Spyglass Capital Management LLC Increases Stock Position in ACV Auctions Inc. (NASDAQ:ACVA)

Spyglass Capital Management LLC boosted its stake in ACV Auctions Inc. (NASDAQ:ACVA) by 69.1% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,614,245 shares of the company’s stock after purchasing an additional 1,068,356 shares during the quarter. ACV Auctions comprises approximately 3.5% of Spyglass Capital Management LLC’s holdings, making the stock its 16th largest holding. Spyglass Capital Management LLC owned 1.57% of ACV Auctions worth $53,148,000 as of its most recent filing with the Securities & Exchange Commission.

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

Insider Buying and Selling at ACV Auctions

In other ACV Auctions news, COO Vikas Mehta sold 154,324 shares of the firm’s stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $19.19, for a total value 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. This trade represents a 26.30 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO George Chamoun sold 111,363 shares of ACV Auctions stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $20.27, for a total transaction of $2,257,328.01. Following the sale, the chief executive officer now owns 928,166 shares of the company’s stock, valued at $18,813,924.82. The trade was a 10.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 525,937 shares of company stock worth $10,479,997 over the last three months. Corporate insiders own 8.50% of the company’s stock.

ACV Auctions Price Performance

Shares of ACVA opened at $22.71 on Friday. The company has a market cap of $3.81 billion, a price-to-earnings ratio of -48.32 and a beta of 1.59. ACV Auctions Inc. has a twelve month low of $12.84 and a twelve month high of $23.46. The company has a quick ratio of 1.51, a current ratio of 1.51 and a debt-to-equity ratio of 0.25. The company has a 50 day moving average of $19.65 and a two-hundred day moving average of $18.66.

Analysts Set New Price Targets

A number of research firms recently weighed in on ACVA. B. Riley increased their price objective on shares of ACV Auctions from $24.00 to $27.00 and gave the stock a “buy” rating in a research report on Tuesday. Raymond James began coverage on shares of ACV Auctions in a research report on Friday, September 27th. They set a “market perform” rating and a $22.00 target price on the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $26.00 target price on shares of ACV Auctions in a research report on Tuesday. Citigroup raised their target price on shares of ACV Auctions from $22.00 to $27.00 and gave the stock a “buy” rating in a research report on Wednesday. Finally, JMP Securities raised their target price on shares of ACV Auctions from $21.00 to $24.00 and gave the stock a “market outperform” rating in a research report on Tuesday, September 17th. Two investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $23.50.

About ACV Auctions

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.