ACV Auctions Inc. (NASDAQ:ACVA) Shares Purchased by Jennison Associates LLC

Jennison Associates LLC raised its stake in ACV Auctions Inc. (NASDAQ:ACVA) by 6.8% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 4,247,932 shares of the company’s stock after buying an additional 271,970 shares during the quarter. Jennison Associates LLC owned approximately 2.55% of ACV Auctions worth $86,360,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Park Place Capital Corp increased its position in ACV Auctions by 34.1% during the third quarter. Park Place Capital Corp now owns 2,779 shares of the company’s stock worth $56,000 after purchasing an additional 706 shares during the last quarter. MCF Advisors LLC lifted its holdings 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 acquiring an additional 765 shares during the last quarter. Amalgamated Bank grew its stake in shares of ACV Auctions by 18.0% in the second quarter. Amalgamated Bank now owns 5,120 shares of the company’s stock valued at $93,000 after buying an additional 782 shares in the last quarter. Blue Trust Inc. increased its stake in ACV Auctions by 165.2% during 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 during the period. Finally, Blair William & Co. IL lifted its holdings in ACV Auctions by 14.7% during the 1st quarter. Blair William & Co. IL now owns 12,691 shares of the company’s stock worth $238,000 after buying an additional 1,626 shares in the last quarter. 88.55% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at ACV Auctions

In other ACV Auctions news, CFO William Zerella sold 76,856 shares of the business’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $20.26, for a total transaction of $1,557,102.56. Following the sale, the chief financial officer now directly owns 503,077 shares in the company, valued at approximately $10,192,340.02. The trade was a 13.25 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Brian Hirsch sold 61,666 shares of the stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $18.63, for a total transaction of $1,148,837.58. Following the completion of the transaction, the director now owns 9,239 shares of the company’s stock, valued at $172,122.57. This represents a 86.97 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 709,426 shares of company stock worth $13,792,090 over the last 90 days. 8.50% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on ACVA. Barrington Research reiterated an “outperform” rating and issued a $23.00 price objective on shares of ACV Auctions in a research note on Monday, November 4th. JMP Securities raised their price objective on shares of ACV Auctions from $21.00 to $24.00 and gave the company a “market outperform” rating in a report on Tuesday, September 17th. Needham & Company LLC boosted their target price on shares of ACV Auctions from $23.00 to $26.00 and gave the stock a “buy” rating in a research note on Friday, November 8th. Raymond James initiated coverage on ACV Auctions in a research note on Friday, September 27th. They issued a “market perform” rating and a $22.00 price target on the stock. Finally, Piper Sandler increased their price objective on ACV Auctions from $16.00 to $18.00 and gave the company a “neutral” rating in a report on Friday, November 8th. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, ACV Auctions has an average rating of “Moderate Buy” and an average price target of $22.63.

ACV Auctions Price Performance

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

ACV Auctions 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.