Keybank National Association OH, a financial institution based in Ohio, has reduced its holdings in ACV Auctions Inc. by 74.4% during the first quarter of this year, as reported in its recent 13F filing with the Securities and Exchange Commission (SEC). The company sold 61,946 shares of ACV Auctions, leaving them with 21,342 shares of the company’s stock. At the end of the quarter, Keybank’s holdings in ACV Auctions were valued at $276,000.
ACV Auctions Inc., established in 2014 and headquartered in Buffalo, New York, operates a digital marketplace connecting buyers and sellers for online auctions of wholesale vehicles. The company provides valuable data services that offer insights into the condition and value of used vehicles. Additionally, it offers customer financing services.
Several equities research analysts have released reports on ACV Auctions. Piper Sandler increased their price target on the company from $14.00 to $15.00 on July 5th. Stephens reiterated an “overweight” rating on ACV Auctions’ shares and set a price target of $20.00 on August 8th. JMP Securities also raised their price objective from $18.00 to $20.00 and gave ACV Auctions a “market outperform” rating on August 8th as well.
In addition to these assessments, Guggenheim increased their price objective from $20.00 to $21.00 and assigned a “buy” rating to ACV Auctions in their report released on August 9th. Jefferies Financial Group also raised their price objective from $18.00 to $20.00 and gave the company a “buy” rating on July 25th.
Analyzing data from Bloomberg, it can be seen that three equities research analysts have rated the stock as a hold while eight have assigned it a buy rating. The average rating for ACV Auctions is reported to be a “Moderate Buy” with an average target price of $19.07.
In conclusion, Keybank National Association OH has reduced its holdings in ACV Auctions Inc., a digital marketplace for wholesale vehicle auctions. Despite this decrease, ACV Auctions continues to receive positive ratings from equities research analysts, with an average target price above its current value. This indicates confidence in the company’s potential for growth and success in the future.
[bs_slider_forecast ticker=”ACVA”]
ACV Auctions, Inc. Gains Attention from Hedge Funds and Institutional Investors as Stock Ownership Increases
ACV Auctions, Inc., the digital marketplace that facilitates online wholesale vehicle auctions, has attracted the attention of several hedge funds and institutional investors. These financial entities have demonstrated their confidence in the company’s potential by actively buying and selling shares of ACV Auctions (ACVA).
UBS Group AG was among the hedge funds that increased its stake in ACV Auctions during the fourth quarter of 2022. The firm boosted its ownership by 47.5%, acquiring an additional 1,200 shares and bringing its total holdings to 3,725 shares valued at $31,000.
Legal & General Group Plc also grew its position in ACV Auctions during the same period by 3.0%. The organization purchased an extra 1,215 shares, totaling 41,056 shares with a value of $337,000.
Price T Rowe Associates Inc. MD followed suit and expanded its stake in ACV Auctions by 3.4% during the fourth quarter. By purchasing an additional 1,305 shares, Price T Rowe Associates Inc. now holds 39,990 shares worth $328,000.
Victory Capital Management Inc., meanwhile, raised its ownership in ACV Auctions by 10.5% during the first quarter of this year. With an additional purchase of 1,323 shares, Victory Capital Management Inc.’s total holdings now stand at 13,874 shares valued at $179,000.
Lastly, Arizona State Retirement System increased its stake in ACV Auctions by 4.9% during the first quarter after buying an extra 1,510 shares. The institution currently owns 32,390 shares worth $418,000.
Collectively, hedge funds and other institutional investors account for approximately three-quarters (75.63%) of ACVA stock ownership.
In recent news related to ACV Auctions’ financial activities and key personnel changes within the company, CFO William Zerella made a significant sale of 17,500 shares on August 15. The transaction amounted to $275,275. Following the sale, Zerella now possesses 324,432 shares of ACV Auctions stock valued at approximately $5,103,315.36.
Another notable insider sale involved CEO George Chamoun, who sold 143,049 shares on June 20 for a total value of $2,576,312.49. Chamoun’s remaining holdings amount to 646,607 shares valued at $11,645,392.07.
These insider transactions have contributed to a cumulative total of 1,329,156 shares being sold by company insiders over the past three months. The value of these sales amounted to $23,830,358 and represents roughly 13.67% of ACV Auctions’ total stock ownership.
ACV Auctions Inc operates as an online platform connecting buyers and sellers for wholesale vehicle auctions. The company also offers data services that provide insights into the condition and worth of used vehicles in addition to customer financing services. Established in 2014 and headquartered in Buffalo, New York, ACV Auctions has steadily gained attention and popularity within the auto industry.
As of Thursday’s trading session on August 24th., ACVA stock opened at $15.94 per share. Over the past year, prices have ranged from a low of $6.51 to a high of $18.68 for ACV Auctions Inc.’s stocks. With a market capitalization of $2.56 billion and a price-to-earnings ratio currently standing at -30.65 times earnings (-30.65 P/E), ACVA demonstrates potential for growth in the digital automotive marketplace sector.
Please note that this information is accurate as of the reference date provided but is subject to change due to market fluctuations and other factors influencing the stock market.
