ACV Auctions Inc. (NASDAQ:ACVA) Holdings Raised by State Street Corp

State Street Corp grew its stake in shares of ACV Auctions Inc. (NASDAQ:ACVA) by 3.7% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,242,388 shares of the company’s stock after purchasing an additional 115,700 shares during the period. State Street Corp’s holdings in ACV Auctions were worth $65,918,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the stock. Quadrature Capital Ltd purchased a new stake in ACV Auctions in the 3rd quarter worth about $566,000. Richmond Hill Investments LLC lifted its stake in ACV Auctions by 26.4% in the 3rd quarter. Richmond Hill Investments LLC now owns 488,208 shares of the company’s stock worth $9,925,000 after acquiring an additional 101,892 shares in the last quarter. Point72 DIFC Ltd purchased a new stake in ACV Auctions in the 3rd quarter worth about $666,000. Point72 Asset Management L.P. lifted its stake in ACV Auctions by 17.4% in the 3rd quarter. Point72 Asset Management L.P. now owns 652,949 shares of the company’s stock worth $13,274,000 after acquiring an additional 96,647 shares in the last quarter. Finally, Polar Asset Management Partners Inc. lifted its stake in ACV Auctions by 13.6% in the 3rd quarter. Polar Asset Management Partners Inc. now owns 945,000 shares of the company’s stock worth $19,212,000 after acquiring an additional 113,200 shares in the last quarter. 88.55% of the stock is owned by hedge funds and other institutional investors.

ACV Auctions Stock Performance

Shares of NASDAQ ACVA opened at $21.08 on Wednesday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.51 and a current ratio of 1.51. The firm has a market cap of $3.53 billion, a price-to-earnings ratio of -44.85 and a beta of 1.70. The business’s 50-day simple moving average is $20.17 and its 200-day simple moving average is $19.01. ACV Auctions Inc. has a 52 week low of $12.84 and a 52 week high of $23.46.

Analyst Ratings Changes

Several brokerages recently issued reports on ACVA. Raymond James began coverage on ACV Auctions in a research note on Friday, September 27th. They issued a “market perform” rating and a $22.00 price objective for the company. JMP Securities reissued a “market outperform” rating and issued a $25.00 price objective on shares of ACV Auctions in a research note on Monday. Barrington Research reaffirmed an “outperform” rating and issued a $23.00 target price on shares of ACV Auctions in a research report on Monday, November 4th. B. Riley upped their target price on ACV Auctions from $24.00 to $27.00 and gave the stock a “buy” rating in a research report on Tuesday, November 26th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $26.00 target price on shares of ACV Auctions in a research report on Tuesday, November 26th. Two investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $23.60.

Insider Activity

In other news, insider Michael Waterman sold 18,001 shares of the stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $18.79, for a total value of $338,238.79. Following the completion of the sale, the insider now directly owns 337,190 shares of the company’s stock, valued at approximately $6,335,800.10. This represents a 5.07 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO William Zerella sold 32,500 shares of the firm’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $18.79, for a total transaction of $610,675.00. Following the completion of the sale, the chief financial officer now owns 490,482 shares in the company, valued at approximately $9,216,156.78. The trade was a 6.21 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 100,894 shares of company stock valued at $2,036,089. Insiders own 8.50% of the company’s stock.

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.