Insider Selling: ACV Auctions Inc. (NASDAQ:ACVA) CEO Sells 111,363 Shares of Stock

ACV Auctions Inc. (NASDAQ:ACVA) CEO George Chamoun sold 111,363 shares of the stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $20.27, for a total transaction of $2,257,328.01. Following the transaction, the chief executive officer now directly owns 928,166 shares of the company’s stock, valued at approximately $18,813,924.82. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website.

ACV Auctions Stock Up 2.1 %

NASDAQ:ACVA traded up $0.42 during midday trading on Thursday, reaching $20.67. The company had a trading volume of 1,463,825 shares, compared to its average volume of 1,230,036. ACV Auctions Inc. has a 12-month low of $12.84 and a 12-month high of $21.01. The firm has a market capitalization of $3.41 billion, a price-to-earnings ratio of -43.13 and a beta of 1.55. The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 0.24. The stock’s fifty day simple moving average is $18.20 and its 200-day simple moving average is $18.09.

ACV Auctions (NASDAQ:ACVA) last announced its quarterly earnings data on Wednesday, August 7th. The company reported ($0.07) EPS for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.02. The business had revenue of $160.62 million during the quarter, compared to the consensus estimate of $156.33 million. ACV Auctions had a negative return on equity of 13.20% and a negative net margin of 14.53%. On average, sell-side analysts anticipate that ACV Auctions Inc. will post -0.36 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have commented on ACVA shares. Needham & Company LLC restated a “buy” rating and set a $23.00 price target on shares of ACV Auctions in a research note on Monday, June 3rd. JPMorgan Chase & Co. raised ACV Auctions from a “neutral” rating to an “overweight” rating and set a $21.00 target price on the stock in a research note on Monday, June 10th. JMP Securities lifted their target price on ACV Auctions from $21.00 to $24.00 and gave the company a “market outperform” rating in a research report on Tuesday. Finally, Barrington Research reiterated an “outperform” rating and set a $23.00 price target on shares of ACV Auctions in a research note on Friday, August 16th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, ACV Auctions currently has a consensus rating of “Moderate Buy” and a consensus target price of $21.50.

Institutional Investors Weigh In On ACV Auctions

Hedge funds and other institutional investors have recently modified their holdings of the company. Massachusetts Financial Services Co. MA grew its stake in shares of ACV Auctions by 47.6% during the second quarter. Massachusetts Financial Services Co. MA now owns 7,758,163 shares of the company’s stock worth $141,586,000 after purchasing an additional 2,502,064 shares in the last quarter. William Blair Investment Management LLC boosted its position in shares of ACV Auctions by 4.1% during the 2nd quarter. William Blair Investment Management LLC now owns 5,013,642 shares of the company’s stock worth $91,499,000 after acquiring an additional 198,228 shares in the last quarter. Jennison Associates LLC increased its holdings in shares of ACV Auctions by 11.0% in the 1st quarter. Jennison Associates LLC now owns 3,954,432 shares of the company’s stock valued at $74,225,000 after acquiring an additional 393,423 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of ACV Auctions by 8.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,103,770 shares of the company’s stock worth $38,394,000 after acquiring an additional 163,380 shares in the last quarter. Finally, TimesSquare Capital Management LLC lifted its stake in ACV Auctions by 45.6% during the first quarter. TimesSquare Capital Management LLC now owns 1,765,822 shares of the company’s stock worth $33,144,000 after purchasing an additional 552,719 shares during the last quarter. 88.55% of the stock is currently owned by institutional investors and hedge funds.

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.