Jump Financial LLC Grows Stock Holdings in ACV Auctions Inc. $ACVA

Key Points

• Jump Financial LLC increased its stake in ACV Auctions by 233.3%, acquiring an additional 65,096 shares, bringing their total ownership to 92,996 shares worth approximately $1.31 million.
• A significant number of institutional investors are involved, with 88.55% of ACV Auctions' stock being owned by them, reflecting strong confidence in the company's potential.
• Analysts have lowered their price targets on ACV Auctions, with many rating it a "buy" while the average target price has dropped to $19.67 from previous estimates.

Jump Financial LLC lifted its stake in shares of ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 233.3% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 92,996 shares of the company's stock after acquiring an additional 65,096 shares during the quarter. Jump Financial LLC owned approximately 0.06% of ACV Auctions worth $1,310,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. lifted its stake in shares of ACV Auctions by 7.4% during the first quarter. Vanguard Group Inc. now owns 15,301,225 shares of the company's stock worth $215,594,000 after buying an additional 1,055,310 shares during the period. Massachusetts Financial Services Co. MA grew its position in shares of ACV Auctions by 6.0% in the first quarter. Massachusetts Financial Services Co. MA now owns 9,084,830 shares of the company's stock valued at $128,005,000 after purchasing an additional 510,680 shares during the period. Jennison Associates LLC grew its position in shares of ACV Auctions by 9.0% in the first quarter. Jennison Associates LLC now owns 5,427,521 shares of the company's stock valued at $76,474,000 after purchasing an additional 447,167 shares during the period. Nuveen Asset Management LLC boosted its position in ACV Auctions by 12.0% during the fourth quarter. Nuveen Asset Management LLC now owns 3,041,900 shares of the company's stock worth $65,705,000 after acquiring an additional 326,206 shares during the last quarter. Finally, Spyglass Capital Management LLC lifted its holdings in ACV Auctions by 11.6% in the fourth quarter. Spyglass Capital Management LLC now owns 2,916,586 shares of the company's stock valued at $62,998,000 after acquiring an additional 302,341 shares during the last quarter. 88.55% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on ACVA. The Goldman Sachs Group decreased their price objective on shares of ACV Auctions from $26.00 to $21.00 and set a "buy" rating on the stock in a report on Tuesday, August 12th. Citigroup lowered their price objective on shares of ACV Auctions from $21.00 to $17.00 and set a "buy" rating on the stock in a research report on Tuesday, August 12th. Needham & Company LLC lowered their price objective on shares of ACV Auctions from $25.00 to $16.00 and set a "buy" rating on the stock in a research report on Tuesday, August 12th. JPMorgan Chase & Co. reduced their target price on shares of ACV Auctions from $20.00 to $19.00 and set an "overweight" rating for the company in a research note on Thursday, July 17th. Finally, JMP Securities reduced their target price on shares of ACV Auctions from $20.00 to $18.00 and set a "market outperform" rating for the company in a research note on Tuesday, August 12th. Ten equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat, ACV Auctions presently has an average rating of "Moderate Buy" and a consensus price target of $19.67.

ACV Auctions Price Performance

NASDAQ:ACVA traded down $0.10 during mid-day trading on Tuesday, hitting $11.56. 800,031 shares of the company's stock traded hands, compared to its average volume of 2,128,777. The company has a market cap of $1.99 billion, a PE ratio of -23.56 and a beta of 1.68. ACV Auctions Inc. has a 1 year low of $10.26 and a 1 year high of $23.46. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.56 and a current ratio of 1.56. The firm's 50 day simple moving average is $14.14 and its 200 day simple moving average is $15.08.

Insider Transactions at ACV Auctions

In other news, insider Craig Eric Anderson sold 15,000 shares of ACV Auctions stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $15.04, for a total transaction of $225,600.00. Following the completion of the sale, the insider directly owned 340,799 shares in the company, valued at $5,125,616.96. The trade was a 4.22% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Michael Waterman sold 34,339 shares of ACV Auctions stock in a transaction dated Tuesday, July 8th. The stock was sold at an average price of $16.05, for a total transaction of $551,140.95. Following the sale, the insider owned 379,957 shares of the company's stock, valued at approximately $6,098,309.85. This trade represents a 8.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 2.90% of the company's stock.

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.