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

Jennison Associates LLC grew its holdings in ACV Auctions Inc. (NASDAQ:ACVA) by 9.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 3,561,009 shares of the company’s stock after purchasing an additional 313,856 shares during the quarter. Jennison Associates LLC’s holdings in ACV Auctions were worth $53,949,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Handelsbanken Fonder AB boosted its stake in shares of ACV Auctions by 27.1% in the fourth quarter. Handelsbanken Fonder AB now owns 25,300 shares of the company’s stock valued at $383,000 after purchasing an additional 5,400 shares during the period. John G Ullman & Associates Inc. boosted its stake in shares of ACV Auctions by 1.5% in the fourth quarter. John G Ullman & Associates Inc. now owns 66,284 shares of the company’s stock valued at $1,004,000 after purchasing an additional 1,000 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of ACV Auctions by 2.4% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 206,872 shares of the company’s stock valued at $3,134,000 after purchasing an additional 4,784 shares during the period. Arizona State Retirement System boosted its stake in shares of ACV Auctions by 4.1% in the fourth quarter. Arizona State Retirement System now owns 38,400 shares of the company’s stock valued at $582,000 after purchasing an additional 1,500 shares during the period. Finally, Trust Point Inc. purchased a new position in shares of ACV Auctions in the fourth quarter valued at approximately $429,000. Hedge funds and other institutional investors own 88.55% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on ACVA shares. JMP Securities reissued a “market outperform” rating and issued a $19.00 price objective on shares of ACV Auctions in a research note on Wednesday, April 17th. Needham & Company LLC reaffirmed a “buy” rating and issued a $23.00 target price on shares of ACV Auctions in a report on Thursday, February 22nd. Finally, Northcoast Research raised shares of ACV Auctions from a “neutral” rating to a “buy” rating and set a $22.00 target price on the stock in a report on Wednesday, January 10th. Two research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $20.21.

Insiders Place Their Bets

In other news, COO Vikas Mehta sold 333,497 shares of ACV Auctions stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $18.62, for a total value of $6,209,714.14. Following the transaction, the chief operating officer now directly owns 333,327 shares of the company’s stock, valued at approximately $6,206,548.74. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, insider Craig Eric Anderson sold 5,000 shares of ACV Auctions stock in a transaction on Wednesday, February 28th. The shares were sold at an average price of $18.00, for a total value of $90,000.00. Following the transaction, the insider now directly owns 202,797 shares of the company’s stock, valued at approximately $3,650,346. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Vikas Mehta sold 333,497 shares of ACV Auctions stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $18.62, for a total transaction of $6,209,714.14. Following the completion of the transaction, the chief operating officer now directly owns 333,327 shares in the company, valued at $6,206,548.74. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,507,708 shares of company stock valued at $27,126,374. 13.67% of the stock is owned by corporate insiders.

ACV Auctions Stock Up 4.9 %

ACVA stock opened at $18.35 on Wednesday. The company has a current ratio of 2.12, a quick ratio of 2.12 and a debt-to-equity ratio of 0.25. ACV Auctions Inc. has a twelve month low of $11.78 and a twelve month high of $19.54. The company’s 50 day moving average is $17.54 and its two-hundred day moving average is $15.52. The stock has a market cap of $3.01 billion, a P/E ratio of -39.89 and a beta of 1.57.

ACV Auctions (NASDAQ:ACVA) last released its quarterly earnings data on Wednesday, February 21st. The company reported ($0.12) earnings per share for the quarter, topping analysts’ consensus estimates 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 company had revenue of $118.38 million for the quarter, compared to analysts’ expectations of $117.62 million. Research analysts expect that ACV Auctions Inc. will post -0.29 earnings per share for the current fiscal 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.