First Trust Capital Management L.P. Purchases New Position in ACV Auctions Inc. $ACVA

First Trust Capital Management L.P. purchased a new stake in ACV Auctions Inc. (NYSE:ACVA) in the third quarter, Holdings Channel.com reports. The institutional investor purchased 3,438,759 shares of the company’s stock, valued at approximately $35,866,000. ACV Auctions comprises 1.7% of First Trust Capital Management L.P.’s investment portfolio, making the stock its 9th largest holding.

Other large investors also recently bought and sold shares of the company. Senvest Management LLC boosted its position in ACV Auctions by 9.0% in the 1st quarter. Senvest Management LLC now owns 3,530,785 shares of the company’s stock worth $14,971,000 after purchasing an additional 291,729 shares in the last quarter. Bank of New York Mellon Corp acquired a new stake in shares of ACV Auctions during the 2nd quarter worth approximately $3,996,000. Squarepoint Ops LLC increased its holdings in shares of ACV Auctions by 64.6% during the 2nd quarter. Squarepoint Ops LLC now owns 547,529 shares of the company’s stock valued at $3,937,000 after purchasing an additional 214,971 shares in the last quarter. Transmarket Holdings LP purchased a new position in shares of ACV Auctions during the 3rd quarter valued at approximately $2,810,000. Finally, Quantinno Capital Management LP increased its holdings in shares of ACV Auctions by 215.8% during the 1st quarter. Quantinno Capital Management LP now owns 425,494 shares of the company’s stock valued at $1,804,000 after purchasing an additional 290,739 shares in the last quarter. 88.55% of the stock is owned by institutional investors and hedge funds.

ACV Auctions Stock Performance

Shares of ACVA stock opened at $10.50 on Friday. The company has a current ratio of 1.52, a quick ratio of 1.52 and a debt-to-equity ratio of 0.53. ACV Auctions Inc. has a 12-month low of $4.07 and a 12-month high of $10.51. The business’s 50 day moving average is $10.13 and its two-hundred day moving average is $7.23. The company has a market capitalization of $1.78 billion, a P/E ratio of -29.17 and a beta of 1.76.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on ACVA shares. Wall Street Zen raised shares of ACV Auctions to a “hold” rating in a report on Saturday, October 17th. Citizens Jmp lowered shares of ACV Auctions from an “outperform” rating to a “market perform” rating in a research report on Tuesday, August 11th. Stephens raised shares of ACV Auctions from an “equal weight” rating to an “overweight” rating and set a $10.50 price objective for the company in a report on Tuesday, August 11th. Citigroup upped their price objective on shares of ACV Auctions from $8.50 to $10.50 and gave the stock a “neutral” rating in a research report on Monday, September 14th. Finally, Needham & Company LLC lowered shares of ACV Auctions from a “buy” rating to a “hold” rating in a research note on Friday, September 11th. Four research analysts have rated the stock with a Buy rating, six have given a Hold rating and four have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $10.00.

ACV Auctions Company Profile

ACV Auctions operates a digital wholesale automotive marketplace that connects vehicle dealers and other commercial sellers with buyers. Its online auction platform enables dealers to purchase and sell used vehicles through live and timed auctions. The company supplements its marketplace with services intended to support wholesale transactions, including vehicle condition reports, transportation, title processing and financing solutions. These offerings help customers evaluate vehicles and manage the steps involved in buying and selling them.