Charles Schwab Investment Management Inc. Decreases Stock Holdings in ACV Auctions Inc. $ACVA

Charles Schwab Investment Management Inc. reduced its stake in shares of ACV Auctions Inc. (NASDAQ:ACVA) by 2.1% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,262,178 shares of the company’s stock after selling 27,184 shares during the quarter. Charles Schwab Investment Management Inc. owned approximately 0.75% of ACV Auctions worth $17,784,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in ACVA. Brighton Jones LLC purchased a new stake in shares of ACV Auctions during the 4th quarter worth $392,000. LPL Financial LLC purchased a new stake in shares of ACV Auctions during the 4th quarter worth $226,000. Wells Fargo & Company MN lifted its stake in shares of ACV Auctions by 55.3% during the 4th quarter. Wells Fargo & Company MN now owns 83,413 shares of the company’s stock worth $1,802,000 after purchasing an additional 29,717 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in shares of ACV Auctions during the 4th quarter worth $4,704,000. Finally, Barclays PLC lifted its stake in shares of ACV Auctions by 9.0% during the 4th quarter. Barclays PLC now owns 266,951 shares of the company’s stock worth $5,766,000 after purchasing an additional 21,952 shares during the last quarter. 88.55% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on ACVA shares. Stephens decreased their price objective on ACV Auctions from $16.00 to $11.50 and set an “equal weight” rating for the company in a research note on Tuesday, August 12th. The Goldman Sachs Group decreased their price target on ACV Auctions from $26.00 to $21.00 and set a “buy” rating for the company in a research note on Tuesday, August 12th. Bank of America decreased their price target on ACV Auctions from $20.00 to $16.50 and set a “buy” rating for the company in a research note on Tuesday, August 12th. Citigroup decreased their price target on ACV Auctions from $21.00 to $17.00 and set a “buy” rating for the company in a research note on Tuesday, August 12th. Finally, Needham & Company LLC decreased their price target on ACV Auctions from $25.00 to $16.00 and set a “buy” rating for the company in a research note on Tuesday, August 12th. Ten equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, ACV Auctions currently has a consensus rating of “Moderate Buy” and an average target price of $19.67.

Insider Activity

In related news, insider Craig Eric Anderson sold 15,000 shares of the firm’s stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of $15.04, for a total transaction of $225,600.00. Following the sale, the insider directly owned 340,799 shares of the company’s stock, valued at $5,125,616.96. This trade represents a 4.22% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Michael Waterman sold 34,339 shares of the firm’s stock in a transaction dated Tuesday, July 8th. The stock was sold at an average price of $16.05, for a total value of $551,140.95. Following the sale, the insider directly owned 379,957 shares in the company, valued at approximately $6,098,309.85. This trade represents a 8.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.90% of the stock is owned by company insiders.

ACV Auctions Stock Up 5.7%

Shares of ACVA stock opened at $12.1220 on Friday. The stock’s 50-day simple moving average is $14.62 and its 200-day simple moving average is $15.56. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.56 and a current ratio of 1.56. The firm has a market capitalization of $2.07 billion, a PE ratio of -24.74 and a beta of 1.69. ACV Auctions Inc. has a fifty-two week low of $10.26 and a fifty-two week high of $23.46.

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.