Entropy Technologies LP Makes New $362,000 Investment in ACV Auctions Inc. (NASDAQ:ACVA)

Entropy Technologies LP purchased a new position in shares of ACV Auctions Inc. (NASDAQ:ACVA - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 16,780 shares of the company's stock, valued at approximately $362,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Massachusetts Financial Services Co. MA increased its position in shares of ACV Auctions by 11.6% in the third quarter. Massachusetts Financial Services Co. MA now owns 8,655,640 shares of the company's stock worth $175,969,000 after acquiring an additional 897,477 shares in the last quarter. Jennison Associates LLC increased its position in shares of ACV Auctions by 17.2% in the fourth quarter. Jennison Associates LLC now owns 4,980,354 shares of the company's stock worth $107,576,000 after acquiring an additional 732,422 shares in the last quarter. Geode Capital Management LLC increased its position in shares of ACV Auctions by 2.0% in the third quarter. Geode Capital Management LLC now owns 3,517,088 shares of the company's stock worth $71,516,000 after acquiring an additional 67,969 shares in the last quarter. State Street Corp increased its position in shares of ACV Auctions by 3.7% in the third quarter. State Street Corp now owns 3,242,388 shares of the company's stock worth $65,918,000 after acquiring an additional 115,700 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its position in shares of ACV Auctions by 10.9% in the third quarter. JPMorgan Chase & Co. now owns 3,167,615 shares of the company's stock worth $64,398,000 after acquiring an additional 311,465 shares in the last quarter. Institutional investors and hedge funds own 88.55% of the company's stock.

Insiders Place Their Bets

In related news, CFO William Zerella sold 32,500 shares of the stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $22.41, for a total value of $728,325.00. Following the sale, the chief financial officer now owns 490,482 shares of the company's stock, valued at $10,991,701.62. This trade represents a 6.21 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Michael Waterman sold 30,162 shares of the firm's stock in a transaction dated Tuesday, January 7th. The shares were sold at an average price of $20.53, for a total transaction of $619,225.86. Following the transaction, 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 position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 125,162 shares of company stock valued at $2,663,776. Company insiders own 8.50% of the company's stock.

ACV Auctions Price Performance

Shares of NASDAQ:ACVA remained flat at $21.59 on Friday. 1,029,510 shares of the company's stock were exchanged, compared to its average volume of 1,134,398. The company has a market cap of $3.62 billion, a price-to-earnings ratio of -45.94 and a beta of 1.69. ACV Auctions Inc. has a 52 week low of $13.66 and a 52 week high of $23.46. The business has a fifty day simple moving average of $21.31 and a 200-day simple moving average of $20.05. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.51 and a quick ratio of 1.51.

Analyst Ratings Changes

ACVA has been the subject of several analyst reports. Barrington Research restated an "outperform" rating and issued a $23.00 target price on shares of ACV Auctions in a research note on Monday, November 4th. Jefferies Financial Group upped their target price on shares of ACV Auctions from $22.00 to $25.00 and gave the company a "buy" rating in a research note on Tuesday, October 22nd. JMP Securities restated a "market outperform" rating and issued a $25.00 target price on shares of ACV Auctions in a research note on Monday, December 16th. Needham & Company LLC restated a "buy" rating and issued a $28.00 target price (up from $26.00) on shares of ACV Auctions in a research note on Thursday, December 26th. Finally, Piper Sandler increased their price objective on shares of ACV Auctions from $16.00 to $18.00 and gave the company a "neutral" rating in a research note on Friday, November 8th. Three investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $23.65.

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.