Y Intercept Hong Kong Ltd Takes $315,000 Position in ACV Auctions Inc. (NASDAQ:ACVA)

Y Intercept Hong Kong Ltd purchased a new position in shares of ACV Auctions Inc. (NASDAQ:ACVA) during the third quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 15,488 shares of the company’s stock, valued at approximately $315,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in ACVA. Blue Trust Inc. raised its position in shares of ACV Auctions by 165.2% during the third quarter. Blue Trust Inc. now owns 1,419 shares of the company’s stock worth $29,000 after purchasing an additional 884 shares during the period. MCF Advisors LLC increased its stake in ACV Auctions by 107.0% during the 3rd quarter. MCF Advisors LLC now owns 1,480 shares of the company’s stock valued at $30,000 after purchasing an additional 765 shares in the last quarter. Park Place Capital Corp raised its holdings in ACV Auctions by 34.1% during the third quarter. Park Place Capital Corp now owns 2,779 shares of the company’s stock worth $56,000 after buying an additional 706 shares during the last quarter. Amalgamated Bank lifted its position in ACV Auctions by 18.0% in the 2nd quarter. Amalgamated Bank now owns 5,120 shares of the company’s stock valued at $93,000 after acquiring an additional 782 shares in the last quarter. Finally, Verdence Capital Advisors LLC acquired a new position in ACV Auctions during the 3rd quarter valued at about $206,000. Institutional investors own 88.55% of the company’s stock.

Insider Activity at ACV Auctions

In related news, VP Andrew Peer sold 1,795 shares of ACV Auctions 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 approximately $1,322,076. The trade was a 2.77 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO William Zerella sold 32,500 shares of the stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $18.79, for a total value of $610,675.00. Following the sale, the chief financial officer now owns 490,482 shares in the company, valued at approximately $9,216,156.78. This represents a 6.21 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 100,894 shares of company stock worth $2,036,089. Insiders own 8.50% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on ACVA. JMP Securities reissued a “market outperform” rating and issued a $25.00 price objective on shares of ACV Auctions in a research note on Monday. Piper Sandler raised their price objective on ACV Auctions from $16.00 to $18.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. B. Riley upped their target price on shares of ACV Auctions from $24.00 to $27.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. Citigroup raised their price target on shares of ACV Auctions from $22.00 to $27.00 and gave the company a “buy” rating in a research report on Wednesday, November 27th. Finally, Jefferies Financial Group upped their price objective on shares of ACV Auctions from $22.00 to $25.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. Two research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $23.60.

ACV Auctions Price Performance

ACVA opened at $21.08 on Wednesday. The firm has a 50-day moving average of $20.17 and a 200 day moving average of $19.01. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.51 and a current 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 firm has a market cap of $3.53 billion, a P/E ratio of -44.85 and a beta of 1.70.

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.