Verdence Capital Advisors LLC Makes New Investment in ACV Auctions Inc. (NASDAQ:ACVA)

Verdence Capital Advisors LLC purchased a new stake in shares of ACV Auctions Inc. (NASDAQ:ACVA) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 10,122 shares of the company’s stock, valued at approximately $206,000.

Several other hedge funds have also added to or reduced their stakes in the company. Massachusetts Financial Services Co. MA boosted its stake in shares of ACV Auctions by 47.6% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 7,758,163 shares of the company’s stock valued at $141,586,000 after purchasing an additional 2,502,064 shares during the last quarter. Bank of New York Mellon Corp raised its position in shares of ACV Auctions by 217.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,391,070 shares of the company’s stock valued at $25,387,000 after acquiring an additional 952,929 shares during the last quarter. Swedbank AB bought a new position in shares of ACV Auctions in the 1st quarter worth $15,016,000. Allspring Global Investments Holdings LLC acquired a new stake in shares of ACV Auctions during the second quarter worth $8,567,000. Finally, Driehaus Capital Management LLC lifted its stake in ACV Auctions by 48.0% in the second quarter. Driehaus Capital Management LLC now owns 1,232,238 shares of the company’s stock valued at $22,488,000 after buying an additional 399,402 shares during the period. Institutional investors own 88.55% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently commented on ACVA. Piper Sandler upped their price target on ACV Auctions from $16.00 to $18.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. Jefferies Financial Group raised their price target on ACV Auctions from $22.00 to $25.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. Raymond James began coverage on ACV Auctions in a research note on Friday, September 27th. They set a “market perform” rating and a $22.00 target price for the company. Needham & Company LLC increased their price objective on shares of ACV Auctions from $23.00 to $26.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. Finally, Barrington Research reaffirmed an “outperform” rating and issued a $23.00 target price on shares of ACV Auctions in a research note on Monday, November 4th. Two investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, ACV Auctions presently has an average rating of “Moderate Buy” and a consensus price target of $22.63.

ACV Auctions Price Performance

Shares of NASDAQ ACVA opened at $20.70 on Wednesday. The stock has a market capitalization of $3.45 billion, a price-to-earnings ratio of -44.04 and a beta of 1.59. ACV Auctions Inc. has a fifty-two week low of $12.84 and a fifty-two week high of $21.31. The business has a 50-day moving average of $19.11 and a 200-day moving average of $18.34. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.49 and a quick ratio of 1.49.

Insider Activity

In other ACV Auctions news, COO Vikas Mehta sold 154,324 shares of the stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $19.19, for a total value of $2,961,477.56. Following the completion of the sale, the chief operating officer now owns 432,457 shares in the company, valued at $8,298,849.83. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other ACV Auctions news, COO Vikas Mehta sold 154,324 shares of the business’s stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $19.19, for a total transaction of $2,961,477.56. Following the transaction, the chief operating officer now owns 432,457 shares of the company’s stock, valued at $8,298,849.83. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Brian Hirsch sold 61,666 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $18.63, for a total value of $1,148,837.58. Following the completion of the sale, the director now directly owns 9,239 shares of the company’s stock, valued at approximately $172,122.57. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 709,426 shares of company stock valued at $13,792,090. 8.50% of the stock is owned by insiders.

ACV Auctions 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.