Jennison Associates LLC Acquires 313,856 Shares of ACV Auctions Inc. (NASDAQ:ACVA)

Jennison Associates LLC raised its holdings in shares of ACV Auctions Inc. (NASDAQ:ACVA) by 9.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,561,009 shares of the company’s stock after purchasing an additional 313,856 shares during the quarter. Jennison Associates LLC owned 2.21% of ACV Auctions worth $53,949,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also bought and sold shares of the company. Park Place Capital Corp lifted its holdings in shares of ACV Auctions by 83.2% in the 3rd quarter. Park Place Capital Corp now owns 2,180 shares of the company’s stock worth $33,000 after acquiring an additional 990 shares during the last quarter. Parkside Financial Bank & Trust bought a new stake in shares of ACV Auctions in the 3rd quarter worth about $66,000. Allspring Global Investments Holdings LLC bought a new stake in shares of ACV Auctions in the 3rd quarter worth about $72,000. Versor Investments LP lifted its holdings in shares of ACV Auctions by 19.5% in the 3rd quarter. Versor Investments LP now owns 11,974 shares of the company’s stock worth $182,000 after acquiring an additional 1,950 shares during the last quarter. Finally, Greycroft LP bought a new stake in shares of ACV Auctions in the 3rd quarter worth about $231,000. Institutional investors own 88.55% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. Northcoast Research upgraded shares of ACV Auctions from a “neutral” rating to a “buy” rating and set a $22.00 target price for the company in a report on Wednesday, January 10th. Needham & Company LLC restated a “buy” rating and issued a $23.00 target price on shares of ACV Auctions in a report on Thursday, February 22nd. Finally, JMP Securities reiterated a “market outperform” rating and set a $19.00 price objective on shares of ACV Auctions in a report on Wednesday, April 17th. Two investment analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $20.21.

Insider Activity

In other news, CFO William Zerella sold 32,500 shares of the business’s stock in a transaction dated Tuesday, February 6th. The shares were sold at an average price of $14.07, for a total value of $457,275.00. Following the completion of the sale, the chief financial officer now owns 305,579 shares in the company, valued at approximately $4,299,496.53. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other ACV Auctions news, COO Vikas Mehta sold 200,000 shares of the business’s stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $16.48, for a total transaction of $3,296,000.00. Following the sale, the chief operating officer now owns 319,036 shares of the company’s stock, valued at approximately $5,257,713.28. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO William Zerella sold 32,500 shares of the business’s stock in a transaction that occurred on Tuesday, February 6th. The stock was sold at an average price of $14.07, for a total transaction of $457,275.00. Following the sale, the chief financial officer now directly owns 305,579 shares in the company, valued at approximately $4,299,496.53. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,507,708 shares of company stock worth $27,126,374. 13.67% of the stock is currently owned by corporate insiders.

ACV Auctions Price Performance

ACV Auctions stock opened at $18.35 on Wednesday. The stock has a market cap of $3.01 billion, a price-to-earnings ratio of -39.89 and a beta of 1.57. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.12 and a quick ratio of 2.12. ACV Auctions Inc. has a 1 year low of $11.78 and a 1 year high of $19.54. The firm has a 50-day moving average of $17.54 and a two-hundred day moving average of $15.52.

ACV Auctions (NASDAQ:ACVA) last posted its quarterly earnings results on Wednesday, February 21st. The company reported ($0.12) EPS for the quarter, beating the consensus estimate of ($0.13) by $0.01. ACV Auctions had a negative net margin of 15.64% and a negative return on equity of 13.97%. The business had revenue of $118.38 million during the quarter, compared to analyst estimates of $117.62 million. On average, research analysts forecast that ACV Auctions Inc. will post -0.29 earnings per share for the current year.

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.