Jennison Associates LLC boosted its stake in ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 6.8% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,247,932 shares of the company's stock after acquiring an additional 271,970 shares during the quarter. Jennison Associates LLC owned 2.55% of ACV Auctions worth $86,360,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Blue Trust Inc. lifted its holdings in shares of ACV Auctions by 165.2% in the third quarter. Blue Trust Inc. now owns 1,419 shares of the company's stock valued at $29,000 after purchasing an additional 884 shares in the last quarter. MCF Advisors LLC lifted its stake in ACV Auctions by 107.0% in the 3rd quarter. MCF Advisors LLC now owns 1,480 shares of the company's stock valued at $30,000 after acquiring an additional 765 shares in the last quarter. Park Place Capital Corp boosted its position in ACV Auctions by 34.1% during the 3rd quarter. Park Place Capital Corp now owns 2,779 shares of the company's stock worth $56,000 after acquiring an additional 706 shares during the last quarter. Amalgamated Bank grew its stake in shares of ACV Auctions by 18.0% during the 2nd quarter. Amalgamated Bank now owns 5,120 shares of the company's stock worth $93,000 after acquiring an additional 782 shares in the last quarter. Finally, Verdence Capital Advisors LLC acquired a new stake in shares of ACV Auctions in the third quarter valued at approximately $206,000. 88.55% of the stock is owned by institutional investors and hedge funds.
ACV Auctions Stock Performance
Shares of NASDAQ ACVA opened at $21.50 on Thursday. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.51 and a quick ratio of 1.51. ACV Auctions Inc. has a twelve month low of $12.84 and a twelve month high of $22.23. The business's 50 day moving average price is $19.42 and its two-hundred day moving average price is $18.50.
Insider Transactions at ACV Auctions
In other news, COO Vikas Mehta sold 145,928 shares of the business's stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $18.71, for a total value of $2,730,312.88. Following the completion of the transaction, the chief operating officer now directly owns 468,505 shares in the company, valued at approximately $8,765,728.55. The trade was a 23.75 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Brian Hirsch sold 61,666 shares of the company's stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $18.63, for a total transaction of $1,148,837.58. Following the sale, the director now directly owns 9,239 shares of the company's stock, valued at approximately $172,122.57. This trade represents a 86.97 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 709,426 shares of company stock valued at $13,792,090. 8.50% of the stock is currently owned by company insiders.
Analyst Ratings Changes
ACVA has been the subject of several recent research reports. JMP Securities increased their target price on shares of ACV Auctions from $21.00 to $24.00 and gave the stock a "market outperform" rating in a report on Tuesday, September 17th. Raymond James assumed coverage on shares of ACV Auctions in a research report on Friday, September 27th. They set a "market perform" rating and a $22.00 price target on the stock. 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 report on Tuesday, October 22nd. Needham & Company LLC upped their target price on ACV Auctions from $23.00 to $26.00 and gave the stock a "buy" rating in a report on Friday, November 8th. Finally, Barrington Research reissued an "outperform" rating and set a $23.00 price target on shares of ACV Auctions in a research report on Monday, November 4th. Two research analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $22.63.
Check Out Our Latest Stock Report on ACV Auctions
About ACV Auctions
(
Free Report)
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.
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