ACV Auctions Inc. (NASDAQ:ACVA) Shares Bought by Driehaus Capital Management LLC

Driehaus Capital Management LLC boosted its position in shares of ACV Auctions Inc. (NASDAQ:ACVA) by 48.0% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,232,238 shares of the company’s stock after buying an additional 399,402 shares during the quarter. Driehaus Capital Management LLC owned approximately 0.75% of ACV Auctions worth $22,488,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP lifted its holdings in ACV Auctions by 21.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,846,726 shares of the company’s stock valued at $27,979,000 after purchasing an additional 329,854 shares in the last quarter. CIBC Private Wealth Group LLC lifted its holdings in ACV Auctions by 9.7% during the fourth quarter. CIBC Private Wealth Group LLC now owns 199,470 shares of the company’s stock valued at $3,022,000 after purchasing an additional 17,659 shares in the last quarter. Penn Mutual Asset Management LLC purchased a new position in ACV Auctions during the fourth quarter valued at $153,000. Grizzlyrock Capital LLC purchased a new position in ACV Auctions during the fourth quarter valued at $4,953,000. Finally, Congress Asset Management Co. MA lifted its holdings in ACV Auctions by 7.3% during the fourth quarter. Congress Asset Management Co. MA now owns 396,356 shares of the company’s stock valued at $6,005,000 after purchasing an additional 26,915 shares in the last quarter. Institutional investors and hedge funds own 88.55% of the company’s stock.

Insider Buying and Selling at ACV Auctions

In other ACV Auctions news, VP Andrew Peer sold 1,795 shares of ACV Auctions stock in a transaction dated Thursday, September 19th. The shares were 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 in the company, valued at $1,322,076. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other ACV Auctions news, COO Vikas Mehta sold 154,324 shares of ACV Auctions stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $19.19, for a total transaction of $2,961,477.56. Following the completion of the sale, the chief operating officer now directly owns 432,457 shares in the company, valued at $8,298,849.83. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Andrew Peer sold 1,795 shares of ACV Auctions stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $21.00, for a total transaction of $37,695.00. Following the sale, the vice president now owns 62,956 shares of the company’s stock, valued at $1,322,076. The disclosure for this sale can be found here. Insiders sold a total of 741,663 shares of company stock worth $14,179,490 over the last three months. Insiders own 8.50% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have issued reports on the stock. Barrington Research reaffirmed an “outperform” rating and set a $23.00 price objective on shares of ACV Auctions in a report on Friday, August 16th. JPMorgan Chase & Co. raised shares of ACV Auctions from a “neutral” rating to an “overweight” rating and set a $21.00 price objective on the stock in a report on Monday, June 10th. Needham & Company LLC reissued a “buy” rating and issued a $23.00 price target on shares of ACV Auctions in a research note on Monday, June 3rd. Raymond James assumed coverage on shares of ACV Auctions in a research note on Friday. They issued a “market perform” rating and a $22.00 price target on the stock. Finally, JMP Securities raised their price target on shares of 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 equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $21.57.

ACV Auctions Stock Performance

NASDAQ:ACVA opened at $20.46 on Friday. The company’s 50-day moving average price is $18.55 and its 200-day moving average price is $18.22. The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 0.24. The company has a market cap of $3.41 billion, a P/E ratio of -42.63 and a beta of 1.55. ACV Auctions Inc. has a twelve month low of $12.84 and a twelve month high of $21.10.

ACV Auctions (NASDAQ:ACVA) last issued its earnings results on Wednesday, August 7th. The company reported ($0.07) EPS for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.02. ACV Auctions had a negative net margin of 14.53% and a negative return on equity of 13.20%. The company had revenue of $160.62 million for the quarter, compared to the consensus estimate of $156.33 million. On average, sell-side analysts forecast that ACV Auctions Inc. will post -0.36 earnings per share for the current fiscal year.

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.