JPMorgan Chase & Co. Has $64.40 Million Stock Holdings in ACV Auctions Inc. (NASDAQ:ACVA)

JPMorgan Chase & Co. lifted its stake in shares of ACV Auctions Inc. (NASDAQ:ACVA) by 10.9% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 3,167,615 shares of the company’s stock after purchasing an additional 311,465 shares during the quarter. JPMorgan Chase & Co.’s holdings in ACV Auctions were worth $64,398,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Massachusetts Financial Services Co. MA lifted its stake 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 worth $175,969,000 after acquiring an additional 897,477 shares during the period. William Blair Investment Management LLC grew its stake in shares of ACV Auctions by 4.1% in the 2nd quarter. William Blair Investment Management LLC now owns 5,013,642 shares of the company’s stock valued at $91,499,000 after buying an additional 198,228 shares during the period. Jennison Associates LLC boosted its holdings 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. Geode Capital Management LLC increased its holdings in shares of ACV Auctions by 2.0% during the third quarter. Geode Capital Management LLC now owns 3,517,088 shares of the company’s stock valued at $71,516,000 after acquiring an additional 67,969 shares in the last quarter. Finally, State Street Corp raised its holdings in shares of ACV Auctions by 3.7% in the 3rd quarter. State Street Corp now owns 3,242,388 shares of the company’s stock worth $65,918,000 after acquiring an additional 115,700 shares during the last quarter. Institutional investors own 88.55% of the company’s stock.

Insiders Place Their Bets

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

ACV Auctions Price Performance

Shares of NASDAQ ACVA opened at $21.02 on Friday. ACV Auctions Inc. has a twelve month low of $12.84 and a twelve month high of $23.46. The company has a quick ratio of 1.51, a current ratio of 1.51 and a debt-to-equity ratio of 0.25. The firm has a market capitalization of $3.52 billion, a P/E ratio of -44.72 and a beta of 1.70. The stock’s 50-day simple moving average is $20.93 and its two-hundred day simple moving average is $19.31.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on ACVA. Piper Sandler raised their price target on shares of ACV Auctions from $16.00 to $18.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. Barrington Research restated an “outperform” rating and issued a $23.00 price objective on shares of ACV Auctions in a research note on Monday, November 4th. Needham & Company LLC reissued a “buy” rating and issued a $28.00 price target (up from $26.00) on shares of ACV Auctions in a report on Thursday, December 26th. Citigroup raised their price objective on shares of ACV Auctions from $22.00 to $27.00 and gave the stock a “buy” rating in a report on Wednesday, November 27th. Finally, B. Riley increased their target price on shares of ACV Auctions from $24.00 to $27.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th. Two equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $23.80.

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.