the company’s stock, valued at $10,991,701.62. The trade was a 6.21 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Michael Waterman sold 30,162 shares of the stock in a transaction that occurred on Tuesday, January 7th. The stock was sold at an average price of $20.53, for a total transaction of $619,225.86. Following the completion of the sale, the insider now directly owns 314,738 shares of the company’s stock, valued at $6,461,571.14. This represents a 8.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 125,162 shares of company stock worth $2,663,776. 8.50% of the stock is 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.