Passive Capital Management LLC. Has $820,000 Holdings in ACV Auctions Inc. (NASDAQ:ACVA)

Passive Capital Management LLC. decreased its position in shares of ACV Auctions Inc. (NASDAQ:ACVA) by 2.9% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 40,357 shares of the company’s stock after selling 1,226 shares during the quarter. Passive Capital Management LLC.’s holdings in ACV Auctions were worth $820,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of ACVA. Main Management ETF Advisors LLC acquired a new stake in shares of ACV Auctions during the third quarter valued at about $978,000. XTX Topco Ltd bought a new position in ACV Auctions in the 3rd quarter valued at approximately $651,000. Wellington Management Group LLP acquired a new stake in ACV Auctions during the 3rd quarter worth approximately $21,540,000. State Street Corp grew its holdings in ACV Auctions by 3.7% during the 3rd quarter. State Street Corp now owns 3,242,388 shares of the company’s stock worth $65,918,000 after acquiring an additional 115,700 shares during the last quarter. Finally, Quadrature Capital Ltd bought a new position in shares of ACV Auctions during the third quarter valued at $566,000. Institutional investors own 88.55% of the company’s stock.

ACV Auctions Stock Up 1.8 %

ACV Auctions stock opened at $22.34 on Friday. The company has a market capitalization of $3.75 billion, a PE ratio of -47.53 and a beta of 1.70. ACV Auctions Inc. has a 12-month low of $12.84 and a 12-month high of $23.46. The firm’s fifty day moving average is $19.91 and its 200 day moving average is $18.87. The company has a quick ratio of 1.51, a current ratio of 1.51 and a debt-to-equity ratio of 0.25.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. Barrington Research reissued an “outperform” rating and issued a $23.00 price objective on shares of ACV Auctions in a research note on Monday, November 4th. B. Riley increased their price target on ACV Auctions from $24.00 to $27.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. Raymond James initiated coverage on ACV Auctions in a research note on Friday, September 27th. They issued a “market perform” rating and a $22.00 price objective on the stock. JMP Securities increased their target price on shares of 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 raised their price target on shares of ACV Auctions from $16.00 to $18.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. Two equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, ACV Auctions currently has a consensus rating of “Moderate Buy” and an average price target of $23.50.

Insider Buying and Selling at ACV Auctions

In other ACV Auctions news, CFO William Zerella sold 76,856 shares of the firm’s stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $20.26, for a total value of $1,557,102.56. Following the completion of the sale, the chief financial officer now owns 503,077 shares of the company’s stock, valued at approximately $10,192,340.02. This trade represents a 13.25 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO George Chamoun sold 111,363 shares of the company’s stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $20.27, for a total value of $2,257,328.01. Following the transaction, the chief executive officer now directly owns 928,166 shares in the company, valued at $18,813,924.82. The trade was a 10.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 525,937 shares of company stock valued at $10,479,997. Corporate insiders own 8.50% of the company’s stock.

ACV Auctions 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.