Edgestream Partners L.P. Invests $2.01 Million in ACV Auctions Inc. (NASDAQ:ACVA)

Edgestream Partners L.P. acquired a new position in ACV Auctions Inc. (NASDAQ:ACVA) in the third quarter, Holdings Channel.com reports. The institutional investor acquired 99,027 shares of the company’s stock, valued at approximately $2,013,000.

Other large investors have also recently added to or reduced their stakes in the company. Massachusetts Financial Services Co. MA grew its stake in shares of 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 worth $141,586,000 after purchasing an additional 2,502,064 shares in the last quarter. Spyglass Capital Management LLC increased its position in shares of ACV Auctions by 69.1% during the 3rd quarter. Spyglass Capital Management LLC now owns 2,614,245 shares of the company’s stock valued at $53,148,000 after purchasing an additional 1,068,356 shares during the period. Bank of New York Mellon Corp raised its stake in shares of ACV Auctions by 217.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,391,070 shares of the company’s stock worth $25,387,000 after buying an additional 952,929 shares in the last quarter. Allspring Global Investments Holdings LLC acquired a new stake in shares of ACV Auctions in the second quarter valued at $8,567,000. Finally, Driehaus Capital Management LLC boosted its stake in ACV Auctions by 48.0% during the second quarter. Driehaus Capital Management LLC now owns 1,232,238 shares of the company’s stock valued at $22,488,000 after buying an additional 399,402 shares in the last quarter. 88.55% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, CFO William Zerella sold 32,500 shares of the company’s stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $22.41, for a total transaction of $728,325.00. Following the completion of the sale, the chief financial officer now owns 490,482 shares in the company, valued at approximately $10,991,701.62. This represents a 6.21 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP Andrew Peer sold 1,795 shares of the firm’s stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $21.00, for a total value of $37,695.00. Following the completion of the transaction, the vice president now directly owns 62,956 shares in the company, valued at $1,322,076. The trade was a 2.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 525,937 shares of company stock worth $10,479,997. Insiders own 8.50% of the company’s stock.

ACV Auctions Stock Performance

Shares of ACVA stock opened at $23.17 on Tuesday. The firm has a market cap of $3.88 billion, a P/E ratio of -48.72 and a beta of 1.59. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.51 and a quick ratio of 1.51. ACV Auctions Inc. has a fifty-two week low of $12.84 and a fifty-two week high of $23.46. The stock’s 50-day moving average is $19.72 and its two-hundred day moving average is $18.73.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on ACVA shares. Barrington Research reaffirmed an “outperform” rating and issued a $23.00 price objective on shares of ACV Auctions in a research note on Monday, November 4th. Needham & Company LLC restated a “buy” rating and issued a $26.00 price target on shares of ACV Auctions in a research report on Tuesday, November 26th. Citigroup raised their price objective on ACV Auctions from $22.00 to $27.00 and gave the stock a “buy” rating in a research note on Wednesday, November 27th. JMP Securities lifted their price target on ACV Auctions from $21.00 to $24.00 and gave the stock a “market outperform” rating in a research note on Tuesday, September 17th. Finally, Jefferies Financial Group upped their price objective on shares of ACV Auctions from $22.00 to $25.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. Two equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $23.50.

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.