Jennison Associates LLC Increases Stake in ACV Auctions Inc. (NASDAQ:ACVA)

Jennison Associates LLC boosted its stake in ACV Auctions Inc. (NASDAQ:ACVA) by 6.8% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 4,247,932 shares of the company’s stock after purchasing an additional 271,970 shares during the quarter. Jennison Associates LLC’s holdings in ACV Auctions were worth $86,360,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently bought and sold shares of ACVA. ProShare Advisors LLC grew its stake in shares of ACV Auctions by 8.5% during the 1st quarter. ProShare Advisors LLC now owns 22,843 shares of the company’s stock valued at $429,000 after buying an additional 1,798 shares during the period. Blair William & Co. IL grew its position in ACV Auctions by 14.7% during the first quarter. Blair William & Co. IL now owns 12,691 shares of the company’s stock valued at $238,000 after acquiring an additional 1,626 shares during the period. Price T Rowe Associates Inc. MD increased its stake in ACV Auctions by 6.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 77,547 shares of the company’s stock worth $1,456,000 after acquiring an additional 4,621 shares during the last quarter. Bayesian Capital Management LP raised its holdings in shares of ACV Auctions by 220.9% in the 1st quarter. Bayesian Capital Management LP now owns 33,411 shares of the company’s stock worth $627,000 after purchasing an additional 23,000 shares during the period. Finally, Comerica Bank lifted its stake in shares of ACV Auctions by 5,045.7% in the 1st quarter. Comerica Bank now owns 63,550 shares of the company’s stock valued at $1,193,000 after purchasing an additional 62,315 shares in the last quarter. Institutional investors and hedge funds own 88.55% of the company’s stock.

ACV Auctions Trading Down 0.4 %

Shares of ACVA opened at $21.37 on Thursday. The stock has a 50-day moving average price of $19.42 and a 200 day moving average price of $18.50. ACV Auctions Inc. has a one year low of $12.84 and a one year high of $22.23. The company has a market capitalization of $3.58 billion, a P/E ratio of -45.47 and a beta of 1.59. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.51 and a current ratio of 1.51.

Insider Transactions at ACV Auctions

In other ACV Auctions news, CFO William Zerella sold 76,856 shares of the stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $20.26, for a total transaction of $1,557,102.56. Following the transaction, the chief financial officer now owns 503,077 shares of the company’s stock, valued at $10,192,340.02. This trade represents a 13.25 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, COO Vikas Mehta sold 154,324 shares of the business’s stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $19.19, for a total value of $2,961,477.56. Following the completion of the sale, the chief operating officer now owns 432,457 shares of the company’s stock, valued at $8,298,849.83. This trade represents a 26.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 709,426 shares of company stock valued at $13,792,090. 8.50% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts recently commented on ACVA shares. Barrington Research restated an “outperform” rating and issued a $23.00 price target on shares of ACV Auctions in a report on Monday, November 4th. Needham & Company LLC raised their target price on shares of ACV Auctions from $23.00 to $26.00 and gave the company a “buy” rating in a research note on Friday, November 8th. Jefferies Financial Group upped their price target on shares of ACV Auctions from $22.00 to $25.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. Raymond James assumed coverage on ACV Auctions in a research report on Friday, September 27th. They issued a “market perform” rating and a $22.00 price objective on the stock. Finally, JMP Securities upped their target price on ACV Auctions from $21.00 to $24.00 and gave the stock a “market outperform” rating in a research report on Tuesday, September 17th. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $22.63.

ACV Auctions Company 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.