Massachusetts Financial Services Co. MA Has $175.97 Million Stake in ACV Auctions Inc. (NASDAQ:ACVA)

Massachusetts Financial Services Co. MA grew its holdings in shares of ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 11.6% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 8,655,640 shares of the company's stock after purchasing an additional 897,477 shares during the period. Massachusetts Financial Services Co. MA owned about 5.20% of ACV Auctions worth $175,969,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Blue Trust Inc. increased its stake in ACV Auctions by 165.2% during the 3rd quarter. Blue Trust Inc. now owns 1,419 shares of the company's stock worth $29,000 after acquiring an additional 884 shares during the period. MCF Advisors LLC increased its position in shares of ACV Auctions by 107.0% in the third quarter. MCF Advisors LLC now owns 1,480 shares of the company's stock worth $30,000 after purchasing an additional 765 shares during the period. Park Place Capital Corp increased its position in shares of ACV Auctions by 34.1% in 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 period. Amalgamated Bank raised its stake in 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 purchasing an additional 782 shares in the last quarter. Finally, Verdence Capital Advisors LLC bought a new stake in ACV Auctions during the third quarter worth about $206,000. 88.55% of the stock is owned by institutional investors.

ACV Auctions Trading Up 2.0 %

ACV Auctions stock traded up $0.43 during trading hours on Friday, hitting $21.97. The stock had a trading volume of 1,841,741 shares, compared to its average volume of 1,819,305. The business's 50 day simple moving average is $19.50 and its 200-day simple moving average is $18.55. ACV Auctions Inc. has a one year low of $12.84 and a one year high of $22.23. The stock has a market cap of $3.68 billion, a price-to-earnings ratio of -46.74 and a beta of 1.59. The company has a quick ratio of 1.51, a current ratio of 1.51 and a debt-to-equity ratio of 0.25.

Insider Activity

In other news, insider Craig Eric Anderson sold 7,500 shares of the business's stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $20.00, for a total value of $150,000.00. Following the transaction, the insider now owns 328,167 shares in the company, valued at approximately $6,563,340. The trade was a 2.23 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Andrew Peer sold 1,795 shares of the stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $21.00, for a total transaction of $37,695.00. Following the sale, the vice president now owns 62,956 shares of the company's stock, valued at approximately $1,322,076. This trade represents a 2.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 501,832 shares of company stock valued at $9,912,940 over the last quarter. 8.50% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the stock. Needham & Company LLC boosted their target price on shares of ACV Auctions from $23.00 to $26.00 and gave the company a "buy" rating in a research report on Friday, November 8th. Piper Sandler boosted their price objective on shares of ACV Auctions from $16.00 to $18.00 and gave the company a "neutral" rating in a research report on Friday, November 8th. Raymond James initiated coverage on ACV Auctions in a report on Friday, September 27th. They issued a "market perform" rating and a $22.00 target price on the stock. JMP Securities boosted their price target on ACV Auctions from $21.00 to $24.00 and gave the stock a "market outperform" rating in a report on Tuesday, September 17th. Finally, Jefferies Financial Group raised their price objective on ACV Auctions from $22.00 to $25.00 and gave the company a "buy" rating in a research note on Tuesday, October 22nd. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target 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.