ACV Auctions Inc. (NASDAQ:ACVA) Shares Sold by Congress Asset Management Co.

Congress Asset Management Co. cut its holdings in ACV Auctions Inc. (NASDAQ:ACVA) by 12.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 404,035 shares of the company’s stock after selling 59,847 shares during the quarter. Congress Asset Management Co. owned approximately 0.24% of ACV Auctions worth $8,727,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Moody National Bank Trust Division boosted its position in ACV Auctions by 64.6% during the fourth quarter. Moody National Bank Trust Division now owns 79,199 shares of the company’s stock worth $1,711,000 after acquiring an additional 31,094 shares during the last quarter. Quadrature Capital Ltd acquired a new stake in ACV Auctions during the third quarter worth approximately $566,000. JPMorgan Chase & Co. boosted its position in ACV Auctions by 10.9% during the third quarter. JPMorgan Chase & Co. now owns 3,167,615 shares of the company’s stock worth $64,398,000 after acquiring an additional 311,465 shares during the last quarter. Quantbot Technologies LP acquired a new stake in ACV Auctions during the third quarter worth approximately $2,035,000. Finally, State Street Corp boosted its position in ACV Auctions by 3.7% during the third 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. Institutional investors and hedge funds own 88.55% of the company’s stock.

Analyst Ratings Changes

A number of research firms have weighed in on ACVA. B. Riley increased their price target on shares of ACV Auctions from $24.00 to $27.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. Piper Sandler increased their price target on shares of ACV Auctions from $16.00 to $18.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. Needham & Company LLC reaffirmed a “buy” rating and set a $28.00 price target (up previously from $26.00) on shares of ACV Auctions in a research note on Thursday, December 26th. Barrington Research reaffirmed an “outperform” rating and set a $23.00 price target on shares of ACV Auctions in a research note on Monday, November 4th. Finally, Jefferies Financial Group increased their price target 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. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $23.65.

ACV Auctions Stock Performance

Shares of ACVA stock opened at $21.59 on Monday. ACV Auctions Inc. has a 52 week low of $13.66 and a 52 week high of $23.46. The company has a market cap of $3.62 billion, a PE ratio of -45.94 and a beta of 1.69. The company has a current ratio of 1.51, a quick ratio of 1.51 and a debt-to-equity ratio of 0.25. The company’s fifty day simple moving average is $21.31 and its 200-day simple moving average is $20.05.

Insider Buying and Selling

In related news, CFO William Zerella sold 32,500 shares of ACV Auctions stock in a transaction on Monday, December 30th. The shares were sold at an average price of $21.65, for a total transaction of $703,625.00. Following the sale, the chief financial officer now owns 490,482 shares of the company’s stock, valued at $10,618,935.30. The trade was a 6.21 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Michael Waterman sold 30,162 shares of ACV Auctions stock in a transaction on Tuesday, January 7th. The stock was sold at an average price of $20.53, for a total transaction of $619,225.86. Following the sale, the insider now directly owns 314,738 shares in the company, valued at $6,461,571.14. This trade represents a 8.75 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 125,162 shares of company stock valued at $2,663,776 in the last quarter. Company insiders own 8.50% of the company’s stock.

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.