Next Capital Management LLC Makes New Investment in ACV Auctions Inc. $ACVA

Next Capital Management LLC purchased a new stake in ACV Auctions Inc. (NASDAQ:ACVA) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 16,006 shares of the company’s stock, valued at approximately $260,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of ACVA. Brighton Jones LLC bought a new position in ACV Auctions in the fourth quarter worth approximately $392,000. Teacher Retirement System of Texas bought a new position in shares of ACV Auctions in the 1st quarter worth $315,000. Bank of New York Mellon Corp lifted its stake in shares of ACV Auctions by 6.7% during the 1st quarter. Bank of New York Mellon Corp now owns 1,095,964 shares of the company’s stock worth $15,442,000 after purchasing an additional 68,513 shares during the last quarter. Iridian Asset Management LLC CT boosted its position in ACV Auctions by 77.9% during the first quarter. Iridian Asset Management LLC CT now owns 1,967,332 shares of the company’s stock valued at $27,720,000 after purchasing an additional 861,178 shares in the last quarter. Finally, TimesSquare Capital Management LLC grew its stake in ACV Auctions by 33.9% in the first quarter. TimesSquare Capital Management LLC now owns 2,533,258 shares of the company’s stock valued at $35,694,000 after purchasing an additional 641,631 shares during the last quarter. 88.55% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research firms have commented on ACVA. Jefferies Financial Group decreased their price target on shares of ACV Auctions from $22.00 to $15.00 and set a “buy” rating for the company in a research report on Friday, October 17th. Citigroup reduced their price objective on shares of ACV Auctions from $21.00 to $17.00 and set a “buy” rating for the company in a research note on Tuesday, August 12th. Needham & Company LLC lowered their target price on shares of ACV Auctions from $16.00 to $14.00 and set a “buy” rating for the company in a research note on Tuesday, October 7th. JPMorgan Chase & Co. cut their price target on shares of ACV Auctions from $20.00 to $19.00 and set an “overweight” rating on the stock in a report on Thursday, July 17th. Finally, The Goldman Sachs Group decreased their price objective on ACV Auctions from $26.00 to $21.00 and set a “buy” rating for the company in a report on Tuesday, August 12th. Nine equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $17.90.

ACV Auctions Stock Up 3.5%

ACVA stock opened at $9.39 on Tuesday. The stock has a market capitalization of $1.62 billion, a PE ratio of -19.16 and a beta of 1.64. ACV Auctions Inc. has a 52 week low of $8.33 and a 52 week high of $23.46. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.28. The firm has a 50 day moving average of $9.99 and a 200 day moving average of $13.36.

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.