Royce & Associates LP Cuts Position in ACV Auctions Inc. (NASDAQ:ACVA)

Royce & Associates LP trimmed its position in shares of ACV Auctions Inc. (NASDAQ:ACVA) by 4.7% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 798,674 shares of the company’s stock after selling 39,180 shares during the period. Royce & Associates LP’s holdings in ACV Auctions were worth $16,237,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in ACVA. Massachusetts Financial Services Co. MA increased its stake in ACV Auctions by 47.6% in the second quarter. Massachusetts Financial Services Co. MA now owns 7,758,163 shares of the company’s stock valued at $141,586,000 after purchasing an additional 2,502,064 shares during the last quarter. Bank of New York Mellon Corp increased its stake in 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. Swedbank AB purchased a new position in ACV Auctions in the first quarter valued at approximately $15,016,000. Allspring Global Investments Holdings LLC purchased a new position in ACV Auctions in the second quarter valued at approximately $8,567,000. Finally, Driehaus Capital Management LLC increased its stake in ACV Auctions by 48.0% in the second quarter. Driehaus Capital Management LLC now owns 1,232,238 shares of the company’s stock valued at $22,488,000 after purchasing an additional 399,402 shares during the last quarter. 88.55% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have commented on ACVA. JMP Securities increased their price target on shares of ACV Auctions from $21.00 to $24.00 and gave the company a “market outperform” rating in a research note on Tuesday, September 17th. Barrington Research reiterated an “outperform” rating and issued a $23.00 price target on shares of ACV Auctions in a research note on Monday, November 4th. Jefferies Financial Group increased their price objective on ACV Auctions from $22.00 to $25.00 and gave the company a “buy” rating in a report on Tuesday, October 22nd. Raymond James started coverage on ACV Auctions in a report on Friday, September 27th. They issued a “market perform” rating and a $22.00 price objective for the company. Finally, Piper Sandler increased their price objective on ACV Auctions from $16.00 to $18.00 and gave the company a “neutral” rating in a report on Friday, November 8th. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, ACV Auctions presently has a consensus rating of “Moderate Buy” and an average target price of $22.63.

ACV Auctions Price Performance

Shares of NASDAQ ACVA opened at $20.72 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 stock has a fifty day moving average price of $19.29 and a 200 day moving average price of $18.40. ACV Auctions Inc. has a 1-year low of $12.84 and a 1-year high of $21.31. The company has a market cap of $3.45 billion, a PE ratio of -44.09 and a beta of 1.59.

Insider Buying and Selling

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, insider Craig Eric Anderson sold 7,500 shares of the stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $20.00, for a total value of $150,000.00. Following the sale, the insider now directly owns 328,167 shares of the company’s stock, valued at approximately $6,563,340. This represents a 2.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 709,426 shares of company stock valued at $13,792,090 over the last three months. 8.50% of the stock is currently owned by company insiders.

ACV Auctions 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.