MetLife Investment Management LLC Has $9.86 Million Holdings in ACV Auctions Inc. $ACVA

Key Points

• MetLife Investment Management LLC increased its holdings in ACV Auctions by 671.7%, owning a total of 699,408 shares valued at approximately $9.86 million after purchasing an additional 608,779 shares in the first quarter.
• ACV Auctions has seen several large investors boosting their stakes, with 88.55% of the stock currently owned by institutional investors and hedge funds.
• The stock is currently rated as a "Moderate Buy" with an average price target of $19.67, reflecting recent adjustments from multiple research analysts.

MetLife Investment Management LLC boosted its stake in shares of ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 671.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 699,408 shares of the company's stock after purchasing an additional 608,779 shares during the quarter. MetLife Investment Management LLC owned 0.41% of ACV Auctions worth $9,855,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of ACVA. Vanguard Group Inc. increased its holdings in ACV Auctions by 7.4% in the 1st quarter. Vanguard Group Inc. now owns 15,301,225 shares of the company's stock valued at $215,594,000 after buying an additional 1,055,310 shares during the period. Massachusetts Financial Services Co. MA increased its holdings in ACV Auctions by 6.0% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 9,084,830 shares of the company's stock valued at $128,005,000 after buying an additional 510,680 shares during the period. Jennison Associates LLC increased its holdings in ACV Auctions by 9.0% in the 1st quarter. Jennison Associates LLC now owns 5,427,521 shares of the company's stock valued at $76,474,000 after buying an additional 447,167 shares during the period. Nuveen Asset Management LLC increased its holdings in ACV Auctions by 12.0% in the 4th quarter. Nuveen Asset Management LLC now owns 3,041,900 shares of the company's stock valued at $65,705,000 after buying an additional 326,206 shares during the period. Finally, Spyglass Capital Management LLC increased its holdings in ACV Auctions by 11.6% in the 4th quarter. Spyglass Capital Management LLC now owns 2,916,586 shares of the company's stock valued at $62,998,000 after buying an additional 302,341 shares during the period. 88.55% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at ACV Auctions

In other ACV Auctions news, insider Craig Eric Anderson sold 15,000 shares of the stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $15.04, for a total transaction of $225,600.00. Following the sale, the insider owned 340,799 shares of the company's stock, valued at $5,125,616.96. This represents a 4.22% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Michael Waterman sold 34,339 shares of the stock in a transaction dated Tuesday, July 8th. The stock was sold at an average price of $16.05, for a total transaction of $551,140.95. Following the sale, the insider directly owned 379,957 shares in the company, valued at approximately $6,098,309.85. This represents a 8.29% decrease in their position. The disclosure for this sale can be found here. 2.90% of the stock is owned by corporate insiders.

ACV Auctions Stock Down 0.4%

ACVA opened at $11.54 on Wednesday. The firm's 50-day simple moving average is $14.46 and its 200-day simple moving average is $15.40. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.56 and a current ratio of 1.56. ACV Auctions Inc. has a twelve month low of $10.26 and a twelve month high of $23.46. The firm has a market cap of $1.99 billion, a price-to-earnings ratio of -23.55 and a beta of 1.69.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on ACVA shares. JMP Securities lowered their price target on shares of ACV Auctions from $20.00 to $18.00 and set a "market outperform" rating on the stock in a report on Tuesday, August 12th. Citigroup lowered their price target on shares of ACV Auctions from $21.00 to $17.00 and set a "buy" rating on the stock in a report on Tuesday, August 12th. Bank of America lowered their price target on shares of ACV Auctions from $20.00 to $16.50 and set a "buy" rating on the stock in a report on Tuesday, August 12th. Needham & Company LLC lowered their target price on shares of ACV Auctions from $25.00 to $16.00 and set a "buy" rating on the stock in a report on Tuesday, August 12th. Finally, The Goldman Sachs Group lowered their target price on shares of ACV Auctions from $26.00 to $21.00 and set a "buy" rating on the stock in a report on Tuesday, August 12th. Ten analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat.com, ACV Auctions has an average rating of "Moderate Buy" and a consensus price target of $19.67.

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.

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