State of New Jersey Common Pension Fund D Sells 1,252 Shares of ACV Auctions Inc. (NASDAQ:ACVA)

State of New Jersey Common Pension Fund D decreased its position in shares of ACV Auctions Inc. (NASDAQ:ACVA) by 1.2% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 102,883 shares of the company’s stock after selling 1,252 shares during the quarter. State of New Jersey Common Pension Fund D owned approximately 0.06% of ACV Auctions worth $2,092,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Blue Trust Inc. raised its holdings in ACV Auctions by 165.2% in the third quarter. Blue Trust Inc. now owns 1,419 shares of the company’s stock worth $29,000 after purchasing an additional 884 shares in the last quarter. MCF Advisors LLC grew its position in shares of ACV Auctions by 107.0% in the 3rd quarter. MCF Advisors LLC now owns 1,480 shares of the company’s stock worth $30,000 after buying an additional 765 shares during the last quarter. Park Place Capital Corp raised its stake 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 worth $56,000 after acquiring an additional 706 shares in the last quarter. Amalgamated Bank lifted its position in ACV Auctions by 18.0% during the second quarter. Amalgamated Bank now owns 5,120 shares of the company’s stock valued at $93,000 after acquiring an additional 782 shares during the last quarter. Finally, Verdence Capital Advisors LLC acquired a new stake in ACV Auctions in the third quarter valued at approximately $206,000. Hedge funds and other institutional investors own 88.55% of the company’s stock.

Insider Buying and Selling

In related news, VP Andrew Peer sold 1,795 shares of the company’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $21.00, for a total transaction of $37,695.00. Following the completion of the sale, the vice president now owns 62,956 shares of the company’s stock, valued at approximately $1,322,076. This represents a 2.77 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO William Zerella sold 32,500 shares of the firm’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 completion of the transaction, the chief financial officer now directly owns 490,482 shares in the company, valued at $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. Insiders sold a total of 709,426 shares of company stock worth $13,792,090 in the last 90 days. Insiders own 8.50% of the company’s stock.

ACV Auctions Price Performance

ACV Auctions stock opened at $20.72 on Friday. The stock has a market capitalization of $3.45 billion, a P/E ratio of -44.09 and a beta of 1.59. The company’s fifty day moving average price is $19.29 and its 200 day moving average price is $18.40. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.51 and a current ratio of 1.51. ACV Auctions Inc. has a 1 year low of $12.84 and a 1 year high of $21.31.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the company. Raymond James initiated coverage on ACV Auctions in a research report on Friday, September 27th. They issued a “market perform” rating and a $22.00 price objective for the company. Needham & Company LLC boosted their price target on ACV Auctions from $23.00 to $26.00 and gave the stock a “buy” rating in a research note on Friday, November 8th. Barrington Research reaffirmed an “outperform” rating and issued a $23.00 price objective on shares of ACV Auctions in a research report on Monday, November 4th. Piper Sandler boosted their target price on shares of ACV Auctions from $16.00 to $18.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. Finally, Jefferies Financial Group raised their price target on shares of ACV Auctions from $22.00 to $25.00 and gave the stock a “buy” rating in a report on Tuesday, October 22nd. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, ACV Auctions has a consensus rating of “Moderate Buy” and an average target price of $22.63.

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.