Insider Selling: ACV Auctions Inc. (NASDAQ:ACVA) CEO Sells $2,257,328.01 in Stock

ACV Auctions Inc. (NASDAQ:ACVA) CEO George Chamoun sold 111,363 shares of the stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $20.27, for a total transaction of $2,257,328.01. Following the completion of 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 sale was disclosed in a document filed with the SEC, which is available at this hyperlink.

ACV Auctions Stock Up 0.4 %

Shares of NASDAQ ACVA opened at $20.75 on Friday. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.49 and a quick ratio of 1.49. The company has a market cap of $3.43 billion, a P/E ratio of -43.23 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 firm has a 50-day simple moving average of $18.34 and a two-hundred day simple moving average of $18.13.

ACV Auctions (NASDAQ:ACVA) last announced its quarterly earnings data on Wednesday, August 7th. The company reported ($0.07) earnings per share (EPS) for the quarter, topping the consensus estimate 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 net margin of 14.53% and a negative return on equity of 13.20%. Research analysts anticipate that ACV Auctions Inc. will post -0.36 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on ACVA shares. Needham & Company LLC reaffirmed a “buy” rating and issued a $23.00 price target on shares of ACV Auctions in a report on Monday, June 3rd. Barrington Research reaffirmed an “outperform” rating and issued a $23.00 price target on shares of ACV Auctions in a report on Friday, August 16th. JMP Securities increased their price target on shares of ACV Auctions from $21.00 to $24.00 and gave the company a “market outperform” rating in a report on Tuesday, September 17th. Finally, JPMorgan Chase & Co. raised shares of ACV Auctions from a “neutral” rating to an “overweight” rating and set a $21.00 price target for the company in a report 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. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $21.50.

Hedge Funds Weigh In On ACV Auctions

Institutional investors have recently modified their holdings of the stock. Amalgamated Bank increased its position in shares of ACV Auctions by 18.0% during the second quarter. Amalgamated Bank now owns 5,120 shares of the company’s stock worth $93,000 after acquiring an additional 782 shares during the period. UMB Bank n.a. purchased a new position in shares of ACV Auctions during the first quarter worth approximately $114,000. Penn Mutual Asset Management LLC purchased a new position in shares of ACV Auctions during the fourth quarter worth approximately $153,000. Public Employees Retirement Association of Colorado purchased a new position in shares of ACV Auctions during the second quarter worth approximately $225,000. Finally, Blair William & Co. IL increased its position in shares of ACV Auctions by 14.7% during the first quarter. Blair William & Co. IL now owns 12,691 shares of the company’s stock worth $238,000 after acquiring an additional 1,626 shares during the period. 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.