ACV Auctions Inc. (NASDAQ:ACVA) Shares Bought by Richmond Hill Investments LLC

Richmond Hill Investments LLC increased its holdings in shares of ACV Auctions Inc. (NASDAQ:ACVA) by 26.4% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 488,208 shares of the company’s stock after acquiring an additional 101,892 shares during the quarter. ACV Auctions comprises 4.3% of Richmond Hill Investments LLC’s portfolio, making the stock its 4th biggest holding. Richmond Hill Investments LLC owned 0.29% of ACV Auctions worth $9,925,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Massachusetts Financial Services Co. MA grew its stake in 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 buying an additional 2,502,064 shares during the last quarter. Spyglass Capital Management LLC grew its position in shares of ACV Auctions by 69.1% in the third quarter. Spyglass Capital Management LLC now owns 2,614,245 shares of the company’s stock valued at $53,148,000 after purchasing an additional 1,068,356 shares during the last quarter. Bank of New York Mellon Corp grew its position in shares of ACV Auctions by 217.5% in the second quarter. Bank of New York Mellon Corp now owns 1,391,070 shares of the company’s stock valued at $25,387,000 after purchasing an additional 952,929 shares during the last quarter. Allspring Global Investments Holdings LLC bought a new position in shares of ACV Auctions during the second quarter worth approximately $8,567,000. Finally, Driehaus Capital Management LLC lifted its holdings in ACV Auctions by 48.0% during the 2nd quarter. Driehaus Capital Management LLC now owns 1,232,238 shares of the company’s stock worth $22,488,000 after purchasing an additional 399,402 shares during the last quarter. 88.55% of the stock is owned by institutional investors and hedge funds.

ACV Auctions Trading Down 1.5 %

NASDAQ:ACVA opened at $22.83 on Wednesday. ACV Auctions Inc. has a one year low of $12.84 and a one year high of $23.46. The company has a market cap of $3.83 billion, a PE ratio of -48.57 and a beta of 1.70. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.51 and a quick ratio of 1.51. The firm has a 50-day moving average of $19.77 and a 200-day moving average of $18.77.

Wall Street Analysts Forecast Growth

ACVA has been the topic of a number of analyst reports. Citigroup raised their target price on shares of ACV Auctions from $22.00 to $27.00 and gave the stock a “buy” rating in a report on Wednesday, November 27th. Raymond James began coverage on shares of ACV Auctions in a research note on Friday, September 27th. They issued a “market perform” rating and a $22.00 price objective on the stock. Piper Sandler lifted their target price on ACV Auctions from $16.00 to $18.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. JMP Securities increased their target price on shares of ACV Auctions from $21.00 to $24.00 and gave the stock a “market outperform” rating in a report on Tuesday, September 17th. Finally, B. Riley lifted their price target on shares of ACV Auctions from $24.00 to $27.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. Two equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $23.50.

Insider Buying and Selling

In other ACV Auctions news, CEO George Chamoun sold 111,363 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $20.27, for a total value of $2,257,328.01. Following the completion of the transaction, the chief executive officer now owns 928,166 shares in the company, valued at $18,813,924.82. This trade represents a 10.71 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO William Zerella sold 32,500 shares of the stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $22.41, for a total transaction of $728,325.00. Following the completion of the sale, the chief financial officer now owns 490,482 shares in the company, valued at $10,991,701.62. This represents a 6.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 525,937 shares of company stock worth $10,479,997. 8.50% of the stock is owned by 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.