Jennison Associates LLC Raises Stock Position in ACV Auctions Inc. $ACVA

Jennison Associates LLC grew its stake in ACV Auctions Inc. (NASDAQ:ACVA) by 2.6% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,571,294 shares of the company’s stock after buying an additional 143,773 shares during the period. Jennison Associates LLC’s holdings in ACV Auctions were worth $90,366,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. BI Asset Management Fondsmaeglerselskab A S purchased a new position in ACV Auctions in the 1st quarter worth approximately $35,000. CWM LLC grew its stake in ACV Auctions by 77.4% in the 2nd quarter. CWM LLC now owns 4,642 shares of the company’s stock worth $75,000 after buying an additional 2,026 shares in the last quarter. AlphaQuest LLC grew its stake in ACV Auctions by 2,640.6% in the 1st quarter. AlphaQuest LLC now owns 6,687 shares of the company’s stock worth $94,000 after buying an additional 6,443 shares in the last quarter. Bessemer Group Inc. grew its stake in ACV Auctions by 14.5% in the 1st quarter. Bessemer Group Inc. now owns 9,911 shares of the company’s stock worth $140,000 after buying an additional 1,257 shares in the last quarter. Finally, UMB Bank n.a. grew its stake in ACV Auctions by 100.0% in the 2nd quarter. UMB Bank n.a. now owns 12,100 shares of the company’s stock worth $196,000 after buying an additional 6,050 shares in the last quarter. Hedge funds and other institutional investors own 88.55% of the company’s stock.

ACV Auctions Trading Down 2.6%

NASDAQ:ACVA opened at $8.93 on Thursday. The company has a fifty day moving average of $10.15 and a 200 day moving average of $13.48. ACV Auctions Inc. has a 52 week low of $8.33 and a 52 week high of $23.46. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.28. The firm has a market capitalization of $1.54 billion, a P/E ratio of -18.22 and a beta of 1.64.

Analyst Ratings Changes

A number of equities analysts have commented on ACVA shares. JMP Securities cut their price target on shares of ACV Auctions from $20.00 to $18.00 and set a “market outperform” rating for the company in a research note on Tuesday, August 12th. Jefferies Financial Group cut their price target on shares of ACV Auctions from $22.00 to $15.00 and set a “buy” rating for the company in a research note on Friday, October 17th. Stephens cut their price objective on shares of ACV Auctions from $16.00 to $11.50 and set an “equal weight” rating for the company in a research note on Tuesday, August 12th. Needham & Company LLC cut their price objective on shares of ACV Auctions from $16.00 to $14.00 and set a “buy” rating for the company in a research note on Tuesday, October 7th. Finally, Citigroup cut their price objective on shares of ACV Auctions from $21.00 to $17.00 and set a “buy” rating for the company in a research note on Tuesday, August 12th. Ten investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $18.36.

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.