ACV Auctions Inc. (NASDAQ:ACVA) Shares Acquired by Massachusetts Financial Services Co. MA

Massachusetts Financial Services Co. MA lifted its stake in shares of ACV Auctions Inc. (NASDAQ:ACVA) by 11.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,655,640 shares of the company’s stock after purchasing an additional 897,477 shares during the quarter. Massachusetts Financial Services Co. MA owned about 0.05% of ACV Auctions worth $175,969,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the stock. Bank of New York Mellon Corp lifted its position in ACV Auctions by 217.5% in the second quarter. Bank of New York Mellon Corp now owns 1,391,070 shares of the company’s stock valued at $25,387,000 after purchasing an additional 952,929 shares during the period. Swedbank AB acquired a new stake in shares of ACV Auctions in the 1st quarter valued at approximately $15,016,000. Allspring Global Investments Holdings LLC purchased a new stake in shares of ACV Auctions in the second quarter valued at approximately $8,567,000. Driehaus Capital Management LLC grew its holdings in ACV Auctions by 48.0% during the second quarter. Driehaus Capital Management LLC now owns 1,232,238 shares of the company’s stock worth $22,488,000 after acquiring an additional 399,402 shares during the period. Finally, Jennison Associates LLC raised its position in ACV Auctions by 6.8% in the third quarter. Jennison Associates LLC now owns 4,247,932 shares of the company’s stock worth $86,360,000 after acquiring an additional 271,970 shares in the last quarter. 88.55% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the stock. Raymond James began coverage on shares of ACV Auctions in a research note on Friday, September 27th. They set a “market perform” rating and a $22.00 price target on the stock. Needham & Company LLC lifted their price target on shares of ACV Auctions from $23.00 to $26.00 and gave the company a “buy” rating in a research report on Friday, November 8th. Barrington Research reissued an “outperform” rating and set a $23.00 price target on shares of ACV Auctions in a research note on Monday, November 4th. Jefferies Financial Group raised their price objective on ACV Auctions from $22.00 to $25.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. Finally, Piper Sandler boosted their target price on ACV Auctions from $16.00 to $18.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $22.63.

Insider Activity

In related news, insider Craig Eric Anderson sold 7,500 shares of the company’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $20.00, for a total value of $150,000.00. Following the completion of the transaction, the insider now directly owns 328,167 shares in the company, valued at approximately $6,563,340. This represents a 2.23 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Andrew Peer sold 1,795 shares of the stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $21.00, for a total value of $37,695.00. Following the transaction, the vice president now owns 62,956 shares in the company, valued at $1,322,076. This trade represents a 2.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 501,832 shares of company stock worth $9,912,940 over the last three months. 8.50% of the stock is currently owned by corporate insiders.

ACV Auctions Price Performance

Shares of NASDAQ:ACVA opened at $21.97 on Friday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.51 and a current ratio of 1.51. The business’s fifty day moving average price is $19.50 and its two-hundred day moving average price is $18.55. The stock has a market cap of $3.68 billion, a PE ratio of -46.74 and a beta of 1.59. ACV Auctions Inc. has a one year low of $12.84 and a one year high of $22.23.

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.