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

Oppenheimer Asset Management Inc. increased its stake in ACV Auctions Inc. (NASDAQ:ACVA) by 43.9% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 199,972 shares of the company’s stock after acquiring an additional 60,991 shares during the period. Oppenheimer Asset Management Inc. owned approximately 0.12% of ACV Auctions worth $4,065,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Aigen Investment Management LP purchased a new position in ACV Auctions in the third quarter worth about $287,000. GSA Capital Partners LLP purchased a new position in ACV Auctions in the third quarter worth about $562,000. Los Angeles Capital Management LLC grew its position in ACV Auctions by 6.6% in the third quarter. Los Angeles Capital Management LLC now owns 26,958 shares of the company’s stock worth $548,000 after acquiring an additional 1,670 shares in the last quarter. TimesSquare Capital Management LLC grew its position in ACV Auctions by 2.6% in the third quarter. TimesSquare Capital Management LLC now owns 1,773,206 shares of the company’s stock worth $36,049,000 after acquiring an additional 45,004 shares in the last quarter. Finally, Verdence Capital Advisors LLC purchased a new position in ACV Auctions in the third quarter worth about $206,000. Hedge funds and other institutional investors own 88.55% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently commented on ACVA shares. Raymond James began coverage on ACV Auctions in a research report on Friday, September 27th. They issued a “market perform” rating and a $22.00 price target for the company. Barrington Research restated an “outperform” rating and set a $23.00 target price on shares of ACV Auctions in a research report on Monday, November 4th. Needham & Company LLC boosted their target price on ACV Auctions from $23.00 to $26.00 and gave the company a “buy” rating in a research report on Friday, November 8th. JMP Securities boosted their target price on ACV Auctions from $21.00 to $24.00 and gave the company a “market outperform” rating in a research report on Tuesday, September 17th. Finally, Piper Sandler boosted their target price on ACV Auctions from $16.00 to $18.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $22.63.

Insider Activity

In related news, CFO William Zerella sold 76,856 shares of the business’s stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $20.26, for a total value of $1,557,102.56. Following the completion of the transaction, the chief financial officer now owns 503,077 shares of the company’s stock, valued at $10,192,340.02. The trade was a 13.25 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Andrew Peer sold 1,795 shares of the business’s stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $21.00, for a total transaction of $37,695.00. Following the completion of the transaction, the vice president now directly owns 62,956 shares of the company’s stock, valued at $1,322,076. This trade represents a 2.77 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 709,426 shares of company stock valued at $13,792,090. Corporate insiders own 8.50% of the company’s stock.

ACV Auctions Stock Performance

ACV Auctions stock opened at $20.72 on Friday. The company has a 50 day moving average price of $19.29 and a 200-day moving average price of $18.40. 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 $21.31. The company has a market capitalization of $3.45 billion, a PE ratio of -44.09 and a beta of 1.59.

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.