ArrowMark Colorado Holdings LLC Sells 6,045,802 Shares of ACV Auctions Inc. (NASDAQ:ACVA)

ArrowMark Colorado Holdings LLC trimmed its holdings in ACV Auctions Inc. (NASDAQ:ACVA) by 47.9% in the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 6,586,420 shares of the company’s stock after selling 6,045,802 shares during the quarter. ACV Auctions comprises approximately 1.7% of ArrowMark Colorado Holdings LLC’s portfolio, making the stock its 14th biggest position. ArrowMark Colorado Holdings LLC owned about 3.95% of ACV Auctions worth $133,902,000 as of its most recent SEC filing.

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

ACV Auctions Price Performance

NASDAQ:ACVA opened at $22.62 on Monday. The company has a 50 day moving average price of $19.72 and a 200-day moving average price of $18.73. ACV Auctions Inc. has a 1-year low of $12.84 and a 1-year high of $23.46. The firm has a market cap of $3.79 billion, a price-to-earnings ratio of -48.13 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.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on ACVA. Barrington Research reissued an “outperform” rating and set 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 report on Tuesday, November 26th. Citigroup boosted their price objective on shares of ACV Auctions from $22.00 to $27.00 and gave the stock a “buy” rating in a research note on Wednesday, November 27th. Jefferies Financial Group raised their target price 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. Finally, Raymond James initiated coverage on ACV Auctions in a report on Friday, September 27th. They set a “market perform” rating and a $22.00 price objective for the company. Two analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, ACV Auctions currently has an average rating of “Moderate Buy” and an average target price of $23.50.

Insider Activity at ACV Auctions

In other ACV Auctions news, insider Michael Waterman sold 18,001 shares of ACV Auctions stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $18.79, for a total transaction of $338,238.79. Following the sale, the insider now owns 337,190 shares of the company’s stock, valued at $6,335,800.10. The trade was a 5.07 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO William Zerella sold 76,856 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $20.26, for a total transaction of $1,557,102.56. Following the completion of the transaction, the chief financial officer now directly owns 503,077 shares in the company, valued at approximately $10,192,340.02. This represents a 13.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 525,937 shares of company stock valued at $10,479,997. 8.50% of the stock is owned by company insiders.

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.