Summit Partners Public Asset Management LLC Increases Holdings in ACV Auctions Inc. (NASDAQ:ACVA)

Summit Partners Public Asset Management LLC increased its position in ACV Auctions Inc. (NASDAQ:ACVA) by 10.7% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,552,026 shares of the company’s stock after purchasing an additional 150,000 shares during the quarter. ACV Auctions makes up about 1.0% of Summit Partners Public Asset Management LLC’s portfolio, making the stock its 25th biggest position. Summit Partners Public Asset Management LLC owned approximately 0.93% of ACV Auctions worth $31,553,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of ACVA. Park Place Capital Corp grew its position in shares of ACV Auctions by 34.1% during the 3rd quarter. Park Place Capital Corp now owns 2,779 shares of the company’s stock worth $56,000 after buying an additional 706 shares in the last quarter. MCF Advisors LLC grew its holdings in ACV Auctions by 107.0% during the 3rd quarter. MCF Advisors LLC now owns 1,480 shares of the company’s stock worth $30,000 after acquiring an additional 765 shares in the last quarter. Amalgamated Bank increased its position in ACV Auctions by 18.0% during the 2nd quarter. Amalgamated Bank now owns 5,120 shares of the company’s stock valued at $93,000 after purchasing an additional 782 shares during the period. Blue Trust Inc. raised its holdings in shares of ACV Auctions by 165.2% in the 3rd quarter. Blue Trust Inc. now owns 1,419 shares of the company’s stock valued at $29,000 after purchasing an additional 884 shares in the last quarter. Finally, Los Angeles Capital Management LLC lifted its position in shares of ACV Auctions by 6.6% in the 3rd quarter. Los Angeles Capital Management LLC now owns 26,958 shares of the company’s stock worth $548,000 after purchasing an additional 1,670 shares during the period. 88.55% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts recently issued reports on ACVA shares. Needham & Company LLC reissued a “buy” rating and set a $26.00 price objective on shares of ACV Auctions in a report on Tuesday. Barrington Research reiterated an “outperform” rating and issued a $23.00 target price on shares of ACV Auctions in a report on Monday, November 4th. Jefferies Financial Group raised their price target on shares of ACV Auctions from $22.00 to $25.00 and gave the company a “buy” rating in a report on Tuesday, October 22nd. Piper Sandler boosted their price objective on shares of ACV Auctions from $16.00 to $18.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. Finally, 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 target price for the company. Two research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $23.50.

ACV Auctions Price Performance

Shares of ACVA opened at $22.71 on Friday. 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 company’s fifty day moving average price is $19.65 and its 200-day moving average price is $18.66. ACV Auctions Inc. has a 1-year low of $12.84 and a 1-year high of $23.46. The firm has a market capitalization of $3.81 billion, a PE ratio of -48.32 and a beta of 1.59.

Insiders Place Their Bets

In other news, CFO William Zerella sold 32,500 shares of the stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $22.41, for a total value of $728,325.00. Following 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Andrew Peer sold 1,795 shares of the business’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $21.00, for a total transaction of $37,695.00. Following the transaction, the vice president now owns 62,956 shares of the company’s stock, valued at $1,322,076. This represents a 2.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 525,937 shares of company stock valued at $10,479,997. 8.50% of the stock is owned by company 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.