Insider Selling: ACV Auctions Inc. (NASDAQ:ACVA) Insider Sells $619,225.86 in Stock

ACV Auctions Inc. (NASDAQ:ACVA) insider Michael Waterman sold 30,162 shares of the company’s stock in a transaction that occurred on Tuesday, January 7th. The stock was sold at an average price of $20.53, for a total transaction of $619,225.86. Following the sale, the insider now directly owns 314,738 shares of the company’s stock, valued at approximately $6,461,571.14. This trade represents a 8.75 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this link.

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

• On Tuesday, October 15th, Michael Waterman sold 18,001 shares of ACV Auctions stock. The shares were sold at an average price of $18.79, for a total transaction of $338,238.79.

ACV Auctions Trading Down 1.8 %

ACVA opened at $20.75 on Monday. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.51 and a quick ratio of 1.51. ACV Auctions Inc. has a fifty-two week low of $12.84 and a fifty-two week high of $23.46. The company’s 50 day moving average price is $21.26 and its two-hundred day moving average price is $19.44. The firm has a market capitalization of $3.48 billion, a price-to-earnings ratio of -44.15 and a beta of 1.69.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on ACVA. Needham & Company LLC reiterated a “buy” rating and issued a $28.00 price target (up previously from $26.00) on shares of ACV Auctions in a research note on Thursday, December 26th. Raymond James assumed coverage on ACV Auctions in a research report on Friday, September 27th. They issued a “market perform” rating and a $22.00 target price on the stock. B. Riley increased their target price on shares of ACV Auctions from $24.00 to $27.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. Piper Sandler lifted their price target on shares of ACV Auctions from $16.00 to $18.00 and gave the company a “neutral” rating in a report on Friday, November 8th. Finally, Barrington Research reiterated an “outperform” rating and set a $23.00 price objective on shares of ACV Auctions in a research report on Monday, November 4th. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, ACV Auctions has an average rating of “Moderate Buy” and an average target price of $24.00.

Hedge Funds Weigh In On ACV Auctions

A number of hedge funds have recently modified their holdings of ACVA. Massachusetts Financial Services Co. MA increased its holdings in ACV Auctions by 47.6% in the second 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 during the period. Spyglass Capital Management LLC grew its position in shares of ACV Auctions by 69.1% in the 3rd quarter. Spyglass Capital Management LLC now owns 2,614,245 shares of the company’s stock valued at $53,148,000 after buying an additional 1,068,356 shares during the last quarter. Wellington Management Group LLP acquired a new stake in shares of ACV Auctions in the third quarter valued at about $21,540,000. Driehaus Capital Management LLC increased its stake in shares of ACV Auctions by 48.0% in the second quarter. Driehaus Capital Management LLC now owns 1,232,238 shares of the company’s stock valued at $22,488,000 after buying an additional 399,402 shares during the period. Finally, JPMorgan Chase & Co. raised its position in shares of ACV Auctions by 10.9% during the third quarter. JPMorgan Chase & Co. now owns 3,167,615 shares of the company’s stock worth $64,398,000 after acquiring an additional 311,465 shares during 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.