ACV Auctions Inc. (NASDAQ:ACVA) CEO George Chamoun Sells 348,249 Shares of Stock

ACV Auctions Inc. (NASDAQ:ACVA) CEO George Chamoun sold 348,249 shares of the stock in a transaction on Thursday, March 20th. The shares were sold at an average price of $15.34, for a total value of $5,342,139.66. Following the completion of the sale, the chief executive officer now owns 2,821,193 shares of the company’s stock, valued at $43,277,100.62. The trade was a 10.99 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

ACV Auctions Price Performance

Shares of NASDAQ ACVA opened at $15.31 on Friday. ACV Auctions Inc. has a fifty-two week low of $12.77 and a fifty-two week high of $23.46. The stock has a market cap of $2.58 billion, a price-to-earnings ratio of -31.24 and a beta of 1.73. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.56 and a current ratio of 1.56. The firm’s 50-day simple moving average is $18.65 and its 200 day simple moving average is $19.70.

ACV Auctions (NASDAQ:ACVA) last announced its quarterly earnings results on Wednesday, February 19th. The company reported ($0.14) earnings per share for the quarter, beating the consensus estimate of ($0.15) by $0.01. ACV Auctions had a negative net margin of 12.51% and a negative return on equity of 12.94%. The business had revenue of $159.51 million for the quarter, compared to analysts’ expectations of $156.77 million. As a group, research analysts anticipate that ACV Auctions Inc. will post -0.07 earnings per share for the current fiscal year.

Institutional Investors Weigh In On ACV Auctions

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Blue Trust Inc. increased its stake in ACV Auctions by 65.8% in the 4th quarter. Blue Trust Inc. now owns 2,352 shares of the company’s stock valued at $48,000 after buying an additional 933 shares during the last quarter. Icon Wealth Advisors LLC increased its stake in shares of ACV Auctions by 13.5% during the 3rd quarter. Icon Wealth Advisors LLC now owns 11,048 shares of the company’s stock worth $225,000 after purchasing an additional 1,317 shares during the last quarter. Arizona State Retirement System increased its stake in shares of ACV Auctions by 3.6% during the 4th quarter. Arizona State Retirement System now owns 44,126 shares of the company’s stock worth $953,000 after purchasing an additional 1,520 shares during the last quarter. California State Teachers Retirement System increased its stake in shares of ACV Auctions by 1.4% during the 4th quarter. California State Teachers Retirement System now owns 141,873 shares of the company’s stock worth $3,064,000 after purchasing an additional 1,906 shares during the last quarter. Finally, Franklin Resources Inc. increased its stake in shares of ACV Auctions by 5.3% during the 3rd quarter. Franklin Resources Inc. now owns 40,935 shares of the company’s stock worth $768,000 after purchasing an additional 2,057 shares during the last quarter. Hedge funds and other institutional investors own 88.55% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on ACVA shares. B. Riley increased their price target on ACV Auctions from $24.00 to $27.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. Piper Sandler raised shares of ACV Auctions from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from $18.00 to $20.00 in a research report on Thursday. Needham & Company LLC reissued a “buy” rating and set a $25.00 price objective on shares of ACV Auctions in a research report on Wednesday, March 12th. JMP Securities reissued a “market outperform” rating and set a $25.00 price objective on shares of ACV Auctions in a research report on Monday, December 16th. Finally, Stephens raised shares of ACV Auctions to a “hold” rating in a research report on Saturday, February 1st. Two equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $23.23.

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.