Jennison Associates LLC Grows Stock Holdings in ACV Auctions Inc. (NASDAQ:ACVA)

Jennison Associates LLC boosted its holdings in ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 17.2% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 4,980,354 shares of the company's stock after acquiring an additional 732,422 shares during the quarter. Jennison Associates LLC owned 2.97% of ACV Auctions worth $107,576,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Massachusetts Financial Services Co. MA boosted its holdings in shares of ACV Auctions by 11.6% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 8,655,640 shares of the company's stock worth $175,969,000 after purchasing an additional 897,477 shares in the last quarter. Geode Capital Management LLC lifted its holdings in ACV Auctions by 2.0% in the 3rd quarter. Geode Capital Management LLC now owns 3,517,088 shares of the company's stock worth $71,516,000 after buying an additional 67,969 shares during the period. State Street Corp boosted its stake in shares of ACV Auctions by 3.7% during the 3rd quarter. State Street Corp now owns 3,242,388 shares of the company's stock valued at $65,918,000 after purchasing an additional 115,700 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in shares of ACV Auctions by 10.9% during the 3rd 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 during the period. Finally, Loomis Sayles & Co. L P raised its holdings in ACV Auctions by 10.4% in the third quarter. Loomis Sayles & Co. L P now owns 2,735,055 shares of the company's stock worth $55,603,000 after purchasing an additional 258,104 shares in the last quarter. 88.55% of the stock is owned by hedge funds and other institutional investors.

ACV Auctions Price Performance

Shares of NASDAQ ACVA traded up $0.20 during mid-day trading on Friday, hitting $21.17. 885,900 shares of the company's stock traded hands, compared to its average volume of 1,170,024. The company's 50-day moving average is $21.41 and its two-hundred day moving average is $19.88. 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 1 year low of $13.52 and a 1 year high of $23.46. The company has a market capitalization of $3.55 billion, a P/E ratio of -45.04 and a beta of 1.69.

Insider Activity

In other ACV Auctions news, insider Michael Waterman sold 15,000 shares of the company's stock in a transaction dated Tuesday, February 4th. The shares were sold at an average price of $20.27, for a total value of $304,050.00. Following the transaction, the insider now directly owns 311,354 shares in the company, valued at $6,311,145.58. This represents a 4.60 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO William Zerella sold 32,500 shares of the firm's stock in a transaction on Monday, December 30th. The stock was sold at an average price of $21.65, for a total value of $703,625.00. Following the transaction, the chief financial officer now owns 490,482 shares in the company, valued at $10,618,935.30. The trade was a 6.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 125,162 shares of company stock valued at $2,663,776 in the last ninety days. Insiders own 8.50% of the company's stock.

Analyst Ratings Changes

ACVA has been the topic of several recent research reports. Piper Sandler upped their price target on ACV Auctions from $16.00 to $18.00 and gave the stock a "neutral" rating in a research note on Friday, November 8th. Needham & Company LLC reissued a "buy" rating and set a $28.00 price target (up from $26.00) on shares of ACV Auctions in a report on Thursday, December 26th. Citigroup boosted their target price on shares of ACV Auctions from $22.00 to $27.00 and gave the company a "buy" rating in a research report on Wednesday, November 27th. Stephens raised ACV Auctions to a "hold" rating in a research report on Saturday, February 1st. Finally, Jefferies Financial Group upped their price objective on ACV Auctions from $22.00 to $25.00 and gave the stock a "buy" rating in a research note on Tuesday, October 22nd. Three investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $23.65.

ACV Auctions 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.