Jennison Associates LLC Grows Stake in ACV Auctions Inc. $ACVA

Jennison Associates LLC boosted its position in ACV Auctions Inc. (NASDAQ:ACVA) by 2.6% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 5,571,294 shares of the company’s stock after buying an additional 143,773 shares during the quarter. Jennison Associates LLC owned approximately 3.26% of ACV Auctions worth $90,366,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also bought and sold shares of ACVA. Nuveen LLC purchased a new stake in ACV Auctions in the first quarter worth $25,078,000. Vanguard Group Inc. increased its position in ACV Auctions by 7.4% in the first quarter. Vanguard Group Inc. now owns 15,301,225 shares of the company’s stock worth $215,594,000 after buying an additional 1,055,310 shares during the last quarter. Philadelphia Financial Management of San Francisco LLC purchased a new stake in ACV Auctions in the first quarter worth $14,426,000. Iridian Asset Management LLC CT increased its position in ACV Auctions by 77.9% in the first quarter. Iridian Asset Management LLC CT now owns 1,967,332 shares of the company’s stock worth $27,720,000 after buying an additional 861,178 shares during the last quarter. Finally, TimesSquare Capital Management LLC increased its position in ACV Auctions by 33.9% in the first quarter. TimesSquare Capital Management LLC now owns 2,533,258 shares of the company’s stock worth $35,694,000 after buying an additional 641,631 shares during the last quarter. 88.55% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on ACVA. 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 research report on Tuesday, August 12th. The Goldman Sachs Group lowered their price target on shares of ACV Auctions from $26.00 to $21.00 and set a “buy” rating on the stock in a research report on Tuesday, August 12th. JPMorgan Chase & Co. lowered their price target on shares of ACV Auctions from $20.00 to $19.00 and set an “overweight” rating on the stock in a research report on Thursday, July 17th. Jefferies Financial Group lowered their price target on shares of ACV Auctions from $22.00 to $15.00 and set a “buy” rating on the stock in a research report on Friday, October 17th. Finally, Stephens lowered their price target on shares of ACV Auctions from $16.00 to $11.50 and set an “equal weight” rating on the stock in a research report on Tuesday, August 12th. Ten equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $18.36.

ACV Auctions Price Performance

Shares of NASDAQ:ACVA opened at $8.93 on Thursday. The company has a 50 day moving average of $10.15 and a 200 day moving average of $13.48. The stock has a market cap of $1.54 billion, a P/E ratio of -18.22 and a beta of 1.64. ACV Auctions Inc. has a 12 month low of $8.33 and a 12 month high of $23.46. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.28.

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.