Jane Street Group LLC Decreases Holdings in ACV Auctions Inc. (NASDAQ:ACVA)

Jane Street Group LLC cut its holdings in ACV Auctions Inc. (NASDAQ:ACVA) by 55.8% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 109,993 shares of the company’s stock after selling 138,760 shares during the period. Jane Street Group LLC’s holdings in ACV Auctions were worth $2,236,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the stock. Massachusetts Financial Services Co. MA increased its holdings in ACV Auctions by 47.6% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 7,758,163 shares of the company’s stock valued at $141,586,000 after purchasing an additional 2,502,064 shares during the period. Spyglass Capital Management LLC increased its position in ACV Auctions by 69.1% during the 3rd quarter. Spyglass Capital Management LLC now owns 2,614,245 shares of the company’s stock valued at $53,148,000 after buying an additional 1,068,356 shares in the last quarter. Wellington Management Group LLP bought a new position in ACV Auctions during the third quarter valued at approximately $21,540,000. Bank of New York Mellon Corp boosted its holdings 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 worth $25,387,000 after purchasing an additional 952,929 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC bought a new stake in ACV Auctions in the 2nd quarter worth approximately $8,567,000. 88.55% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at ACV Auctions

In other news, insider Michael Waterman sold 16,098 shares of the business’s stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $19.95, for a total value of $321,155.10. Following the completion of the transaction, the insider now directly owns 348,155 shares of the company’s stock, valued at approximately $6,945,692.25. The trade was a 4.42 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO William Zerella sold 32,500 shares of the business’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $18.79, for a total transaction 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 $9,216,156.78. This represents a 6.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 99,099 shares of company stock valued at $1,998,394 in the last three months. Company insiders own 8.50% of the company’s stock.

ACV Auctions Price Performance

ACVA opened at $21.42 on Tuesday. The business has a fifty day moving average of $20.32 and a 200 day moving average of $19.08. 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 stock has a market cap of $3.59 billion, a P/E ratio of -45.57 and a beta of 1.70. ACV Auctions Inc. has a 52-week low of $12.84 and a 52-week high of $23.46.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on ACVA shares. 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. Citigroup raised their price target on ACV Auctions from $22.00 to $27.00 and gave the company a “buy” rating in a report on Wednesday, November 27th. Barrington Research reissued an “outperform” rating and issued a $23.00 target price on shares of ACV Auctions in a report on Monday, November 4th. Jefferies Financial Group increased their price target 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 lifted their price objective on shares of ACV Auctions from $16.00 to $18.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. Two analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $23.60.

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.