The Manufacturers Life Insurance Company Decreases Stock Position in ACV Auctions Inc. (NASDAQ:ACVA)

The Manufacturers Life Insurance Company trimmed its position in shares of ACV Auctions Inc. (NASDAQ:ACVA) by 1.1% in the 3rd quarter, Holdings Channel reports. The firm owned 81,654 shares of the company’s stock after selling 888 shares during the period. The Manufacturers Life Insurance Company’s holdings in ACV Auctions were worth $1,660,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in ACVA. William Blair Investment Management LLC grew its stake in ACV Auctions by 4.1% during the 2nd quarter. William Blair Investment Management LLC now owns 5,013,642 shares of the company’s stock valued at $91,499,000 after acquiring an additional 198,228 shares in the last quarter. Harbor Capital Advisors Inc. grew its position in shares of ACV Auctions by 383.7% in the third quarter. Harbor Capital Advisors Inc. now owns 153,050 shares of the company’s stock valued at $3,112,000 after purchasing an additional 121,411 shares in the last quarter. Essex Investment Management Co. LLC acquired a new stake in shares of ACV Auctions in the third quarter valued at approximately $2,915,000. Engle Capital Management L.P. lifted its position in ACV Auctions by 11.6% during the second quarter. Engle Capital Management L.P. now owns 1,563,000 shares of the company’s stock worth $28,525,000 after buying an additional 163,000 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its stake in ACV Auctions by 23.2% during the third quarter. Allspring Global Investments Holdings LLC now owns 578,266 shares of the company’s stock worth $11,756,000 after buying an additional 108,861 shares during the last quarter. 88.55% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have recently commented on ACVA. Citigroup lifted their price target on ACV Auctions from $22.00 to $27.00 and gave the stock a “buy” rating in a report on Wednesday, November 27th. B. Riley boosted their target price on shares of ACV Auctions from $24.00 to $27.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. Raymond James began coverage on shares of ACV Auctions in a research note on Friday, September 27th. They issued a “market perform” rating and a $22.00 price target for the company. Jefferies Financial Group lifted their price target on shares of ACV Auctions from $22.00 to $25.00 and gave the company a “buy” rating in a research report on Tuesday, October 22nd. Finally, Needham & Company LLC reissued a “buy” rating and set a $26.00 target price on shares of ACV Auctions in a research note on Tuesday, November 26th. Two research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $23.50.

Insiders Place Their Bets

In other ACV Auctions news, CEO George Chamoun sold 111,363 shares of the company’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $20.27, for a total transaction of $2,257,328.01. Following the completion of the sale, the chief executive officer now directly owns 928,166 shares in the company, valued at $18,813,924.82. This represents a 10.71 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Andrew Peer sold 1,795 shares of the company’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $21.00, for a total transaction of $37,695.00. Following the completion of the transaction, the vice president now owns 62,956 shares of the company’s stock, valued at $1,322,076. This trade represents a 2.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 371,613 shares of company stock worth $7,518,519 in the last quarter. 8.50% of the stock is owned by company insiders.

ACV Auctions Trading Down 0.9 %

ACVA opened at $22.15 on Tuesday. The business has a fifty day simple moving average of $19.95 and a 200-day simple moving average of $18.90. 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 $3.71 billion, a P/E ratio of -47.13 and a beta of 1.70. The company has a quick ratio of 1.51, a current ratio of 1.51 and a debt-to-equity ratio of 0.25.

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.