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 that occurred on 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 transaction, the chief executive officer now directly owns 928,166 shares in the company, valued at $18,813,924.82. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

ACV Auctions Price Performance

NASDAQ ACVA opened at $20.75 on Friday. The firm’s fifty day simple moving average is $18.34 and its two-hundred day simple moving average is $18.13. The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 0.24. ACV Auctions Inc. has a 12-month low of $12.84 and a 12-month high of $21.01. The firm has a market capitalization of $3.43 billion, a P/E ratio of -43.23 and a beta of 1.55.

ACV Auctions (NASDAQ:ACVA) last released its quarterly earnings results 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. ACV Auctions had a negative net margin of 14.53% and a negative return on equity of 13.20%. The business had revenue of $160.62 million for the quarter, compared to analyst estimates of $156.33 million. Analysts forecast that ACV Auctions Inc. will post -0.36 EPS for the current fiscal year.

Institutional Investors Weigh In On ACV Auctions

Institutional investors and hedge funds have recently made changes to their positions in the stock. Amalgamated Bank lifted its stake 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 buying an additional 782 shares during the period. UMB Bank n.a. acquired a new stake in shares of ACV Auctions during the first quarter worth $114,000. Penn Mutual Asset Management LLC acquired a new stake in shares of ACV Auctions during the fourth quarter worth $153,000. Public Employees Retirement Association of Colorado acquired a new stake in shares of ACV Auctions during the second quarter worth $225,000. Finally, Blair William & Co. IL lifted its stake 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 buying an additional 1,626 shares during the period. 88.55% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts recently issued reports on ACVA shares. Barrington Research reissued an “outperform” rating and set a $23.00 price objective on shares of ACV Auctions in a report on Friday, August 16th. Needham & Company LLC reissued a “buy” rating and set a $23.00 price objective on shares of ACV Auctions in a report on Monday, June 3rd. JMP Securities lifted their price objective 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 objective on the stock in a report on Monday, June 10th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $21.50.

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.