SG Capital Management LLC Invests $17.10 Million in ACV Auctions Inc. $ACVA

SG Capital Management LLC acquired a new position in ACV Auctions Inc. (NASDAQ:ACVA) during the 3rd quarter, HoldingsChannel.com reports. The firm acquired 1,725,788 shares of the company’s stock, valued at approximately $17,103,000. ACV Auctions accounts for about 1.5% of SG Capital Management LLC’s investment portfolio, making the stock its 24th biggest holding.

Several other hedge funds have also bought and sold shares of ACVA. Brighton Jones LLC purchased a new position in ACV Auctions in the 4th quarter worth approximately $392,000. Royal Bank of Canada grew its position in ACV Auctions by 14.3% in the first quarter. Royal Bank of Canada now owns 83,187 shares of the company’s stock worth $1,173,000 after acquiring an additional 10,382 shares in the last quarter. AQR Capital Management LLC purchased a new position in ACV Auctions in the first quarter worth $197,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in ACV Auctions by 19.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 188,904 shares of the company’s stock valued at $2,662,000 after acquiring an additional 30,299 shares during the last quarter. Finally, Millennium Management LLC raised its position in ACV Auctions by 35.7% during the first quarter. Millennium Management LLC now owns 728,697 shares of the company’s stock valued at $10,267,000 after purchasing an additional 191,883 shares in the last quarter. 88.55% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on ACVA. Needham & Company LLC decreased their price objective on ACV Auctions from $14.00 to $9.00 and set a “buy” rating on the stock in a report on Thursday, November 6th. Bank of America reiterated an “underperform” rating and set a $6.00 price target (down from $16.50) on shares of ACV Auctions in a research report on Thursday, November 6th. Jefferies Financial Group lowered shares of ACV Auctions from a “buy” rating to a “hold” rating and set a $9.00 price objective for the company. in a report on Thursday, December 11th. Citigroup reduced their target price on shares of ACV Auctions from $17.00 to $13.00 and set a “buy” rating on the stock in a report on Friday, November 21st. Finally, Barrington Research downgraded shares of ACV Auctions from an “outperform” rating to a “market perform” rating in a research note on Thursday, November 6th. Six analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, ACV Auctions has an average rating of “Hold” and an average price target of $11.85.

Insider Buying and Selling

In other ACV Auctions news, CEO George Chamoun acquired 31,172 shares of the company’s stock in a transaction on Monday, December 15th. The stock was acquired at an average price of $7.97 per share, for a total transaction of $248,440.84. Following the acquisition, the chief executive officer owned 2,618,714 shares in the company, valued at $20,871,150.58. This represents a 1.20% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. 2.90% of the stock is owned by insiders.

ACV Auctions Price Performance

Shares of ACV Auctions stock opened at $6.69 on Thursday. The company’s fifty day simple moving average is $7.99 and its two-hundred day simple moving average is $9.01. ACV Auctions Inc. has a 12-month low of $4.95 and a 12-month high of $21.03. The firm has a market cap of $1.15 billion, a PE ratio of -13.64 and a beta of 1.63. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.28.

ACV Auctions Profile

ACV Auctions operates a digital marketplace that connects automotive dealers through a mobile-first platform for wholesale vehicle auctions. The company’s software enables dealers to list, inspect and bid on used vehicles in real time, leveraging smartphone-based condition reporting, high-resolution imagery and data analytics to streamline the buying and selling process. ACV Auctions also offers subscription-based access to its auction platform, supplemental reconditioning services and financing tools designed to help dealers optimize inventory turn and reduce risk.

Since its founding in 2014, ACV Auctions has expanded its technology offerings beyond core auction services to include dealer management integrations, transportation logistics coordination and title management solutions.