Insider Selling: ACV Auctions Inc. (NASDAQ:ACVA) CEO Sells 348,249 Shares of Stock

ACV Auctions Inc. (NASDAQ:ACVA) CEO George Chamoun sold 348,249 shares of ACV Auctions stock in a transaction that occurred on Thursday, March 20th. The shares were sold at an average price of $15.34, for a total transaction of $5,342,139.66. Following the completion of the transaction, the chief executive officer now owns 2,821,193 shares of the company’s stock, valued at $43,277,100.62. This represents a 10.99 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink.

ACV Auctions Stock Down 2.4 %

Shares of NASDAQ:ACVA opened at $15.31 on Friday. The firm has a fifty day moving average price of $18.65 and a two-hundred day moving average price of $19.70. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.56 and a quick ratio of 1.56. ACV Auctions Inc. has a one year low of $12.77 and a one year high of $23.46. The company has a market cap of $2.58 billion, a price-to-earnings ratio of -31.24 and a beta of 1.73.

ACV Auctions (NASDAQ:ACVA) last posted its quarterly earnings data on Wednesday, February 19th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.01. ACV Auctions had a negative net margin of 12.51% and a negative return on equity of 12.94%. The company had revenue of $159.51 million during the quarter, compared to the consensus estimate of $156.77 million. Analysts anticipate that ACV Auctions Inc. will post -0.07 EPS for the current fiscal year.

Institutional Trading of ACV Auctions

A number of hedge funds have recently made changes to their positions in ACVA. Principal Financial Group Inc. lifted its holdings in shares of ACV Auctions by 4.9% during the 3rd quarter. Principal Financial Group Inc. now owns 64,925 shares of the company’s stock worth $1,320,000 after acquiring an additional 3,022 shares during the last quarter. Jennison Associates LLC lifted its holdings in shares of ACV Auctions by 6.8% during the 3rd 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 during the last quarter. Intech Investment Management LLC bought a new stake in shares of ACV Auctions during the 3rd quarter worth $815,000. Massachusetts Financial Services Co. MA lifted its holdings in shares of ACV Auctions by 11.6% during the 3rd 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 last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in ACV Auctions by 3.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,241,341 shares of the company’s stock worth $25,236,000 after purchasing an additional 39,812 shares during the last quarter. 88.55% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research firms recently weighed in on ACVA. B. Riley lifted their price objective on shares of ACV Auctions from $24.00 to $27.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. Bank of America upgraded shares of ACV Auctions from a “neutral” rating to a “buy” rating and reduced their price objective for the company from $22.00 to $20.00 in a research note on Wednesday, March 12th. Stephens upgraded shares of ACV Auctions to a “hold” rating in a research note on Saturday, February 1st. Citigroup lifted their price objective on shares of ACV Auctions from $22.00 to $27.00 and gave the company a “buy” rating in a research note on Wednesday, November 27th. Finally, JMP Securities reiterated a “market outperform” rating and issued a $25.00 price objective on shares of ACV Auctions in a research note on Monday, December 16th. Two investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $23.23.

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.