Loomis Sayles & Co. L P Increases Holdings in ACV Auctions Inc. (NASDAQ:ACVA)

Loomis Sayles & Co. L P increased its holdings in ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 10.4% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,735,055 shares of the company's stock after acquiring an additional 258,104 shares during the period. Loomis Sayles & Co. L P owned about 1.64% of ACV Auctions worth $55,603,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in ACVA. Charles Schwab Investment Management Inc. raised its stake in ACV Auctions by 3.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,241,341 shares of the company's stock valued at $25,236,000 after acquiring an additional 39,812 shares during the period. Massachusetts Financial Services Co. MA lifted its stake in shares of ACV Auctions by 11.6% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 8,655,640 shares of the company's stock valued at $175,969,000 after buying an additional 897,477 shares in the last quarter. Intech Investment Management LLC bought a new position in ACV Auctions in the 3rd quarter worth approximately $815,000. Jennison Associates LLC lifted its position in shares of ACV Auctions by 6.8% during the third quarter. Jennison Associates LLC now owns 4,247,932 shares of the company's stock worth $86,360,000 after acquiring an additional 271,970 shares in the last quarter. Finally, RiverPark Advisors LLC bought a new position in shares of ACV Auctions in the third quarter worth $301,000. 88.55% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have commented on ACVA. JMP Securities raised their target price on ACV Auctions from $21.00 to $24.00 and gave the stock a "market outperform" rating in a research note on Tuesday, September 17th. Barrington Research reaffirmed an "outperform" rating and set a $23.00 price objective on shares of ACV Auctions in a research note on Monday, November 4th. Needham & Company LLC reiterated a "buy" rating and issued a $26.00 target price on shares of ACV Auctions in a research note on Tuesday. Piper Sandler raised their price target on shares of ACV Auctions from $16.00 to $18.00 and gave the company a "neutral" rating in a report on Friday, November 8th. Finally, Raymond James initiated coverage on shares of ACV Auctions in a report on Friday, September 27th. They issued a "market perform" rating and a $22.00 price target on the stock. Two equities research 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 company currently has a consensus rating of "Moderate Buy" and a consensus target price of $23.11.

Insider Transactions at ACV Auctions

In other news, CFO William Zerella sold 76,856 shares of the firm's stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $20.26, for a total value of $1,557,102.56. Following the transaction, the chief financial officer now owns 503,077 shares in the company, valued at approximately $10,192,340.02. This trade represents a 13.25 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Andrew Peer sold 1,795 shares of ACV Auctions stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $21.00, for a total transaction of $37,695.00. Following the completion of the transaction, the vice president now directly owns 62,956 shares in the company, valued at approximately $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. In the last three months, insiders sold 493,437 shares of company stock worth $9,751,672. 8.50% of the stock is currently owned by corporate insiders.

ACV Auctions Price Performance

ACVA traded down $0.57 during trading on Tuesday, reaching $22.39. The stock had a trading volume of 1,645,958 shares, compared to its average volume of 1,269,012. The business has a 50-day moving average of $19.56 and a 200-day moving average of $18.60. ACV Auctions Inc. has a one year low of $12.84 and a one year high of $23.46. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.51 and a current ratio of 1.51. The stock has a market cap of $3.75 billion, a PE ratio of -47.64 and a beta of 1.59.

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.