It is a truth universally acknowledged, that a stock in possession of a precipitous decline must be in want of a contrarian. And so, Iridian Asset Management, with a boldness bordering on the reckless, has added to its holdings of ACV Auctions. A mere $8.97 million, you say? A trifle, really, when measured against the vast ocean of market irrationality. But a distinctly interesting trifle.
A Curious Investment
Iridian, it seems, has acquired 1,108,301 additional shares of ACV Auctions, bringing their total stake to a rather robust $23.97 million. A significant commitment, particularly when one considers the prevailing atmosphere of gloom. The market, you see, is frightfully predictable in its panics. It mistakes a temporary inconvenience for a permanent catastrophe. And ACV Auctions, currently trading at a mere $8.62 – a decline of nearly 60% from its former glory – is currently the object of its disdain.
The Portfolio of a Discriminating Eye
Let us observe the holdings of Iridian, shall we? A delightful assortment, if I may say so. ACV Auctions, leading the charge at $23.97 million (a charming 8.8% of their assets under management). Followed by the predictably pedestrian Hilton Grand Vacations and Herbalife. One detects a certain… discernment. A willingness to embrace the unfashionable. A quality I, naturally, applaud.
- NYSE:ACVA: $23.97 million (8.8% of AUM)
- NYSE:HLF: $23.67 million (8.7% of AUM)
- NYSE:HGV: $20.81 million (7.7% of AUM)
- NYSE:POST: $16.75 million (6.2% of AUM)
- NYSE:LAD: $15.68 million (5.8% of AUM)
The Company Itself: A Brief Examination
| Metric | Value |
|---|---|
| Price (as of January 22) | $8.62 |
| Market capitalization | $1.5 billion |
| Revenue (TTM) | $735.48 million |
| Net income (TTM) | ($72.72 million) |
ACV Auctions, for those unfamiliar, is a digital marketplace for wholesale vehicles. A rather vulgar business, perhaps, but undeniably efficient. They connect buyers and sellers, streamlining a process that was once a tedious exercise in inconvenience. They offer data, financing… all the modern necessities. It is, in essence, a perfectly respectable means of exchanging metal for money.
A Market Misunderstanding
The current valuation, however, is where the true amusement lies. The market, obsessed with immediate gratification, fails to recognize that ACV Auctions is not merely a vehicle auctioneer; it is a facilitator of commerce. Revenue is up 16% year over year, marketplace units have increased by 10%, and adjusted EBITDA has nearly doubled. Yet, the stock languishes. It is a perfect illustration of the adage: to be misunderstood is the fate of all genius.
Iridian, it appears, understands this. Their increased stake signals a belief that ACV Auctions is not destined for oblivion. It is a wager, of course. All investments are. But it is a wager placed on logic, on fundamentals, on the simple truth that a good business, even in a bad market, will eventually find its level. And, dare I say, it is a rather elegant one. The market may continue to punish ACV Auctions for a time, but I suspect that those who possess the foresight to recognize its inherent value will be handsomely rewarded. After all, the truly fashionable always appreciate a bargain.
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2026-01-24 20:12