CenterBook Partners LP Increases Stake in ACV Auctions Inc. $ACVA

CenterBook Partners LP grew its position in ACV Auctions Inc. (NASDAQ:ACVA) by 827.8% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 567,799 shares of the company’s stock after purchasing an additional 506,600 shares during the quarter. CenterBook Partners LP’s holdings in ACV Auctions were worth $5,627,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Wasatch Advisors LP increased its position in shares of ACV Auctions by 301.0% during the second quarter. Wasatch Advisors LP now owns 7,295,400 shares of the company’s stock valued at $118,331,000 after acquiring an additional 5,475,874 shares in the last quarter. Senvest Management LLC lifted its position in ACV Auctions by 144.8% in the 2nd quarter. Senvest Management LLC now owns 1,689,290 shares of the company’s stock valued at $27,400,000 after acquiring an additional 999,290 shares in the last quarter. Iridian Asset Management LLC CT boosted its stake in ACV Auctions by 52.7% during the 3rd quarter. Iridian Asset Management LLC CT now owns 1,880,851 shares of the company’s stock valued at $18,639,000 after purchasing an additional 649,358 shares during the last quarter. Cambiar Investors LLC bought a new stake in shares of ACV Auctions in the 2nd quarter worth $10,146,000. Finally, Riverbridge Partners LLC raised its stake in shares of ACV Auctions by 18.6% in the third quarter. Riverbridge Partners LLC now owns 3,567,434 shares of the company’s stock worth $35,353,000 after purchasing an additional 560,697 shares during the last quarter. Institutional investors own 88.55% of the company’s stock.

ACV Auctions Stock Performance

ACVA opened at $6.43 on Wednesday. The company’s 50 day moving average is $8.02 and its 200 day moving average is $9.03. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.28. The company has a market cap of $1.11 billion, a price-to-earnings ratio of -13.11 and a beta of 1.63. ACV Auctions Inc. has a 12-month low of $4.95 and a 12-month high of $21.50.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the company. The Goldman Sachs Group lowered their price target on ACV Auctions from $21.00 to $13.00 and set a “buy” rating on the stock in a report on Friday, November 7th. Bank of America reissued an “underperform” rating and issued a $6.00 target price (down previously from $16.50) on shares of ACV Auctions in a research report on Thursday, November 6th. Barclays raised their price target on shares of ACV Auctions to $8.00 and gave the company an “equal weight” rating in a report on Wednesday, January 21st. Jefferies Financial Group lowered shares of ACV Auctions from a “buy” rating to a “hold” rating and set a $9.00 price target for the company. in a research note on Thursday, December 11th. Finally, Needham & Company LLC lowered their price objective on shares of ACV Auctions from $14.00 to $9.00 and set a “buy” rating on the stock in a research report on Thursday, November 6th. Six investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, ACV Auctions presently has a consensus rating of “Hold” and an average price target of $11.85.

Insider Buying and Selling at ACV Auctions

In related news, CEO George Chamoun acquired 31,172 shares of ACV Auctions stock in a transaction dated Monday, December 15th. The stock was purchased at an average cost of $7.97 per share, for a total transaction of $248,440.84. Following the purchase, the chief executive officer directly owned 2,618,714 shares of the company’s stock, valued at approximately $20,871,150.58. This trade represents a 1.20% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. 2.90% of the stock is owned by corporate insiders.

ACV Auctions Company Profile

ACV Auctions operates a digital marketplace that connects automotive dealers through a mobile-first platform for wholesale vehicle auctions. The company’s software enables dealers to list, inspect and bid on used vehicles in real time, leveraging smartphone-based condition reporting, high-resolution imagery and data analytics to streamline the buying and selling process. ACV Auctions also offers subscription-based access to its auction platform, supplemental reconditioning services and financing tools designed to help dealers optimize inventory turn and reduce risk.

Since its founding in 2014, ACV Auctions has expanded its technology offerings beyond core auction services to include dealer management integrations, transportation logistics coordination and title management solutions.