Wellington Management Group LLP Takes $21.54 Million Position in ACV Auctions Inc. (NASDAQ:ACVA)

Wellington Management Group LLP bought a new position in shares of ACV Auctions Inc. (NASDAQ:ACVA) in the 3rd quarter, Holdings Channel.com reports. The institutional investor bought 1,059,512 shares of the company’s stock, valued at approximately $21,540,000.

Several other large investors have also added to or reduced their stakes in the business. State Street Corp boosted its holdings in ACV Auctions by 3.7% during 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 during the last quarter. Quadrature Capital Ltd acquired a new stake in ACV Auctions in the third quarter valued at $566,000. Richmond Hill Investments LLC lifted its stake in ACV Auctions by 26.4% in the third quarter. Richmond Hill Investments LLC now owns 488,208 shares of the company’s stock valued at $9,925,000 after acquiring an additional 101,892 shares during the last quarter. Point72 DIFC Ltd acquired a new stake in ACV Auctions in the third quarter valued at $666,000. Finally, Point72 Asset Management L.P. lifted its stake in ACV Auctions by 17.4% in the third quarter. Point72 Asset Management L.P. now owns 652,949 shares of the company’s stock valued at $13,274,000 after acquiring an additional 96,647 shares during the last quarter. Institutional investors and hedge funds own 88.55% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have commented on ACVA shares. 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. B. Riley increased their price objective 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. Citigroup increased their price objective on shares of ACV Auctions from $22.00 to $27.00 and gave the company a “buy” rating in a research report on Wednesday, November 27th. Raymond James started coverage on shares of ACV Auctions in a research report on Friday, September 27th. They issued a “market perform” rating and a $22.00 price objective on the stock. Finally, JMP Securities increased their price objective on shares of ACV Auctions from $21.00 to $24.00 and gave the company a “market outperform” rating in a research report on Tuesday, September 17th. Two analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, ACV Auctions has an average rating of “Moderate Buy” and an average price target of $23.50.

ACV Auctions Price Performance

NASDAQ:ACVA opened at $20.30 on Friday. ACV Auctions Inc. has a 52 week low of $12.84 and a 52 week high of $23.46. The firm has a market cap of $3.40 billion, a price-to-earnings ratio of -43.19 and a beta of 1.70. The firm’s 50-day simple moving average is $20.08 and its 200 day simple moving average is $18.95. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.51 and a current ratio of 1.51.

Insider Buying and Selling

In related news, VP Andrew Peer sold 1,795 shares of the firm’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $21.00, for a total transaction of $37,695.00. Following the transaction, the vice president now directly owns 62,956 shares of the company’s stock, valued at approximately $1,322,076. This trade represents a 2.77 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO William Zerella sold 32,500 shares of the firm’s stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $22.41, for a total transaction of $728,325.00. Following the transaction, the chief financial officer now directly owns 490,482 shares in the company, valued at approximately $10,991,701.62. This represents a 6.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 364,113 shares of company stock valued at $7,368,519. 8.50% of the stock is owned by company insiders.

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.