Iridian Asset Management added 1,108,301 shares of ACV Auctions, valued at $8.97 million. The quarter-end position value increased by $5.33 million, bringing the post-transaction stake to 2,989,152 shares valued at $23.97 million. ACV Auctions shares were priced at $8.62 on January 22, down 59.8% over the past year.

Iridian Asset Management disclosed a buy of 1,108,301 ACV Auctions shares, estimated at $8.97 million. The fund’s quarter-end stake totaled $23.97 million, reflecting both new purchases and share price movement. ACV Auctions offers a digital wholesale vehicle auction platform and related data services. The company’s revenue for the third quarter was $200 million, up 16% year over year.

ACV Auctions is Iridian’s largest holding at nearly 9% of assets. The company’s stock price does not reflect its business scaling. In the third quarter, ACV delivered record revenue of $200 million, with adjusted EBITDA doubling to $19 million. Management expects full-year revenue of up to $760 million, signaling improving operating leverage.

Read more at Yahoo Finance: ACV Auctions Draws a $9 Million Vote of Confidence Despite a 60% Stock Drop