JPMorgan Chase & Co. Buys 311,465 Shares of ACV Auctions Inc. (NASDAQ:ACVA)

JPMorgan Chase & Co. lifted its holdings in shares of ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 10.9% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,167,615 shares of the company's stock after buying an additional 311,465 shares during the period. JPMorgan Chase & Co. owned approximately 1.89% of ACV Auctions worth $64,398,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in ACVA. Blue Trust Inc. raised 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 valued at $29,000 after acquiring an additional 884 shares in the last quarter. MCF Advisors LLC raised its stake in shares of ACV Auctions by 107.0% during the third quarter. MCF Advisors LLC now owns 1,480 shares of the company's stock valued at $30,000 after purchasing an additional 765 shares in the last quarter. Park Place Capital Corp lifted its holdings in 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 grew its position in ACV Auctions by 18.0% in the 2nd 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. Finally, Verdence Capital Advisors LLC acquired a new position in ACV Auctions during the 3rd quarter valued at about $206,000. 88.55% of the stock is owned by institutional investors.

Insider Activity

In other news, CFO William Zerella sold 32,500 shares of the company's stock in a transaction 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 directly owns 490,482 shares of the company's stock, valued at approximately $10,991,701.62. This represents a 6.21 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Michael Waterman sold 18,001 shares of the stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $18.79, for a total value of $338,238.79. Following the sale, the insider now owns 337,190 shares of the company's stock, valued at approximately $6,335,800.10. This represents a 5.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 115,501 shares of company stock worth $2,380,864. 8.50% of the stock is owned by corporate insiders.

ACV Auctions Trading Up 0.4 %

ACV Auctions stock traded up $0.08 during midday trading on Friday, reaching $21.02. The stock had a trading volume of 880,563 shares, compared to its average volume of 943,382. ACV Auctions Inc. has a twelve month low of $12.84 and a twelve month high of $23.46. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.51 and a quick ratio of 1.51. The firm has a market cap of $3.52 billion, a price-to-earnings ratio of -44.72 and a beta of 1.70. The firm's fifty day simple moving average is $20.93 and its two-hundred day simple moving average is $19.32.

Wall Street Analyst Weigh In

ACVA has been the subject of a number of research analyst reports. Piper Sandler upped 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. JMP Securities reaffirmed a "market outperform" rating and set a $25.00 price target on shares of ACV Auctions in a research note on Monday, December 16th. Barrington Research reiterated an "outperform" rating and set a $23.00 price target on shares of ACV Auctions in a research report on Monday, November 4th. Needham & Company LLC restated 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. Finally, Jefferies Financial Group lifted their target price on ACV Auctions from $22.00 to $25.00 and gave the stock a "buy" rating in a report on Tuesday, October 22nd. Two research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $23.80.

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.