Trust Point Inc. Decreases Stock Holdings in ACV Auctions Inc. (NASDAQ:ACVA)

Trust Point Inc. lowered its stake in shares of ACV Auctions Inc. (NASDAQ:ACVA) by 3.4% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 45,455 shares of the company’s stock after selling 1,612 shares during the period. Trust Point Inc.’s holdings in ACV Auctions were worth $982,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in ACVA. Spyglass Capital Management LLC increased its position 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 valued at $53,148,000 after acquiring an additional 1,068,356 shares during the last quarter. Wellington Management Group LLP bought a new position in shares of ACV Auctions in the 3rd quarter worth approximately $21,540,000. Massachusetts Financial Services Co. MA boosted its holdings in shares of ACV Auctions by 11.6% in the third quarter. Massachusetts Financial Services Co. MA now owns 8,655,640 shares of the company’s stock worth $175,969,000 after buying an additional 897,477 shares during the last quarter. Jennison Associates LLC grew its position in ACV Auctions by 17.2% during the fourth quarter. Jennison Associates LLC now owns 4,980,354 shares of the company’s stock valued at $107,576,000 after buying an additional 732,422 shares during the period. Finally, JPMorgan Chase & Co. increased its holdings in ACV Auctions by 10.9% during the third quarter. JPMorgan Chase & Co. now owns 3,167,615 shares of the company’s stock valued at $64,398,000 after buying an additional 311,465 shares during the last quarter. Hedge funds and other institutional investors own 88.55% of the company’s stock.

ACV Auctions Price Performance

Shares of ACV Auctions stock opened at $20.86 on Wednesday. The firm has a market cap of $3.50 billion, a PE ratio of -44.38 and a beta of 1.69. The stock has a 50 day moving average of $21.51 and a 200 day moving average of $19.84. 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 $13.37 and a 12 month high of $23.46.

Insider Activity

In other news, insider Michael Waterman sold 30,162 shares of ACV Auctions stock in a transaction that occurred on Tuesday, January 7th. The stock was sold at an average price of $20.53, for a total value of $619,225.86. Following the completion of the transaction, the insider now owns 314,738 shares in the company, valued at approximately $6,461,571.14. The trade was a 8.75 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO William Zerella sold 32,500 shares of the business’s stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $22.41, for a total value of $728,325.00. Following the transaction, the chief financial officer now directly owns 490,482 shares in the company, valued at approximately $10,991,701.62. This represents a 6.21 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 110,162 shares of company stock worth $2,359,726. 8.50% of the stock is currently owned by insiders.

Analysts Set New Price Targets

ACVA has been the subject of several recent research reports. Citigroup boosted their price target on ACV Auctions from $22.00 to $27.00 and gave the company a “buy” rating in a report on Wednesday, November 27th. Stephens initiated coverage on shares of ACV Auctions in a report on Wednesday, January 22nd. They issued an “equal weight” rating and a $20.50 target price for the company. Barrington Research reaffirmed an “outperform” rating and set a $23.00 price target on shares of ACV Auctions in a report on Monday, November 4th. Jefferies Financial Group increased their price objective on shares of ACV Auctions from $22.00 to $25.00 and gave the stock a “buy” rating in a research note on Tuesday, October 22nd. Finally, B. Riley lifted their target price on shares of ACV Auctions from $24.00 to $27.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. Three investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $23.65.

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.