AlphaQuest LLC Grows Stock Holdings in ACV Auctions Inc. $ACVA

AlphaQuest LLC raised its position in shares of ACV Auctions Inc. (NASDAQ:ACVA) by 2,640.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 6,687 shares of the company’s stock after buying an additional 6,443 shares during the period. AlphaQuest LLC’s holdings in ACV Auctions were worth $94,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of ACVA. Nuveen LLC purchased a new position in shares of ACV Auctions during the first quarter worth $25,078,000. Driehaus Capital Management LLC boosted its holdings in ACV Auctions by 128.5% in the fourth quarter. Driehaus Capital Management LLC now owns 2,837,165 shares of the company’s stock valued at $61,283,000 after purchasing an additional 1,595,657 shares during the period. Vanguard Group Inc. boosted its holdings in ACV Auctions by 7.4% in the first quarter. Vanguard Group Inc. now owns 15,301,225 shares of the company’s stock valued at $215,594,000 after purchasing an additional 1,055,310 shares during the period. Iridian Asset Management LLC CT boosted its holdings in ACV Auctions by 77.9% in the first quarter. Iridian Asset Management LLC CT now owns 1,967,332 shares of the company’s stock valued at $27,720,000 after purchasing an additional 861,178 shares during the period. Finally, Frontier Capital Management Co. LLC boosted its holdings in ACV Auctions by 59.7% in the fourth quarter. Frontier Capital Management Co. LLC now owns 2,061,028 shares of the company’s stock valued at $44,518,000 after purchasing an additional 770,828 shares during the period. 88.55% of the stock is currently owned by hedge funds and other institutional investors.

ACV Auctions Stock Down 0.6%

Shares of NASDAQ ACVA opened at $11.59 on Wednesday. The company has a market capitalization of $1.99 billion, a price-to-earnings ratio of -23.65 and a beta of 1.68. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.56 and a quick ratio of 1.56. The business has a 50-day moving average of $14.05 and a two-hundred day moving average of $15.05. ACV Auctions Inc. has a 1 year low of $10.26 and a 1 year high of $23.46.

Insider Transactions at ACV Auctions

In other news, insider Craig Eric Anderson sold 15,000 shares of ACV Auctions stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of $15.04, for a total transaction of $225,600.00. Following the sale, the insider owned 340,799 shares in the company, valued at approximately $5,125,616.96. The trade was a 4.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Michael Waterman sold 34,339 shares of ACV Auctions stock in a transaction dated Tuesday, July 8th. The stock was sold at an average price of $16.05, for a total value of $551,140.95. Following the sale, the insider owned 379,957 shares in the company, valued at $6,098,309.85. This trade represents a 8.29% decrease in their position. The disclosure for this sale can be found here. 2.90% of the stock is owned by insiders.

Wall Street Analyst Weigh In

ACVA has been the subject of a number of recent research reports. Needham & Company LLC decreased their target price on ACV Auctions from $25.00 to $16.00 and set a “buy” rating for the company in a report on Tuesday, August 12th. Bank of America decreased their target price on ACV Auctions from $20.00 to $16.50 and set a “buy” rating for the company in a report on Tuesday, August 12th. Citigroup decreased their target price on ACV Auctions from $21.00 to $17.00 and set a “buy” rating for the company in a report on Tuesday, August 12th. JMP Securities decreased their target price on ACV Auctions from $20.00 to $18.00 and set a “market outperform” rating for the company in a report on Tuesday, August 12th. Finally, JPMorgan Chase & Co. decreased their target price on ACV Auctions from $20.00 to $19.00 and set an “overweight” rating for the company in a report on Thursday, July 17th. Ten investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $19.67.

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.