ACV Auctions Inc. (NASDAQ:ACVA) Shares Acquired by Jennison Associates LLC

Jennison Associates LLC grew its stake in ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 9.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,427,521 shares of the company's stock after buying an additional 447,167 shares during the quarter. Jennison Associates LLC owned approximately 3.22% of ACV Auctions worth $76,474,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Bessemer Group Inc. grew its holdings in ACV Auctions by 14.5% during the 1st quarter. Bessemer Group Inc. now owns 9,911 shares of the company's stock valued at $140,000 after buying an additional 1,257 shares in the last quarter. Versant Capital Management Inc grew its holdings in ACV Auctions by 464.4% during the 1st quarter. Versant Capital Management Inc now owns 2,201 shares of the company's stock valued at $31,000 after buying an additional 1,811 shares in the last quarter. California State Teachers Retirement System grew its holdings in ACV Auctions by 1.4% during the 4th quarter. California State Teachers Retirement System now owns 141,873 shares of the company's stock valued at $3,064,000 after buying an additional 1,906 shares in the last quarter. BloombergSen Inc. grew its holdings in ACV Auctions by 7.7% during the 4th quarter. BloombergSen Inc. now owns 48,758 shares of the company's stock valued at $1,053,000 after buying an additional 3,498 shares in the last quarter. Finally, Verdence Capital Advisors LLC grew its holdings in ACV Auctions by 46.1% during the 1st quarter. Verdence Capital Advisors LLC now owns 14,885 shares of the company's stock valued at $210,000 after buying an additional 4,696 shares in the last quarter. Hedge funds and other institutional investors own 88.55% of the company's stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on ACVA. Needham & Company LLC reissued a "buy" rating and set a $25.00 price target on shares of ACV Auctions in a research note on Thursday, May 8th. JMP Securities lifted their target price on ACV Auctions from $18.00 to $20.00 and gave the company a "market outperform" rating in a research report on Wednesday, July 2nd. Citigroup decreased their target price on ACV Auctions from $22.00 to $21.00 and set a "buy" rating for the company in a research report on Monday, July 7th. Finally, JPMorgan Chase & Co. decreased their target price on ACV Auctions from $20.00 to $19.00 and set an "overweight" rating for the company in a research report on Thursday. Two research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $22.05.

Insiders Place Their Bets

In other news, insider Michael Waterman sold 223,330 shares of the firm's stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $17.00, for a total transaction of $3,796,610.00. Following the completion of the transaction, the insider directly owned 466,548 shares in the company, valued at $7,931,316. This trade represents a 32.37% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 2.90% of the company's stock.

ACV Auctions Price Performance

Shares of NASDAQ:ACVA traded down $0.28 during midday trading on Friday, hitting $15.09. The company had a trading volume of 1,433,294 shares, compared to its average volume of 1,745,126. ACV Auctions Inc. has a twelve month low of $11.88 and a twelve month high of $23.46. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.56 and a quick ratio of 1.56. The stock has a market cap of $2.58 billion, a price-to-earnings ratio of -30.79 and a beta of 1.71. The business's 50-day simple moving average is $16.28 and its 200-day simple moving average is $16.90.

ACV Auctions (NASDAQ:ACVA - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The company reported ($0.09) EPS for the quarter, missing the consensus estimate of $0.04 by ($0.13). ACV Auctions had a negative net margin of 12.51% and a negative return on equity of 12.94%. ACV Auctions's revenue for the quarter was up 25.4% on a year-over-year basis. During the same period last year, the firm posted ($0.13) earnings per share. On average, research analysts predict that ACV Auctions Inc. will post -0.07 earnings per share for the current year.

ACV Auctions Company 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.