Andrew Peer Sells 1,795 Shares of ACV Auctions Inc. (NASDAQ:ACVA) Stock

ACV Auctions Inc. (NASDAQ:ACVA) VP Andrew Peer sold 1,795 shares of the business’s stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $21.00, for a total transaction of $37,695.00. Following the sale, the vice president now owns 62,956 shares of the company’s stock, valued at $1,322,076. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

ACV Auctions Price Performance

ACVA traded down $0.01 during trading on Monday, hitting $20.74. 971,815 shares of the company traded hands, compared to its average volume of 1,236,129. The company has a market cap of $3.42 billion, a PE ratio of -43.25 and a beta of 1.55. ACV Auctions Inc. has a 1 year low of $12.84 and a 1 year high of $21.01. 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 50-day simple moving average is $18.34 and its two-hundred day simple moving average is $18.12.

ACV Auctions (NASDAQ:ACVA) last posted its earnings results on Wednesday, August 7th. The company reported ($0.07) EPS for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.02. The company had revenue of $160.62 million for 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%. As a group, sell-side analysts anticipate that ACV Auctions Inc. will post -0.36 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several brokerages have recently weighed in on ACVA. 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. JMP Securities boosted their price target on ACV Auctions from $21.00 to $24.00 and gave the company a “market outperform” rating in a report on Tuesday, September 17th. JPMorgan Chase & Co. raised ACV Auctions from a “neutral” rating to an “overweight” rating and set a $21.00 price objective on the stock in a research note on Monday, June 10th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $23.00 price objective on shares of ACV Auctions in a research note on Monday, June 3rd. One analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, ACV Auctions has a consensus rating of “Moderate Buy” and a consensus price target of $21.50.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Algert Global LLC bought a new position in shares of ACV Auctions in the 2nd quarter valued at about $271,000. Driehaus Capital Management LLC lifted its stake in shares of ACV Auctions by 48.0% in the 2nd quarter. Driehaus Capital Management LLC now owns 1,232,238 shares of the company’s stock valued at $22,488,000 after purchasing an additional 399,402 shares during the last quarter. The Manufacturers Life Insurance Company boosted its holdings in shares of ACV Auctions by 16.0% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 82,542 shares of the company’s stock worth $1,506,000 after purchasing an additional 11,380 shares during the period. Engle Capital Management L.P. increased its position in shares of ACV Auctions by 11.6% during the 2nd quarter. Engle Capital Management L.P. now owns 1,563,000 shares of the company’s stock valued at $28,525,000 after purchasing an additional 163,000 shares during the last quarter. Finally, Sei Investments Co. increased its position in shares of ACV Auctions by 13.0% during the 2nd quarter. Sei Investments Co. now owns 357,437 shares of the company’s stock valued at $6,523,000 after purchasing an additional 41,090 shares during the last quarter. 88.55% of the stock is owned by hedge funds and other institutional investors.

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.