CenterBook Partners LP Raises Stake in ACV Auctions Inc. $ACVA

CenterBook Partners LP raised its holdings in shares of ACV Auctions Inc. (NASDAQ:ACVA) by 827.8% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 567,799 shares of the company’s stock after acquiring an additional 506,600 shares during the period. CenterBook Partners LP owned about 0.33% of ACV Auctions worth $5,627,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the business. Geode Capital Management LLC grew its position in ACV Auctions by 11.3% during the 2nd quarter. Geode Capital Management LLC now owns 3,928,666 shares of the company’s stock worth $63,731,000 after acquiring an additional 398,106 shares during the last quarter. Riverbridge Partners LLC lifted its position in ACV Auctions by 18.6% in the third quarter. Riverbridge Partners LLC now owns 3,567,434 shares of the company’s stock valued at $35,353,000 after purchasing an additional 560,697 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its stake in shares of ACV Auctions by 42.6% during the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 483,306 shares of the company’s stock valued at $7,839,000 after purchasing an additional 144,283 shares during the period. Cambiar Investors LLC purchased a new position in shares of ACV Auctions in the second quarter worth $10,146,000. Finally, Iridian Asset Management LLC CT raised its holdings in ACV Auctions by 52.7% during the 3rd quarter. Iridian Asset Management LLC CT now owns 1,880,851 shares of the company’s stock valued at $18,639,000 after buying an additional 649,358 shares during the last quarter. 88.55% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have issued reports on ACVA. Bank of America reissued an “underperform” rating and issued a $6.00 price target (down previously from $16.50) on shares of ACV Auctions in a report on Thursday, November 6th. JPMorgan Chase & Co. dropped their target price on shares of ACV Auctions from $18.00 to $11.00 and set an “overweight” rating for the company in a report on Thursday, November 6th. Barrington Research lowered ACV Auctions from an “outperform” rating to a “market perform” rating in a research report on Thursday, November 6th. The Goldman Sachs Group reduced their price target on shares of ACV Auctions from $21.00 to $13.00 and set a “buy” rating on the stock in a research report on Friday, November 7th. Finally, Needham & Company LLC lowered their price objective on shares of ACV Auctions from $14.00 to $9.00 and set a “buy” rating for the company in a report on Thursday, November 6th. Six analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, ACV Auctions has a consensus rating of “Hold” and an average target price of $11.85.

Insider Buying and Selling at ACV Auctions

In related news, CEO George Chamoun bought 14,286 shares of the company’s stock in a transaction on Monday, January 12th. The shares were acquired at an average cost of $8.81 per share, with a total value of $125,859.66. Following the completion of the acquisition, the chief executive officer owned 2,598,383 shares of the company’s stock, valued at $22,891,754.23. The trade was a 0.55% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.90% of the stock is owned by insiders.

ACV Auctions Price Performance

Shares of ACVA opened at $6.43 on Wednesday. ACV Auctions Inc. has a fifty-two week low of $4.95 and a fifty-two week high of $21.50. The firm’s 50-day simple moving average is $8.02 and its two-hundred day simple moving average is $9.03. The stock has a market cap of $1.11 billion, a PE ratio of -13.11 and a beta of 1.63. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.56 and a current ratio of 1.56.

ACV Auctions Profile

ACV Auctions operates a digital marketplace that connects automotive dealers through a mobile-first platform for wholesale vehicle auctions. The company’s software enables dealers to list, inspect and bid on used vehicles in real time, leveraging smartphone-based condition reporting, high-resolution imagery and data analytics to streamline the buying and selling process. ACV Auctions also offers subscription-based access to its auction platform, supplemental reconditioning services and financing tools designed to help dealers optimize inventory turn and reduce risk.

Since its founding in 2014, ACV Auctions has expanded its technology offerings beyond core auction services to include dealer management integrations, transportation logistics coordination and title management solutions.