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

Jennison Associates LLC boosted its stake in shares of ACV Auctions Inc. (NASDAQ:ACVA) by 17.2% during the fourth quarter, Holdings Channel reports. The firm owned 4,980,354 shares of the company’s stock after purchasing an additional 732,422 shares during the quarter. Jennison Associates LLC’s holdings in ACV Auctions were worth $107,576,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Park Place Capital Corp lifted its holdings 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 valued at $56,000 after buying an additional 706 shares during the period. MCF Advisors LLC lifted its holdings in ACV Auctions by 107.0% in the third quarter. MCF Advisors LLC now owns 1,480 shares of the company’s stock valued at $30,000 after acquiring an additional 765 shares during the period. Blue Trust Inc. boosted its position 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 during the last quarter. Icon Wealth Advisors LLC grew its stake in shares of ACV Auctions by 13.5% during the 3rd quarter. Icon Wealth Advisors LLC now owns 11,048 shares of the company’s stock valued at $225,000 after purchasing an additional 1,317 shares during the period. Finally, Los Angeles Capital Management LLC increased its position in shares of ACV Auctions by 6.6% during the 3rd quarter. Los Angeles Capital Management LLC now owns 26,958 shares of the company’s stock valued at $548,000 after purchasing an additional 1,670 shares during the last quarter. Hedge funds and other institutional investors own 88.55% of the company’s stock.

Insider Transactions at ACV Auctions

In related news, insider Michael Waterman sold 30,162 shares of the business’s stock in a transaction dated Tuesday, January 7th. The stock was sold at an average price of $20.53, for a total value of $619,225.86. Following the sale, the insider now directly owns 314,738 shares in the company, valued at approximately $6,461,571.14. The trade was a 8.75 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO William Zerella sold 32,500 shares of the firm’s stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $22.41, for a total value of $728,325.00. Following the transaction, the chief financial officer now owns 490,482 shares of the company’s stock, valued at $10,991,701.62. This represents a 6.21 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 110,162 shares of company stock valued at $2,359,726. 8.50% of the stock is currently owned by corporate insiders.

ACV Auctions Stock Down 3.3 %

NASDAQ ACVA opened at $20.46 on Tuesday. ACV Auctions Inc. has a 12 month low of $13.37 and a 12 month high of $23.46. The company has a current ratio of 1.51, a quick ratio of 1.51 and a debt-to-equity ratio of 0.25. The stock has a market cap of $3.43 billion, a PE ratio of -43.53 and a beta of 1.69. The stock’s 50 day moving average is $21.54 and its 200 day moving average is $19.83.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the stock. Needham & Company LLC reissued a “buy” rating and issued a $28.00 price objective (up previously from $26.00) on shares of ACV Auctions in a report on Thursday, December 26th. Piper Sandler lifted their price target on shares of ACV Auctions from $16.00 to $18.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. Citigroup upped their price objective on ACV Auctions from $22.00 to $27.00 and gave the stock a “buy” rating in a research note on Wednesday, November 27th. Barrington Research reiterated an “outperform” rating and set a $23.00 target price on shares of ACV Auctions in a research report on Monday, November 4th. Finally, Jefferies Financial Group upped their price target on ACV Auctions from $22.00 to $25.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, ACV Auctions presently has a consensus rating of “Moderate Buy” and a consensus price target of $23.65.

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.