Main Management ETF Advisors LLC Makes New Investment in ACV Auctions Inc. (NASDAQ:ACVA)

Main Management ETF Advisors LLC acquired a new position in 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 acquired 48,112 shares of the company’s stock, valued at approximately $978,000.

A number of other large investors have also recently made changes to their positions in the company. XTX Topco Ltd purchased a new position in shares of ACV Auctions during the 3rd quarter worth about $651,000. Wellington Management Group LLP purchased a new position in shares of ACV Auctions during the 3rd quarter worth about $21,540,000. State Street Corp boosted its stake in shares of ACV Auctions by 3.7% during the 3rd quarter. State Street Corp now owns 3,242,388 shares of the company’s stock worth $65,918,000 after purchasing an additional 115,700 shares during the period. Quadrature Capital Ltd purchased a new position in shares of ACV Auctions during the 3rd quarter worth about $566,000. Finally, Richmond Hill Investments LLC boosted its stake in shares of ACV Auctions by 26.4% during the 3rd quarter. Richmond Hill Investments LLC now owns 488,208 shares of the company’s stock worth $9,925,000 after purchasing an additional 101,892 shares during the period. 88.55% of the stock is owned by hedge funds and other institutional investors.

ACV Auctions Trading Up 1.8 %

NASDAQ:ACVA opened at $22.34 on Friday. ACV Auctions Inc. has a twelve month low of $12.84 and a twelve month high of $23.46. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.51 and a quick ratio of 1.51. The company’s 50 day moving average is $19.91 and its two-hundred day moving average is $18.87.

Insiders Place Their Bets

In other news, CFO William Zerella sold 32,500 shares of the company’s stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $22.41, for a total value of $728,325.00. Following the sale, the chief financial officer now directly owns 490,482 shares of the company’s stock, valued at $10,991,701.62. This represents a 6.21 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO George Chamoun sold 111,363 shares of the company’s stock in a transaction 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 in the company, valued at $18,813,924.82. This trade represents a 10.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 525,937 shares of company stock valued at $10,479,997. Insiders own 8.50% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the stock. Citigroup lifted their price target on shares of ACV Auctions from $22.00 to $27.00 and gave the stock a “buy” rating in a research note on Wednesday, November 27th. Barrington Research reiterated an “outperform” rating and set a $23.00 price objective on shares of ACV Auctions in a report on Monday, November 4th. Piper Sandler lifted their price objective on shares of ACV Auctions from $16.00 to $18.00 and gave the company a “neutral” rating in a report on Friday, November 8th. Raymond James assumed coverage on shares of ACV Auctions in a report on Friday, September 27th. They set a “market perform” rating and a $22.00 price objective for the company. Finally, Needham & Company LLC reiterated a “buy” rating and set a $26.00 price objective on shares of ACV Auctions in a report on Tuesday, November 26th. Two research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $23.50.

About ACV Auctions

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.