Wellington Management Group LLP Invests $21.54 Million in ACV Auctions Inc. (NASDAQ:ACVA)

Wellington Management Group LLP acquired a new position in shares of ACV Auctions Inc. (NASDAQ:ACVA) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 1,059,512 shares of the company’s stock, valued at approximately $21,540,000. Wellington Management Group LLP owned 0.64% of ACV Auctions as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also made changes to their positions in the company. Blue Trust Inc. boosted its position in shares of ACV Auctions by 165.2% during the 3rd quarter. Blue Trust Inc. now owns 1,419 shares of the company’s stock valued at $29,000 after acquiring an additional 884 shares in the last quarter. MCF Advisors LLC boosted its position 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. Park Place Capital Corp boosted its position in shares of ACV Auctions by 34.1% during the 3rd quarter. Park Place Capital Corp now owns 2,779 shares of the company’s stock valued at $56,000 after acquiring an additional 706 shares in the last quarter. Amalgamated Bank boosted its position in shares of ACV Auctions by 18.0% during the 2nd quarter. Amalgamated Bank now owns 5,120 shares of the company’s stock valued at $93,000 after acquiring an additional 782 shares in the last quarter. Finally, Verdence Capital Advisors LLC acquired a new stake in shares of ACV Auctions during the 3rd quarter valued at about $206,000. 88.55% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CEO George Chamoun sold 111,363 shares of the business’s stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $20.27, for a total transaction of $2,257,328.01. Following the completion of the sale, the chief executive officer now directly owns 928,166 shares of the company’s stock, valued at $18,813,924.82. The trade was a 10.71 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO William Zerella sold 32,500 shares of the business’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $18.79, for a total transaction of $610,675.00. Following the sale, the chief financial officer now directly owns 490,482 shares of the company’s stock, valued at approximately $9,216,156.78. This trade represents a 6.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 364,113 shares of company stock valued at $7,368,519. Insiders own 8.50% of the company’s stock.

ACV Auctions Trading Down 3.1 %

Shares of NASDAQ ACVA opened at $20.30 on Friday. ACV Auctions Inc. has a 1-year low of $12.84 and a 1-year high of $23.46. The company has a market cap of $3.40 billion, a PE ratio of -43.19 and a beta of 1.70. The company has a current ratio of 1.51, a quick ratio of 1.51 and a debt-to-equity ratio of 0.25. The company has a 50-day moving average of $20.08 and a two-hundred day moving average of $18.95.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on ACVA shares. Barrington Research reiterated an “outperform” rating and set a $23.00 target price on shares of ACV Auctions in a research report on Monday, November 4th. Jefferies Financial Group lifted their target price on shares of ACV Auctions from $22.00 to $25.00 and gave the company a “buy” rating in a research report on Tuesday, October 22nd. B. Riley boosted their price target on shares of ACV Auctions from $24.00 to $27.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th. Raymond James started coverage on shares of ACV Auctions in a research report on Friday, September 27th. They issued a “market perform” rating and a $22.00 price target on the stock. Finally, Piper Sandler boosted their price target on shares of ACV Auctions from $16.00 to $18.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. Two analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $23.50.

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.