Aigen Investment Management LP Acquires New Holdings in ACV Auctions Inc. (NASDAQ:ACVA)

Aigen Investment Management LP purchased a new stake in ACV Auctions Inc. (NASDAQ:ACVA) in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 14,096 shares of the company’s stock, valued at approximately $287,000.

Other hedge funds also recently modified their holdings of the company. GSA Capital Partners LLP acquired a new stake in shares of ACV Auctions during the third quarter valued at about $562,000. Los Angeles Capital Management LLC boosted its position in ACV Auctions by 6.6% during the 3rd quarter. Los Angeles Capital Management LLC now owns 26,958 shares of the company’s stock worth $548,000 after buying an additional 1,670 shares during the period. TimesSquare Capital Management LLC boosted its position in ACV Auctions by 2.6% during the 3rd quarter. TimesSquare Capital Management LLC now owns 1,773,206 shares of the company’s stock worth $36,049,000 after buying an additional 45,004 shares during the period. Verdence Capital Advisors LLC bought a new stake in ACV Auctions during the 3rd quarter worth approximately $206,000. Finally, BloombergSen Inc. raised its stake in shares of ACV Auctions by 52.7% during the third quarter. BloombergSen Inc. now owns 45,260 shares of the company’s stock valued at $920,000 after acquiring an additional 15,616 shares during the last quarter. Institutional investors and hedge funds own 88.55% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently weighed in on ACVA. Barrington Research reissued an “outperform” rating and issued a $23.00 price objective on shares of ACV Auctions in a research note on Monday, November 4th. Needham & Company LLC increased their price target on ACV Auctions from $23.00 to $26.00 and gave the company a “buy” rating in a research note on Friday, November 8th. Jefferies Financial Group lifted their price objective on ACV Auctions from $22.00 to $25.00 and gave the stock a “buy” rating in a research note on Tuesday, October 22nd. Piper Sandler increased their target price 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. Finally, JMP Securities raised their price target on shares of ACV Auctions from $21.00 to $24.00 and gave the stock a “market outperform” rating in a report on Tuesday, September 17th. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $22.63.

ACV Auctions Price Performance

ACV Auctions stock opened at $20.72 on Friday. The stock has a market capitalization of $3.45 billion, a price-to-earnings ratio of -44.09 and a beta of 1.59. ACV Auctions Inc. has a 52-week low of $12.84 and a 52-week high of $21.31. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.51 and a current ratio of 1.51. The stock’s 50 day moving average price is $19.29 and its two-hundred day moving average price is $18.40.

Insider Buying and Selling

In other ACV Auctions news, Director Brian Hirsch sold 61,666 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $18.63, for a total value of $1,148,837.58. Following the completion of the sale, the director now owns 9,239 shares of the company’s stock, valued at approximately $172,122.57. This trade represents a 86.97 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, COO Vikas Mehta sold 145,928 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $18.71, for a total value of $2,730,312.88. Following the transaction, the chief operating officer now directly owns 468,505 shares in the company, valued at $8,765,728.55. The trade was a 23.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 709,426 shares of company stock valued at $13,792,090 over the last ninety days. 8.50% of the stock is owned by corporate insiders.

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.