Polar Asset Management Partners Inc. Raises Holdings in ACV Auctions Inc. (NASDAQ:ACVA)

Polar Asset Management Partners Inc. raised its position in ACV Auctions Inc. (NASDAQ:ACVA) by 13.6% during the third quarter, according to its most recent filing with the SEC. The institutional investor owned 945,000 shares of the company’s stock after purchasing an additional 113,200 shares during the period. Polar Asset Management Partners Inc. owned 0.57% of ACV Auctions worth $19,212,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Massachusetts Financial Services Co. MA grew its position 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 valued at $141,586,000 after purchasing an additional 2,502,064 shares in the last quarter. Spyglass Capital Management LLC raised its stake in ACV Auctions by 69.1% during the third quarter. Spyglass Capital Management LLC now owns 2,614,245 shares of the company’s stock worth $53,148,000 after purchasing an additional 1,068,356 shares during the period. Bank of New York Mellon Corp boosted its holdings in 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 valued at $25,387,000 after purchasing an additional 952,929 shares during the last quarter. Allspring Global Investments Holdings LLC purchased a new stake in shares of ACV Auctions in the 2nd quarter valued at approximately $8,567,000. Finally, Driehaus Capital Management LLC increased its holdings in shares of ACV Auctions by 48.0% during the 2nd quarter. Driehaus Capital Management LLC now owns 1,232,238 shares of the company’s stock worth $22,488,000 after buying an additional 399,402 shares during the last quarter. Hedge funds and other institutional investors own 88.55% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Barrington Research restated an “outperform” rating and set a $23.00 price target on shares of ACV Auctions in a research report on Monday, November 4th. JMP Securities upped their price objective 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. Jefferies Financial Group raised their target price on ACV Auctions from $22.00 to $25.00 and gave the company a “buy” rating in a report on Tuesday, October 22nd. Raymond James began coverage on shares of ACV Auctions in a research note on Friday, September 27th. They set a “market perform” rating and a $22.00 price objective for the company. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $26.00 target price on shares of ACV Auctions in a research note on Tuesday, November 26th. Two equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, ACV Auctions currently has an average rating of “Moderate Buy” and a consensus price target of $23.50.

ACV Auctions Stock Down 1.5 %

Shares of NASDAQ:ACVA opened at $22.83 on Wednesday. The company has a current ratio of 1.51, a quick ratio of 1.51 and a debt-to-equity ratio of 0.25. ACV Auctions Inc. has a 12-month low of $12.84 and a 12-month high of $23.46. The company has a fifty day simple moving average of $19.77 and a 200 day simple moving average of $18.77. The firm has a market cap of $3.83 billion, a PE ratio of -48.57 and a beta of 1.70.

Insider Transactions at ACV Auctions

In related news, CFO William Zerella sold 32,500 shares of the company’s stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $22.41, for a total value of $728,325.00. Following the completion of the sale, the chief financial officer now owns 490,482 shares of the company’s stock, valued at $10,991,701.62. This represents a 6.21 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, COO Vikas Mehta sold 154,324 shares of the stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $19.19, for a total transaction of $2,961,477.56. Following the completion of the transaction, the chief operating officer now owns 432,457 shares of the company’s stock, valued at $8,298,849.83. This trade represents a 26.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 525,937 shares of company stock worth $10,479,997. 8.50% of the stock is currently owned by insiders.

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.