Rhumbline Advisers Purchases 8,368 Shares of ACV Auctions Inc. $ACVA

Rhumbline Advisers grew its stake in ACV Auctions Inc. (NASDAQ:ACVA) by 4.1% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 214,763 shares of the company’s stock after acquiring an additional 8,368 shares during the period. Rhumbline Advisers owned 0.13% of ACV Auctions worth $3,026,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. SG Americas Securities LLC bought a new position in shares of ACV Auctions in the 1st quarter valued at about $364,000. Rivermont Capital Management LP grew its holdings in shares of ACV Auctions by 16.8% in the 1st quarter. Rivermont Capital Management LP now owns 933,113 shares of the company’s stock valued at $13,148,000 after acquiring an additional 133,936 shares in the last quarter. Tempus Wealth Planning LLC bought a new position in shares of ACV Auctions in the 1st quarter valued at about $277,000. Vanguard Group Inc. grew its holdings in shares of ACV Auctions by 7.4% in the 1st quarter. Vanguard Group Inc. now owns 15,301,225 shares of the company’s stock valued at $215,594,000 after acquiring an additional 1,055,310 shares in the last quarter. Finally, Jump Financial LLC grew its holdings in shares of ACV Auctions by 233.3% in the 1st quarter. Jump Financial LLC now owns 92,996 shares of the company’s stock valued at $1,310,000 after acquiring an additional 65,096 shares in the last quarter. Institutional investors own 88.55% of the company’s stock.

ACV Auctions Trading Up 0.8%

Shares of NASDAQ:ACVA opened at $10.10 on Tuesday. ACV Auctions Inc. has a 12-month low of $9.99 and a 12-month high of $23.46. The stock has a market cap of $1.74 billion, a PE ratio of -20.60 and a beta of 1.68. The business has a 50 day moving average of $13.08 and a 200-day moving average of $14.57. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.28.

Insider Buying and Selling

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

Analyst Ratings Changes

ACVA has been the subject of several analyst reports. Needham & Company LLC decreased their price objective on ACV Auctions from $25.00 to $16.00 and set a “buy” rating for the company in a report on Tuesday, August 12th. JMP Securities cut their target price on shares of ACV Auctions from $20.00 to $18.00 and set a “market outperform” rating for the company in a research note on Tuesday, August 12th. The Goldman Sachs Group cut their target price on shares of 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 cut their target price on shares of ACV Auctions from $20.00 to $16.50 and set a “buy” rating for the company in a research note on Tuesday, August 12th. Finally, JPMorgan Chase & Co. cut their target price on shares of ACV Auctions from $20.00 to $19.00 and set an “overweight” rating for the company in a research note on Thursday, July 17th. Ten investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, ACV Auctions has a consensus rating of “Moderate Buy” and a consensus price target of $19.67.

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.