Insider Selling: ACV Auctions Inc. (NASDAQ:ACVA) Insider Sells 16,098 Shares of Stock

ACV Auctions Inc. (NASDAQ:ACVA) insider Michael Waterman sold 16,098 shares of the company’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $19.95, for a total transaction of $321,155.10. Following the completion of the transaction, the insider now owns 348,155 shares in the company, valued at $6,945,692.25. The transaction was disclosed in a filing with the SEC, which is available at this link.

Michael Waterman also recently made the following trade(s):

• On Tuesday, September 17th, Michael Waterman sold 75,000 shares of ACV Auctions stock. The shares were sold at an average price of $20.24, for a total transaction of $1,518,000.00.
• On Tuesday, July 9th, Michael Waterman sold 26,336 shares of ACV Auctions stock. The stock was sold at an average price of $17.51, for a total transaction of $461,143.36.

ACV Auctions Trading Down 2.5 %

NASDAQ:ACVA traded down $0.49 on Thursday, hitting $19.07. 1,077,448 shares of the stock were exchanged, compared to its average volume of 1,224,801. The stock has a market cap of $3.15 billion, a PE ratio of -39.73 and a beta of 1.55. ACV Auctions Inc. has a fifty-two week low of $12.84 and a fifty-two week high of $21.10. 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 has a fifty day moving average of $18.65 and a 200-day moving average of $18.27.

ACV Auctions (NASDAQ:ACVA) last posted its quarterly earnings results on Wednesday, August 7th. The company reported ($0.07) EPS for the quarter, beating the consensus estimate of ($0.09) by $0.02. The firm had revenue of $160.62 million for the quarter, compared to analyst estimates of $156.33 million. ACV Auctions had a negative net margin of 14.53% and a negative return on equity of 13.20%. As a group, equities analysts expect that ACV Auctions Inc. will post -0.36 earnings per share for the current fiscal year.

Analysts Set New Price Targets

ACVA has been the topic of several analyst reports. Raymond James started coverage on ACV Auctions in a report on Friday, September 27th. They set a “market perform” rating and a $22.00 price objective on the stock. Barrington Research reissued an “outperform” rating and issued a $23.00 price target on shares of ACV Auctions in a research note on Friday, August 16th. JPMorgan Chase & Co. raised shares of ACV Auctions from a “neutral” rating to an “overweight” rating and set a $21.00 price objective for the company in a research note on Monday, June 10th. Finally, JMP Securities increased their price objective on shares of ACV Auctions from $21.00 to $24.00 and gave the stock a “market outperform” rating in a report on Tuesday, September 17th. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $21.57.

Hedge Funds Weigh In On ACV Auctions

Several hedge funds and other institutional investors have recently made changes to their positions in ACVA. Massachusetts Financial Services Co. MA increased its holdings in ACV Auctions by 47.6% in 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 in the last quarter. William Blair Investment Management LLC grew its position in ACV Auctions by 4.1% in the second quarter. William Blair Investment Management LLC now owns 5,013,642 shares of the company’s stock valued at $91,499,000 after acquiring an additional 198,228 shares in the last quarter. Jennison Associates LLC grew its holdings in ACV Auctions by 11.0% during the 1st quarter. Jennison Associates LLC now owns 3,954,432 shares of the company’s stock valued at $74,225,000 after purchasing an additional 393,423 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in 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 buying an additional 163,380 shares during the period. Finally, TimesSquare Capital Management LLC lifted its holdings in ACV Auctions by 45.6% in the 1st quarter. TimesSquare Capital Management LLC now owns 1,765,822 shares of the company’s stock worth $33,144,000 after buying an additional 552,719 shares in the last quarter. Institutional investors and hedge funds own 88.55% 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.