Jennison Associates LLC Purchases 271,970 Shares of ACV Auctions Inc. (NASDAQ:ACVA)

Jennison Associates LLC lifted its holdings in ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 6.8% in the 3rd quarter, according to the company in its most recent 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 period. Jennison Associates LLC owned approximately 2.55% of ACV Auctions worth $86,360,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently modified their holdings of the stock. Park Place Capital Corp raised its holdings 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 buying an additional 706 shares during the last quarter. MCF Advisors LLC grew its holdings 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 valued at $30,000 after acquiring an additional 765 shares in the last quarter. Amalgamated Bank boosted its holdings in shares of ACV Auctions by 18.0% in the 2nd quarter. Amalgamated Bank now owns 5,120 shares of the company's stock worth $93,000 after buying an additional 782 shares during the last quarter. Blue Trust Inc. grew its position in shares of ACV Auctions by 165.2% during the 3rd quarter. Blue Trust Inc. now owns 1,419 shares of the company's stock valued at $29,000 after acquiring an additional 884 shares during the period. Finally, Blair William & Co. IL raised its stake in shares of ACV Auctions by 14.7% in the first quarter. Blair William & Co. IL now owns 12,691 shares of the company's stock valued at $238,000 after buying an additional 1,626 shares during the period. Institutional investors and hedge funds own 88.55% of the company's stock.

Insider Buying and Selling at ACV Auctions

In related news, Director Brian Hirsch sold 61,666 shares of ACV Auctions stock in a transaction on 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 transaction, the director now owns 9,239 shares in the company, valued at approximately $172,122.57. The trade was a 86.97 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Andrew Peer sold 1,795 shares of the business's stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $21.00, for a total value of $37,695.00. Following the completion of the transaction, the vice president now owns 62,956 shares in the company, valued at $1,322,076. The trade was a 2.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 709,426 shares of company stock valued at $13,792,090. Insiders own 8.50% of the company's stock.

Analysts Set New Price Targets

ACVA has been the topic of several analyst reports. Raymond James initiated coverage on ACV Auctions in a research note on Friday, September 27th. They set a "market perform" rating and a $22.00 price objective for the company. Piper Sandler raised 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. JMP Securities upped their target price on shares of ACV Auctions from $21.00 to $24.00 and gave the stock a "market outperform" rating in a research report on Tuesday, September 17th. Barrington Research reaffirmed an "outperform" rating and set a $23.00 price target on shares of ACV Auctions in a research note on Monday, November 4th. Finally, Needham & Company LLC raised their price objective on ACV Auctions from $23.00 to $26.00 and gave the company a "buy" rating in a report on Friday, November 8th. Two investment 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, ACV Auctions currently has a consensus rating of "Moderate Buy" and an average target price of $22.63.

ACV Auctions Stock Up 1.1 %

Shares of NASDAQ ACVA traded up $0.23 during trading on Thursday, reaching $21.60. The company had a trading volume of 1,649,843 shares, compared to its average volume of 1,254,057. ACV Auctions Inc. has a 12-month low of $12.84 and a 12-month high of $22.23. The business's 50-day moving average is $19.45 and its 200 day moving average is $18.52. The stock has a market cap of $3.62 billion, a PE ratio of -45.96 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.

About ACV Auctions

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.