Verition Fund Management LLC Sells 15,011 Shares of ACV Auctions Inc. (NASDAQ:ACVA)

Verition Fund Management LLC cut its holdings in shares of ACV Auctions Inc. (NASDAQ:ACVA – Get Rating) by 43.5% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 19,472 shares of the company’s stock after selling 15,011 shares during the period. Verition Fund Management LLC’s holdings in ACV Auctions were worth $140,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently added to or reduced their stakes in the company. First Horizon Advisors Inc. lifted its position in ACV Auctions by 46.0% during the 3rd quarter. First Horizon Advisors Inc. now owns 6,145 shares of the company’s stock valued at $44,000 after purchasing an additional 1,937 shares during the period. Citigroup Inc. lifted its position in ACV Auctions by 359.1% during the 1st quarter. Citigroup Inc. now owns 3,641 shares of the company’s stock valued at $54,000 after purchasing an additional 2,848 shares during the period. Principal Financial Group Inc. acquired a new position in ACV Auctions during the 2nd quarter valued at about $76,000. Integrated Advisors Network LLC acquired a new position in ACV Auctions during the 3rd quarter valued at about $81,000. Finally, Los Angeles Capital Management LLC acquired a new position in ACV Auctions during the 3rd quarter valued at about $88,000. 69.75% of the stock is currently owned by institutional investors and hedge funds.

ACV Auctions Trading Up 0.6 %

ACV Auctions stock opened at $12.56 on Friday. The firm has a 50-day moving average of $10.34 and a 200-day moving average of $9.08. ACV Auctions Inc. has a one year low of $6.10 and a one year high of $15.70. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.17 and a quick ratio of 2.17. The company has a market cap of $1.99 billion, a price-to-earnings ratio of -19.03 and a beta of 1.39.

Analyst Upgrades and Downgrades

ACVA has been the topic of a number of research reports. The Goldman Sachs Group cut their target price on shares of ACV Auctions to $12.00 in a research report on Wednesday, November 16th. Barrington Research increased their target price on shares of ACV Auctions from $14.00 to $16.00 in a report on Friday, February 24th. Needham & Company LLC reissued a “buy” rating and issued a $14.00 price target on shares of ACV Auctions in a report on Thursday, February 23rd. Guggenheim decreased their price target on shares of ACV Auctions to $15.00 in a report on Tuesday, November 15th. Finally, Piper Jaffray Companies lowered shares of ACV Auctions to a “neutral” rating and set a $11.00 target price for the company. in a research note on Thursday, February 16th. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $13.55.

Insider Transactions at ACV Auctions

In other news, major shareholder Bessemer Venture Partners Ix L sold 1,007,160 shares of the stock in a transaction dated Tuesday, December 13th. The shares were sold at an average price of $9.00, for a total transaction of $9,064,440.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, insider Michael Waterman sold 6,043 shares of the company’s stock in a transaction dated Tuesday, January 10th. The shares were sold at an average price of $8.44, for a total value of $51,002.92. Following the sale, the insider now directly owns 53,920 shares of the company’s stock, valued at approximately $455,084.80. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, major shareholder Bessemer Venture Partners Ix L sold 1,007,160 shares of the company’s stock in a transaction dated Tuesday, December 13th. The shares were sold at an average price of $9.00, for a total transaction of $9,064,440.00. The disclosure for this sale can be found here. Insiders sold a total of 3,193,796 shares of company stock worth $35,070,174 in the last three months. Insiders own 11.64% of the company’s stock.

About ACV Auctions

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ACV Auctions Inc operates a digital marketplace that connects buyers and sellers for the online auction of wholesale vehicles. It also provides data services that offer insights into the condition and value of used vehicles, as well as offers customer financing services. ACV Auctions Inc was incorporated in 2014 and is headquartered in Buffalo, New York.