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 ACV Auctions stock in a transaction 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 sale, the chief executive officer now owns 928,166 shares in the company, valued at $18,813,924.82. The sale was disclosed in a document filed with the SEC, which is available through this link.

ACV Auctions Stock Performance

Shares of NASDAQ ACVA traded up $0.42 during midday trading on Thursday, reaching $20.67. 1,463,825 shares of the company were exchanged, compared to its average volume of 1,230,036. 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 market cap of $3.41 billion, a P/E ratio of -43.13 and a beta of 1.55. The stock has a fifty day simple moving average of $18.20 and a 200 day simple moving average of $18.09. ACV Auctions Inc. has a 1 year low of $12.84 and a 1 year high of $21.01.

ACV Auctions (NASDAQ:ACVA) last issued its earnings results on Wednesday, August 7th. The company reported ($0.07) earnings per share for the quarter, beating the consensus estimate of ($0.09) by $0.02. The business had revenue of $160.62 million for the quarter, compared to the consensus estimate of $156.33 million. ACV Auctions had a negative net margin of 14.53% and a negative return on equity of 13.20%. On average, research analysts forecast that ACV Auctions Inc. will post -0.36 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have issued reports on the company. Needham & Company LLC reaffirmed a “buy” rating and set a $23.00 price objective on shares of ACV Auctions in a report on Monday, June 3rd. Barrington Research reissued an “outperform” rating and issued a $23.00 target price on shares of ACV Auctions in a research report on Friday, August 16th. JMP Securities lifted their price target on ACV Auctions from $21.00 to $24.00 and gave the stock a “market outperform” rating in a research report on Tuesday. Finally, JPMorgan Chase & Co. upgraded 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. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $21.50.

Hedge Funds Weigh In On ACV Auctions

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Algert Global LLC acquired a new stake in shares of ACV Auctions in the 2nd quarter valued at approximately $271,000. Driehaus Capital Management LLC lifted its holdings in 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 acquiring an additional 399,402 shares during the period. The Manufacturers Life Insurance Company lifted its holdings in ACV Auctions by 16.0% in the second quarter. The Manufacturers Life Insurance Company now owns 82,542 shares of the company’s stock valued at $1,506,000 after acquiring an additional 11,380 shares during the period. Engle Capital Management L.P. boosted 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 worth $28,525,000 after purchasing an additional 163,000 shares in the last quarter. Finally, Sei Investments Co. grew its stake 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 worth $6,523,000 after purchasing an additional 41,090 shares during the period. 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.