ACV Auctions Inc. (NASDAQ:ACVA) Shares Sold by Atreides Management LP

Atreides Management LP reduced its position in ACV Auctions Inc. (NASDAQ:ACVA) by 27.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,684,445 shares of the company’s stock after selling 2,148,185 shares during the quarter. ACV Auctions makes up approximately 2.9% of Atreides Management LP’s portfolio, making the stock its 9th biggest position. Atreides Management LP owned 3.41% of ACV Auctions worth $115,565,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the company. Massachusetts Financial Services Co. MA grew its position in shares of ACV Auctions by 47.6% during the second quarter. Massachusetts Financial Services Co. MA now owns 7,758,163 shares of the company’s stock worth $141,586,000 after buying an additional 2,502,064 shares in the last quarter. Spyglass Capital Management LLC grew its position in shares of ACV Auctions by 69.1% during the third quarter. Spyglass Capital Management LLC now owns 2,614,245 shares of the company’s stock worth $53,148,000 after buying an additional 1,068,356 shares in the last quarter. Bank of New York Mellon Corp grew its position in shares of ACV Auctions by 217.5% during the second quarter. Bank of New York Mellon Corp now owns 1,391,070 shares of the company’s stock worth $25,387,000 after buying an additional 952,929 shares in the last quarter. Allspring Global Investments Holdings LLC acquired a new position in shares of ACV Auctions during the second quarter worth about $8,567,000. Finally, Driehaus Capital Management LLC grew its position in shares of ACV Auctions by 48.0% during the second quarter. Driehaus Capital Management LLC now owns 1,232,238 shares of the company’s stock worth $22,488,000 after buying an additional 399,402 shares in the last quarter. 88.55% of the stock is owned by institutional investors and hedge funds.

ACV Auctions Price Performance

ACVA stock opened at $22.62 on Monday. The company has a market capitalization of $3.79 billion, a P/E ratio of -48.13 and a beta of 1.59. ACV Auctions Inc. has a twelve month low of $12.84 and a twelve month high of $23.46. The business has a 50 day simple moving average of $19.72 and a 200-day simple moving average of $18.73. The company has a current ratio of 1.51, a quick ratio of 1.51 and a debt-to-equity ratio of 0.25.

Insider Activity

In related news, VP Andrew Peer sold 1,795 shares of the stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $21.00, for a total transaction of $37,695.00. Following the completion of the sale, the vice president now directly owns 62,956 shares of the company’s stock, valued at $1,322,076. This trade represents a 2.77 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Vikas Mehta sold 154,324 shares of the stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $19.19, for a total value of $2,961,477.56. Following the sale, the chief operating officer now directly owns 432,457 shares of the company’s stock, valued at approximately $8,298,849.83. This represents a 26.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 525,937 shares of company stock valued at $10,479,997. 8.50% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on ACVA. Piper Sandler boosted their price objective on ACV Auctions from $16.00 to $18.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. Raymond James started coverage on ACV Auctions in a research report on Friday, September 27th. They set a “market perform” rating and a $22.00 price objective for the company. Barrington Research restated an “outperform” rating and set a $23.00 target price on shares of ACV Auctions in a research note on Monday, November 4th. Needham & Company LLC restated a “buy” rating and set a $26.00 target price on shares of ACV Auctions in a research note on Tuesday, November 26th. Finally, JMP Securities boosted their target price on ACV Auctions from $21.00 to $24.00 and gave the stock a “market outperform” rating in a research note on Tuesday, September 17th. Two research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $23.50.

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.