Bastion Asset Management Inc. Takes $1.59 Million Position in ACV Auctions Inc. $ACVA

Bastion Asset Management Inc. purchased a new position in shares of ACV Auctions Inc. (NASDAQ:ACVA) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 158,292 shares of the company’s stock, valued at approximately $1,589,000. Bastion Asset Management Inc. owned about 0.09% of ACV Auctions as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently bought and sold shares of ACVA. Brighton Jones LLC bought a new stake in shares of ACV Auctions during the fourth quarter worth $392,000. Royal Bank of Canada lifted its holdings in ACV Auctions by 14.3% during the 1st quarter. Royal Bank of Canada now owns 83,187 shares of the company’s stock valued at $1,173,000 after buying an additional 10,382 shares in the last quarter. AQR Capital Management LLC purchased a new stake in ACV Auctions in the 1st quarter valued at about $197,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in ACV Auctions by 19.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 188,904 shares of the company’s stock valued at $2,662,000 after buying an additional 30,299 shares during the period. Finally, Millennium Management LLC grew its stake in ACV Auctions by 35.7% in the 1st quarter. Millennium Management LLC now owns 728,697 shares of the company’s stock worth $10,267,000 after acquiring an additional 191,883 shares in the last quarter. Institutional investors own 88.55% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. Citigroup decreased their price target on shares of ACV Auctions from $17.00 to $13.00 and set a “buy” rating for the company in a research note on Friday, November 21st. JPMorgan Chase & Co. lowered their target price on ACV Auctions from $18.00 to $11.00 and set an “overweight” rating for the company in a report on Thursday, November 6th. The Goldman Sachs Group cut their price target on ACV Auctions from $21.00 to $13.00 and set a “buy” rating on the stock in a research note on Friday, November 7th. Barrington Research downgraded ACV Auctions from an “outperform” rating to a “market perform” rating in a report on Thursday, November 6th. Finally, Needham & Company LLC dropped their target price on shares of ACV Auctions from $14.00 to $9.00 and set a “buy” rating on the stock in a report on Thursday, November 6th. Six analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $11.85.

Insider Buying and Selling

In other ACV Auctions news, CEO George Chamoun bought 14,286 shares of the company’s stock in a transaction that occurred on Monday, January 12th. The shares were purchased at an average cost of $8.81 per share, for a total transaction of $125,859.66. Following the purchase, the chief executive officer directly owned 2,598,383 shares in the company, valued at $22,891,754.23. This represents a 0.55% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 2.90% of the stock is owned by insiders.

ACV Auctions Price Performance

ACVA opened at $6.61 on Monday. The firm has a market capitalization of $1.14 billion, a PE ratio of -13.48 and a beta of 1.63. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.56 and a quick ratio of 1.56. The business’s 50-day moving average is $8.08 and its two-hundred day moving average is $9.13. ACV Auctions Inc. has a 1 year low of $4.95 and a 1 year high of $22.08.

About ACV Auctions

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.