ACV Auctions Inc. (NASDAQ:ACVA) Stake Boosted by JPMorgan Chase & Co.

JPMorgan Chase & Co. lifted its stake in ACV Auctions Inc. (NASDAQ:ACVA) by 10.9% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,167,615 shares of the company’s stock after acquiring an additional 311,465 shares during the period. JPMorgan Chase & Co. owned 1.89% of ACV Auctions worth $64,398,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of ACVA. Massachusetts Financial Services Co. MA lifted its holdings in shares of ACV Auctions by 11.6% in the third quarter. Massachusetts Financial Services Co. MA now owns 8,655,640 shares of the company’s stock valued at $175,969,000 after purchasing an additional 897,477 shares in the last quarter. William Blair Investment Management LLC grew its position in ACV Auctions by 4.1% in the second quarter. William Blair Investment Management LLC now owns 5,013,642 shares of the company’s stock worth $91,499,000 after acquiring an additional 198,228 shares in the last quarter. Jennison Associates LLC increased its stake in shares of ACV Auctions by 6.8% during the 3rd quarter. Jennison Associates LLC now owns 4,247,932 shares of the company’s stock worth $86,360,000 after purchasing an additional 271,970 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of ACV Auctions by 2.0% in the 3rd quarter. Geode Capital Management LLC now owns 3,517,088 shares of the company’s stock valued at $71,516,000 after purchasing an additional 67,969 shares during the last quarter. Finally, State Street Corp boosted its holdings in ACV Auctions by 3.7% in the third quarter. State Street Corp now owns 3,242,388 shares of the company’s stock worth $65,918,000 after purchasing an additional 115,700 shares in the last quarter. 88.55% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, CFO William Zerella sold 32,500 shares of the company’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $18.79, for a total transaction of $610,675.00. Following the transaction, the chief financial officer now owns 490,482 shares of the company’s stock, valued at $9,216,156.78. This represents a 6.21 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Michael Waterman sold 18,001 shares of ACV Auctions stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $18.79, for a total transaction of $338,238.79. Following the completion of the transaction, the insider now directly owns 337,190 shares in the company, valued at approximately $6,335,800.10. The trade was a 5.07 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 115,501 shares of company stock worth $2,380,864 in the last quarter. 8.50% of the stock is owned by corporate insiders.

ACV Auctions Stock Performance

Shares of NASDAQ:ACVA opened at $21.02 on Friday. The stock has a market capitalization of $3.52 billion, a price-to-earnings ratio of -44.72 and a beta of 1.70. The business’s fifty day moving average price is $20.93 and its two-hundred day moving average price is $19.31. ACV Auctions Inc. has a fifty-two week low of $12.84 and a fifty-two week high of $23.46. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.51 and a quick ratio of 1.51.

Analyst Ratings Changes

Several brokerages have commented on ACVA. B. Riley increased their price target on ACV Auctions from $24.00 to $27.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. Barrington Research restated an “outperform” rating and set a $23.00 price objective on shares of ACV Auctions in a report on Monday, November 4th. Piper Sandler increased their target price on shares of ACV Auctions from $16.00 to $18.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. JMP Securities restated a “market outperform” rating and set a $25.00 price target on shares of ACV Auctions in a research note on Monday, December 16th. Finally, Citigroup raised their price objective on ACV Auctions from $22.00 to $27.00 and gave the stock a “buy” rating in a research report on Wednesday, November 27th. Two investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $23.80.

ACV Auctions 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.