New York State Common Retirement Fund Decreases Stake in ACV Auctions Inc. $ACVA

New York State Common Retirement Fund reduced its holdings in shares of ACV Auctions Inc. (NASDAQ:ACVA) by 68.4% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 53,161 shares of the company’s stock after selling 114,807 shares during the quarter. New York State Common Retirement Fund’s holdings in ACV Auctions were worth $527,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently bought and sold shares of the business. Geode Capital Management LLC boosted its holdings in shares of ACV Auctions by 11.3% during the 2nd quarter. Geode Capital Management LLC now owns 3,928,666 shares of the company’s stock valued at $63,731,000 after acquiring an additional 398,106 shares during the last quarter. Inflection Point Investments LLP raised its holdings in shares of ACV Auctions by 32.5% during the second quarter. Inflection Point Investments LLP now owns 403,796 shares of the company’s stock valued at $6,550,000 after purchasing an additional 99,146 shares during the last quarter. Riverbridge Partners LLC lifted its position in ACV Auctions by 18.6% during the third quarter. Riverbridge Partners LLC now owns 3,567,434 shares of the company’s stock valued at $35,353,000 after purchasing an additional 560,697 shares during the period. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in ACV Auctions by 42.6% in the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 483,306 shares of the company’s stock worth $7,839,000 after purchasing an additional 144,283 shares during the last quarter. Finally, Cambiar Investors LLC bought a new stake in ACV Auctions in the 2nd quarter worth approximately $10,146,000. 88.55% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. Bank of America reissued an “underperform” rating and set a $6.00 price target (down from $16.50) on shares of ACV Auctions in a report on Thursday, November 6th. Citigroup reduced their price objective on ACV Auctions from $17.00 to $13.00 and set a “buy” rating for the company in a research report on Friday, November 21st. Barrington Research cut ACV Auctions from an “outperform” rating to a “market perform” rating in a research report on Thursday, November 6th. Jefferies Financial Group lowered shares of ACV Auctions from a “buy” rating to a “hold” rating and set a $9.00 price target for the company. in a research report on Thursday, December 11th. Finally, The Goldman Sachs Group lowered their price objective on shares of ACV Auctions from $21.00 to $13.00 and set a “buy” rating on the stock in a research note on Friday, November 7th. Six equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $11.85.

ACV Auctions Stock Performance

NASDAQ:ACVA opened at $7.30 on Wednesday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.56 and a current ratio of 1.56. The stock has a 50-day simple moving average of $8.16 and a two-hundred day simple moving average of $9.29. The firm has a market capitalization of $1.26 billion, a PE ratio of -14.89 and a beta of 1.63. ACV Auctions Inc. has a 52-week low of $4.95 and a 52-week high of $22.09.

Insider Buying and Selling

In other news, Director Brian Hirsch purchased 80,571 shares of the stock in a transaction on Friday, November 14th. The shares were acquired at an average price of $6.21 per share, with a total value of $500,345.91. Following the completion of the acquisition, the director directly owned 99,678 shares of the company’s stock, valued at $619,000.38. This trade represents a 421.68% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO George Chamoun purchased 31,172 shares of the company’s stock in a transaction on Monday, December 15th. The stock was purchased at an average price of $7.97 per share, with a total value of $248,440.84. Following the completion of the transaction, the chief executive officer owned 2,618,714 shares of the company’s stock, valued at approximately $20,871,150.58. This trade represents a 1.20% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last quarter, insiders have purchased 126,029 shares of company stock valued at $874,646. 2.90% of the stock is currently owned by corporate insiders.

ACV Auctions Company Profile

ACV Auctions operates a digital marketplace that connects automotive dealers through a mobile-first platform for wholesale vehicle auctions. The company’s software enables dealers to list, inspect and bid on used vehicles in real time, leveraging smartphone-based condition reporting, high-resolution imagery and data analytics to streamline the buying and selling process. ACV Auctions also offers subscription-based access to its auction platform, supplemental reconditioning services and financing tools designed to help dealers optimize inventory turn and reduce risk.

Since its founding in 2014, ACV Auctions has expanded its technology offerings beyond core auction services to include dealer management integrations, transportation logistics coordination and title management solutions.