Fmr LLC Has $273 Million Position in ACV Auctions Inc. (NASDAQ:ACVA)

Fmr LLC lowered its holdings in ACV Auctions Inc. (NASDAQ:ACVA) by 22.5% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 13,428,169 shares of the company’s stock after selling 3,894,430 shares during the quarter. Fmr LLC owned 0.08% of ACV Auctions worth $272,995,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Massachusetts Financial Services Co. MA lifted its holdings in shares of ACV Auctions by 47.6% during the second quarter. Massachusetts Financial Services Co. MA now owns 7,758,163 shares of the company’s stock valued at $141,586,000 after acquiring an additional 2,502,064 shares during the period. Bank of New York Mellon Corp lifted its holdings in ACV Auctions by 217.5% during the 2nd 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 last quarter. Allspring Global Investments Holdings LLC acquired a new position in ACV Auctions in the second quarter valued at about $8,567,000. Driehaus Capital Management LLC grew its stake 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 buying an additional 399,402 shares during the last quarter. Finally, Jennison Associates LLC increased its holdings in shares of ACV Auctions by 6.8% during the third quarter. Jennison Associates LLC now owns 4,247,932 shares of the company’s stock worth $86,360,000 after buying an additional 271,970 shares in the last quarter. Institutional investors and hedge funds own 88.55% of the company’s stock.

Insider Activity

In other ACV Auctions news, CFO William Zerella sold 32,500 shares of the stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $22.41, for a total value of $728,325.00. Following the transaction, the chief financial officer now owns 490,482 shares of the company’s stock, valued at approximately $10,991,701.62. This represents a 6.21 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, COO Vikas Mehta sold 154,324 shares of the business’s stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $19.19, for a total value of $2,961,477.56. Following the transaction, the chief operating officer now owns 432,457 shares of the company’s stock, valued at $8,298,849.83. The trade was a 26.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 525,937 shares of company stock valued at $10,479,997 in the last 90 days. 8.50% of the stock is owned by company insiders.

ACV Auctions Price Performance

Shares of ACVA stock opened at $22.62 on Monday. The firm’s 50 day moving average price is $19.72 and its two-hundred day moving average price is $18.73. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.51 and a current ratio of 1.51. ACV Auctions Inc. has a 52-week low of $12.84 and a 52-week high of $23.46. The stock has a market cap of $3.79 billion, a PE ratio of -48.13 and a beta of 1.59.

Analyst Upgrades and Downgrades

ACVA has been the topic of a number of research analyst reports. JMP Securities raised their price target on ACV Auctions from $21.00 to $24.00 and gave the company a “market outperform” rating in a report on Tuesday, September 17th. Raymond James started coverage on ACV Auctions in a research note on Friday, September 27th. They issued a “market perform” rating and a $22.00 target price for the company. B. Riley increased their price objective on shares of ACV Auctions from $24.00 to $27.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. Needham & Company LLC reaffirmed a “buy” rating and issued a $26.00 target price on shares of ACV Auctions in a research note on Tuesday, November 26th. Finally, Jefferies Financial Group increased their price target on shares of ACV Auctions from $22.00 to $25.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. Two investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $23.50.

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.