Spyglass Capital Management LLC Grows Stake in ACV Auctions Inc. (NASDAQ:ACVA)

Spyglass Capital Management LLC lifted its stake in shares of ACV Auctions Inc. (NASDAQ:ACVA) by 69.1% in the third quarter, Holdings Channel reports. The firm owned 2,614,245 shares of the company’s stock after buying an additional 1,068,356 shares during the period. ACV Auctions accounts for about 3.5% of Spyglass Capital Management LLC’s investment portfolio, making the stock its 16th largest position. Spyglass Capital Management LLC’s holdings in ACV Auctions were worth $53,148,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Comerica Bank boosted its position in ACV Auctions by 5,045.7% during the first quarter. Comerica Bank now owns 63,550 shares of the company’s stock worth $1,193,000 after acquiring an additional 62,315 shares during the last quarter. William Blair Investment Management LLC boosted its position in ACV Auctions by 4.1% during the second quarter. William Blair Investment Management LLC now owns 5,013,642 shares of the company’s stock worth $91,499,000 after acquiring an additional 198,228 shares during the last quarter. Swedbank AB acquired a new position in ACV Auctions during the first quarter worth about $15,016,000. Harbor Capital Advisors Inc. boosted its position in ACV Auctions by 383.7% during the third quarter. Harbor Capital Advisors Inc. now owns 153,050 shares of the company’s stock worth $3,112,000 after acquiring an additional 121,411 shares during the last quarter. Finally, Essex Investment Management Co. LLC acquired a new position in ACV Auctions during the third quarter worth about $2,915,000. Hedge funds and other institutional investors own 88.55% of the company’s stock.

Insider Buying and Selling

In other ACV Auctions news, COO Vikas Mehta sold 154,324 shares of the stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $19.19, for a total value of $2,961,477.56. Following the sale, the chief operating officer now directly owns 432,457 shares of the company’s stock, valued at approximately $8,298,849.83. This represents a 26.30 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO George Chamoun sold 111,363 shares of the stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $20.27, for a total transaction of $2,257,328.01. Following the completion of the sale, the chief executive officer now directly owns 928,166 shares in the company, valued at approximately $18,813,924.82. This represents a 10.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 525,937 shares of company stock valued at $10,479,997 in the last ninety days. Company insiders own 8.50% of the company’s stock.

ACV Auctions Price Performance

Shares of ACVA opened at $22.71 on Friday. ACV Auctions Inc. has a fifty-two week low of $12.84 and a fifty-two week high of $23.46. The firm’s 50 day moving average price is $19.65 and its 200 day moving average price is $18.66. The company has a market cap of $3.81 billion, a P/E ratio of -48.32 and a beta of 1.59. The company has a quick ratio of 1.51, a current ratio of 1.51 and a debt-to-equity ratio of 0.25.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. 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. Piper Sandler boosted their target price on shares of ACV Auctions from $16.00 to $18.00 and gave the company a “neutral” rating in a report on Friday, November 8th. Citigroup boosted their target price on shares of ACV Auctions from $22.00 to $27.00 and gave the company a “buy” rating in a report on Wednesday. Barrington Research reiterated an “outperform” rating and issued a $23.00 target price on shares of ACV Auctions in a report on Monday, November 4th. Finally, Raymond James started coverage on shares of ACV Auctions in a report on Friday, September 27th. They issued a “market perform” rating and a $22.00 price objective on the stock. Two research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $23.50.

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.