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% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 404,035 shares of the company’s stock after selling 59,847 shares during the period. Congress Asset Management Co.’s holdings in ACV Auctions were worth $8,727,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Blue Trust Inc. lifted its position in ACV Auctions by 165.2% in the 3rd quarter. Blue Trust Inc. now owns 1,419 shares of the company’s stock valued at $29,000 after purchasing an additional 884 shares during the last quarter. MCF Advisors LLC lifted its position in ACV Auctions by 107.0% in the 3rd quarter. MCF Advisors LLC now owns 1,480 shares of the company’s stock valued at $30,000 after purchasing an additional 765 shares during the last quarter. KBC Group NV lifted its position in ACV Auctions by 80.4% in the 4th quarter. KBC Group NV now owns 7,406 shares of the company’s stock valued at $160,000 after purchasing an additional 3,300 shares during the last quarter. Verdence Capital Advisors LLC bought a new stake in ACV Auctions in the 3rd quarter valued at about $206,000. Finally, Icon Wealth Advisors LLC lifted its position in ACV Auctions by 13.5% in the 3rd quarter. Icon Wealth Advisors LLC now owns 11,048 shares of the company’s stock valued at $225,000 after purchasing an additional 1,317 shares during the last quarter. 88.55% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the stock. Piper Sandler lifted their price objective on shares of ACV Auctions from $16.00 to $18.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. Citigroup lifted their price objective on shares of ACV Auctions from $22.00 to $27.00 and gave the company a “buy” rating in a research report on Wednesday, November 27th. Stephens upgraded shares of ACV Auctions to a “hold” rating in a research report on Saturday, February 1st. B. Riley boosted their price target on shares of ACV Auctions from $24.00 to $27.00 and gave the stock a “buy” rating in a research report on Tuesday, November 26th. Finally, JMP Securities restated a “market outperform” rating and set a $25.00 price target on shares of ACV Auctions in a research report on Monday, December 16th. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $23.65.

ACV Auctions Price Performance

NASDAQ ACVA opened at $21.59 on Monday. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.51 and a quick ratio of 1.51. The company’s 50 day simple moving average is $21.31 and its 200 day simple moving average is $20.05. ACV Auctions Inc. has a 12 month low of $13.66 and a 12 month high of $23.46. The company has a market capitalization of $3.62 billion, a P/E ratio of -45.94 and a beta of 1.69.

Insider Buying and Selling

In other news, CFO William Zerella sold 32,500 shares of ACV Auctions stock in a transaction that occurred on Monday, December 30th. The shares were sold at an average price of $21.65, for a total value of $703,625.00. Following the transaction, the chief financial officer now directly owns 490,482 shares of the company’s stock, valued at $10,618,935.30. This trade represents a 6.21 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Michael Waterman sold 15,000 shares of ACV Auctions stock in a transaction that occurred on Tuesday, February 4th. The stock was sold at an average price of $20.27, for a total transaction of $304,050.00. Following the completion of the transaction, the insider now directly owns 311,354 shares in the company, valued at approximately $6,311,145.58. This trade represents a 4.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 125,162 shares of company stock worth $2,663,776 in the last ninety days. 8.50% of the stock is currently owned by corporate insiders.

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.