Procyon Advisors LLC Makes New $361,000 Investment in ACV Auctions Inc. (NASDAQ:ACVA)

Procyon Advisors LLC acquired a new stake in shares of ACV Auctions Inc. (NASDAQ:ACVA) in the 4th quarter, Holdings Channel.com reports. The institutional investor acquired 16,727 shares of the company’s stock, valued at approximately $361,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Park Place Capital Corp lifted its position in ACV Auctions by 34.1% during the third quarter. Park Place Capital Corp now owns 2,779 shares of the company’s stock valued at $56,000 after buying an additional 706 shares in the last quarter. MCF Advisors LLC lifted its holdings in shares of ACV Auctions by 107.0% during the 3rd quarter. MCF Advisors LLC now owns 1,480 shares of the company’s stock valued at $30,000 after acquiring an additional 765 shares in the last quarter. Amalgamated Bank boosted its position in ACV Auctions by 18.0% during the 2nd quarter. Amalgamated Bank now owns 5,120 shares of the company’s stock worth $93,000 after purchasing an additional 782 shares during the period. Blue Trust Inc. increased its holdings in ACV Auctions by 165.2% in the 3rd quarter. Blue Trust Inc. now owns 1,419 shares of the company’s stock valued at $29,000 after purchasing an additional 884 shares in the last quarter. Finally, Icon Wealth Advisors LLC raised its position in ACV Auctions by 13.5% in the third quarter. Icon Wealth Advisors LLC now owns 11,048 shares of the company’s stock valued at $225,000 after purchasing an additional 1,317 shares during the period. 88.55% of the stock is currently owned by institutional investors and hedge funds.

ACV Auctions Price Performance

Shares of ACVA stock opened at $21.53 on Monday. The firm has a fifty day moving average of $21.51 and a two-hundred day moving average of $19.55. The firm has a market cap of $3.61 billion, a P/E ratio of -45.81 and a beta of 1.69. ACV Auctions Inc. has a 1-year low of $12.84 and a 1-year high of $23.46. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.51 and a quick ratio of 1.51.

Insider Buying and Selling

In other ACV Auctions news, CFO William Zerella sold 15,000 shares of the business’s stock in a transaction on Tuesday, January 7th. The shares were sold at an average price of $20.57, for a total transaction of $308,550.00. Following the completion of the sale, the chief financial officer now owns 462,452 shares in the company, valued at $9,512,637.64. The trade was a 3.14 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Michael Waterman sold 30,162 shares of the firm’s stock in a transaction dated Tuesday, January 7th. The stock was sold at an average price of $20.53, for a total transaction of $619,225.86. Following the completion of the transaction, the insider now owns 314,738 shares in the company, valued at approximately $6,461,571.14. The trade was a 8.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 110,162 shares of company stock worth $2,359,726. Corporate insiders own 8.50% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on ACVA shares. B. Riley upped their target price on ACV Auctions from $24.00 to $27.00 and gave the stock a “buy” rating in a research report on Tuesday, November 26th. Jefferies Financial Group lifted their price objective on shares of ACV Auctions from $22.00 to $25.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. Piper Sandler upped their target price on shares of ACV Auctions from $16.00 to $18.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. Citigroup lifted their price target on shares of ACV Auctions from $22.00 to $27.00 and gave the stock a “buy” rating in a research note on Wednesday, November 27th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $28.00 price objective (up previously from $26.00) on shares of ACV Auctions in a report on Thursday, December 26th. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $24.00.

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.