Fifth Third Bancorp Cuts Stake in ACV Auctions Inc. $ACVA

Fifth Third Bancorp reduced its stake in shares of ACV Auctions Inc. (NASDAQ:ACVA) by 42.8% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,896 shares of the company’s stock after selling 1,420 shares during the quarter. Fifth Third Bancorp’s holdings in ACV Auctions were worth $31,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in the stock. UMB Bank n.a. grew its holdings in ACV Auctions by 100.0% during the 2nd quarter. UMB Bank n.a. now owns 12,100 shares of the company’s stock valued at $196,000 after buying an additional 6,050 shares in the last quarter. Diversified Trust Co purchased a new stake in ACV Auctions during the 2nd quarter valued at approximately $606,000. Moody National Bank Trust Division grew its holdings in ACV Auctions by 16.0% during the 2nd quarter. Moody National Bank Trust Division now owns 99,545 shares of the company’s stock valued at $1,615,000 after buying an additional 13,740 shares in the last quarter. Harbor Capital Advisors Inc. grew its holdings in ACV Auctions by 13.1% during the 2nd quarter. Harbor Capital Advisors Inc. now owns 130,211 shares of the company’s stock valued at $2,112,000 after buying an additional 15,107 shares in the last quarter. Finally, Swedbank AB boosted its position in shares of ACV Auctions by 25.0% during the 1st quarter. Swedbank AB now owns 1,000,000 shares of the company’s stock valued at $14,090,000 after acquiring an additional 200,000 shares during the last quarter. 88.55% of the stock is owned by hedge funds and other institutional investors.

ACV Auctions Stock Performance

NASDAQ:ACVA opened at $10.09 on Friday. The stock’s fifty day moving average is $11.55 and its 200 day moving average is $14.16. ACV Auctions Inc. has a fifty-two week low of $9.56 and a fifty-two week high of $23.46. The firm has a market capitalization of $1.74 billion, a PE ratio of -20.58 and a beta of 1.64. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.56 and a current ratio of 1.56.

Insiders Place Their Bets

In other ACV Auctions news, insider Craig Eric Anderson sold 15,000 shares of the stock in a transaction 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 in the company, 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 document filed with the SEC, which is available at this hyperlink. Also, insider Michael Waterman sold 34,339 shares of the stock in a transaction on Tuesday, July 8th. The stock was sold at an average price of $16.05, for a total value of $551,140.95. Following the completion of the sale, the insider owned 379,957 shares in the company, valued at approximately $6,098,309.85. The trade was a 8.29% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 51,089 shares of company stock worth $794,433. Insiders own 2.90% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on ACVA shares. Citigroup lowered their target price on ACV Auctions from $21.00 to $17.00 and set a “buy” rating for the company in a research report on Tuesday, August 12th. Needham & Company LLC lowered their target price on ACV Auctions from $25.00 to $16.00 and set a “buy” rating for the company in a research report on Tuesday, August 12th. Stephens lowered their target price on ACV Auctions from $16.00 to $11.50 and set an “equal weight” rating for the company in a research report on Tuesday, August 12th. JMP Securities lowered their target price on ACV Auctions from $20.00 to $18.00 and set a “market outperform” rating for the company in a research report on Tuesday, August 12th. Finally, Bank of America lowered their target price on ACV Auctions from $20.00 to $16.50 and set a “buy” rating for the company in a research report on Tuesday, August 12th. Ten research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $19.45.

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.