ACV Auctions Inc. (NASDAQ:ACVA) Holdings Decreased by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. cut its position in shares of ACV Auctions Inc. (NASDAQ:ACVA) by 8.3% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 111,361 shares of the company’s stock after selling 10,122 shares during the period. PNC Financial Services Group Inc.’s holdings in ACV Auctions were worth $2,264,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently added to or reduced their stakes in the company. Massachusetts Financial Services Co. MA boosted its holdings in shares of ACV Auctions by 47.6% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 7,758,163 shares of the company’s stock valued at $141,586,000 after buying an additional 2,502,064 shares during the period. Bank of New York Mellon Corp lifted its holdings in shares of ACV Auctions by 217.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,391,070 shares of the company’s stock worth $25,387,000 after purchasing an additional 952,929 shares during the last quarter. Swedbank AB bought a new position in ACV Auctions during the 1st quarter worth $15,016,000. Allspring Global Investments Holdings LLC acquired a new stake in ACV Auctions in the second quarter worth $8,567,000. Finally, Driehaus Capital Management LLC boosted its holdings in shares of ACV Auctions by 48.0% during the second quarter. Driehaus Capital Management LLC now owns 1,232,238 shares of the company’s stock valued at $22,488,000 after acquiring an additional 399,402 shares during the period. Institutional investors and hedge funds own 88.55% of the company’s stock.

ACV Auctions Trading Up 4.5 %

Shares of ACV Auctions stock opened at $22.96 on Tuesday. The business has a fifty day simple moving average of $19.56 and a 200-day simple moving average of $18.60. The firm has a market cap of $3.85 billion, a price-to-earnings ratio of -48.85 and a beta of 1.59. ACV Auctions Inc. has a fifty-two week low of $12.84 and a fifty-two week high of $23.46. The company has a quick ratio of 1.51, a current ratio of 1.51 and a debt-to-equity ratio of 0.25.

Insider Buying and Selling at ACV Auctions

In related news, VP Andrew Peer sold 1,795 shares of the business’s stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $21.00, for a total value of $37,695.00. Following the sale, the vice president now directly owns 62,956 shares in the company, valued at $1,322,076. The trade was a 2.77 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Craig Eric Anderson sold 7,500 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $20.00, for a total transaction of $150,000.00. Following the sale, the insider now owns 328,167 shares of the company’s stock, valued at $6,563,340. The trade was a 2.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 493,437 shares of company stock valued at $9,751,672. 8.50% of the stock is owned by insiders.

Analysts Set New Price Targets

ACVA has been the subject of several recent analyst reports. Piper Sandler upped their target price on shares of ACV Auctions from $16.00 to $18.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. JMP Securities raised their target price on ACV Auctions from $21.00 to $24.00 and gave the company a “market outperform” rating in a research report on Tuesday, September 17th. Jefferies Financial Group lifted their target price on ACV Auctions from $22.00 to $25.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. Raymond James started coverage on 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. Finally, Needham & Company LLC lifted their price objective on shares of ACV Auctions from $23.00 to $26.00 and gave the company a “buy” rating in a research note on Friday, November 8th. Two analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, ACV Auctions has a consensus rating of “Moderate Buy” and a consensus price target of $22.63.

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.