CIBC Private Wealth Group LLC Boosts Holdings in ACV Auctions Inc. (NASDAQ:ACVA)

CIBC Private Wealth Group LLC raised its position in shares of ACV Auctions Inc. (NASDAQ:ACVA – Get Rating) by 22.4% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 188,701 shares of the company’s stock after acquiring an additional 34,525 shares during the period. CIBC Private Wealth Group LLC owned approximately 0.12% of ACV Auctions worth $1,549,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of ACVA. Senvest Management LLC purchased a new stake in shares of ACV Auctions during the 4th quarter worth approximately $13,533,000. State Street Corp raised its holdings in shares of ACV Auctions by 304.6% during the 2nd quarter. State Street Corp now owns 2,098,423 shares of the company’s stock worth $13,724,000 after acquiring an additional 1,579,823 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of ACV Auctions by 14.6% during the 1st quarter. Vanguard Group Inc. now owns 9,143,646 shares of the company’s stock worth $135,417,000 after acquiring an additional 1,166,390 shares in the last quarter. EVR Research LP purchased a new stake in shares of ACV Auctions during the 3rd quarter worth approximately $6,291,000. Finally, Northern Trust Corp raised its holdings in shares of ACV Auctions by 409.9% during the 2nd quarter. Northern Trust Corp now owns 1,024,204 shares of the company’s stock worth $6,699,000 after acquiring an additional 823,331 shares in the last quarter. 69.75% of the stock is owned by hedge funds and other institutional investors.

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ACV Auctions Price Performance

Shares of ACVA stock opened at $17.48 on Monday. ACV Auctions Inc. has a 1-year low of $6.10 and a 1-year high of $18.02. The stock’s 50-day moving average is $14.09 and its 200 day moving average is $11.36. The company has a market cap of $2.79 billion, a P/E ratio of -30.14 and a beta of 1.41. The company has a debt-to-equity ratio of 0.20, a current ratio of 2.01 and a quick ratio of 2.01.

Insider Activity at ACV Auctions

In related news, CFO William Zerella sold 17,500 shares of the firm’s stock in a transaction dated Tuesday, April 11th. The stock was sold at an average price of $12.15, for a total transaction of $212,625.00. Following the sale, the chief financial officer now owns 333,567 shares of the company’s stock, valued at $4,052,839.05. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other ACV Auctions news, major shareholder Bessemer Venture Partners Ix L sold 3,000,000 shares of the stock in a transaction dated Thursday, May 11th. The stock was sold at an average price of $16.03, for a total value of $48,090,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO William Zerella sold 17,500 shares of the stock in a transaction dated Tuesday, April 11th. The shares were sold at an average price of $12.15, for a total value of $212,625.00. Following the completion of the sale, the chief financial officer now owns 333,567 shares of the company’s stock, valued at $4,052,839.05. The disclosure for this sale can be found here. Insiders have sold a total of 3,666,266 shares of company stock valued at $57,581,208 over the last quarter. 11.64% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. Needham & Company LLC restated a “buy” rating and set a $14.00 price target on shares of ACV Auctions in a report on Thursday, February 23rd. Bank of America increased their price target on ACV Auctions from $15.50 to $18.00 in a report on Tuesday, May 30th. Barrington Research increased their price target on ACV Auctions from $14.00 to $18.00 in a report on Wednesday, May 17th. Citigroup increased their price target on ACV Auctions from $19.00 to $23.00 in a report on Friday. Finally, JMP Securities increased their price target on ACV Auctions from $14.00 to $18.00 in a report on Thursday, May 11th. Two analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $15.45.

ACV Auctions Company Profile

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ACV Auctions Inc operates a digital marketplace that connects buyers and sellers for the online auction of wholesale vehicles. It also provides data services that offer insights into the condition and value of used vehicles, as well as offers customer financing services. ACV Auctions Inc was incorporated in 2014 and is headquartered in Buffalo, New York.

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