Jennison Associates LLC Buys 732,422 Shares of ACV Auctions Inc. (NASDAQ:ACVA)

Jennison Associates LLC grew its stake in ACV Auctions Inc. (NASDAQ:ACVA) by 17.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,980,354 shares of the company’s stock after buying an additional 732,422 shares during the period. Jennison Associates LLC owned approximately 2.97% of ACV Auctions worth $107,576,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the stock. The Manufacturers Life Insurance Company grew its position in ACV Auctions by 16.0% in the second quarter. The Manufacturers Life Insurance Company now owns 82,542 shares of the company’s stock worth $1,506,000 after acquiring an additional 11,380 shares in the last quarter. Algert Global LLC purchased a new position in shares of ACV Auctions in the 2nd quarter worth about $271,000. SG Americas Securities LLC increased its position in shares of ACV Auctions by 915.6% during the 3rd quarter. SG Americas Securities LLC now owns 56,923 shares of the company’s stock valued at $1,157,000 after purchasing an additional 51,318 shares during the last quarter. Park Place Capital Corp raised its holdings in shares of ACV Auctions by 34.1% during the 3rd quarter. Park Place Capital Corp now owns 2,779 shares of the company’s stock valued at $56,000 after buying an additional 706 shares in the last quarter. Finally, Essex Investment Management Co. LLC bought a new stake in ACV Auctions in the 3rd quarter worth approximately $2,915,000. Institutional investors own 88.55% of the company’s stock.

ACV Auctions Stock Performance

Shares of ACVA stock opened at $20.46 on Tuesday. The firm has a market capitalization of $3.43 billion, a price-to-earnings ratio of -43.53 and a beta of 1.69. The stock has a fifty day moving average of $21.54 and a 200 day moving average of $19.83. ACV Auctions Inc. has a 52 week low of $13.37 and a 52 week high of $23.46. The company has a quick ratio of 1.51, a current ratio of 1.51 and a debt-to-equity ratio of 0.25.

Analyst Ratings Changes

ACVA has been the topic of several research reports. Jefferies Financial Group boosted their price objective on shares of ACV Auctions from $22.00 to $25.00 and gave the stock a “buy” rating in a report on Tuesday, October 22nd. Barrington Research restated an “outperform” rating and set a $23.00 price target on shares of ACV Auctions in a research report on Monday, November 4th. Stephens initiated coverage on ACV Auctions in a report on Wednesday, January 22nd. They issued an “equal weight” rating and a $20.50 price objective on the stock. B. Riley increased their target price on ACV Auctions from $24.00 to $27.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $28.00 price objective (up previously from $26.00) on shares of ACV Auctions in a research report on Thursday, December 26th. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $23.65.

Insider Transactions at ACV Auctions

In other news, CFO William Zerella sold 32,500 shares of the stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $22.41, for a total value of $728,325.00. Following the completion of the transaction, the chief financial officer now owns 490,482 shares of the company’s stock, valued at approximately $10,991,701.62. This represents a 6.21 % decrease in their position. The sale 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 ACV Auctions stock in a transaction that occurred on Tuesday, January 7th. The shares were sold at an average price of $20.53, for a total value of $619,225.86. Following the sale, the insider now owns 314,738 shares in the company, valued at $6,461,571.14. This represents a 8.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 110,162 shares of company stock valued at $2,359,726. Company insiders own 8.50% of the company’s stock.

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.