Walleye Capital LLC Has $19.79 Million Position in ACV Auctions Inc. (NASDAQ:ACVA)

Walleye Capital LLC grew its position in ACV Auctions Inc. (NASDAQ:ACVA) by 25.3% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 973,538 shares of the company’s stock after purchasing an additional 196,321 shares during the quarter. Walleye Capital LLC’s holdings in ACV Auctions were worth $19,792,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Spyglass Capital Management LLC increased its position in ACV Auctions by 69.1% during the 3rd quarter. Spyglass Capital Management LLC now owns 2,614,245 shares of the company’s stock worth $53,148,000 after purchasing an additional 1,068,356 shares in the last quarter. Summit Partners Public Asset Management LLC increased its position in ACV Auctions by 10.7% during the 3rd quarter. Summit Partners Public Asset Management LLC now owns 1,552,026 shares of the company’s stock worth $31,553,000 after purchasing an additional 150,000 shares in the last quarter. Quantbot Technologies LP acquired a new position in ACV Auctions during the 3rd quarter worth approximately $2,035,000. Loomis Sayles & Co. L P increased its position in ACV Auctions by 10.4% during the 3rd quarter. Loomis Sayles & Co. L P now owns 2,735,055 shares of the company’s stock worth $55,603,000 after purchasing an additional 258,104 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in ACV Auctions by 3.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,241,341 shares of the company’s stock worth $25,236,000 after purchasing an additional 39,812 shares in the last quarter. 88.55% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on ACVA. Jefferies Financial Group upped their price objective on shares of ACV Auctions from $22.00 to $25.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. Citigroup boosted their target price on shares of ACV Auctions from $22.00 to $27.00 and gave the stock a “buy” rating in a report on Wednesday. Needham & Company LLC reissued a “buy” rating and set a $26.00 target price on shares of ACV Auctions in a report on Tuesday. Piper Sandler boosted their target price 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. Finally, Barrington Research reissued an “outperform” rating and set a $23.00 target price on shares of ACV Auctions in a report on Monday, November 4th. Two analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, ACV Auctions presently has an average rating of “Moderate Buy” and an average price target of $23.50.

Insider Activity

In related news, COO Vikas Mehta sold 154,324 shares of the stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $19.19, for a total transaction of $2,961,477.56. Following the transaction, the chief operating officer now directly owns 432,457 shares of the company’s stock, valued at $8,298,849.83. This represents a 26.30 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO William Zerella sold 32,500 shares of the stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $22.41, for a total transaction of $728,325.00. Following the transaction, the chief financial officer now directly owns 490,482 shares in the company, valued at approximately $10,991,701.62. This represents a 6.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 525,937 shares of company stock valued at $10,479,997. 8.50% of the stock is currently owned by insiders.

ACV Auctions Trading Up 1.4 %

NASDAQ:ACVA opened at $22.71 on Friday. The firm’s fifty day moving average is $19.65 and its 200-day moving average is $18.66. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.51 and a current ratio of 1.51. ACV Auctions Inc. has a 52 week low of $12.84 and a 52 week high of $23.46. The firm has a market cap of $3.81 billion, a P/E ratio of -48.32 and a beta of 1.59.

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.