ACV Auctions Inc. (NASDAQ:ACVA) Insider Craig Eric Anderson Sells 15,000 Shares

ACV Auctions Inc. (NASDAQ:ACVA - Get Free Report) insider Craig Eric Anderson sold 15,000 shares of ACV Auctions stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $15.04, for a total transaction of $225,600.00. Following the sale, the insider owned 340,799 shares of the company's stock, valued at approximately $5,125,616.96. The trade was a 4.22% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

ACV Auctions Stock Down 3.8%

ACVA traded down $0.58 during trading on Thursday, reaching $14.66. The stock had a trading volume of 1,198,290 shares, compared to its average volume of 2,018,871. ACV Auctions Inc. has a one year low of $11.88 and a one year high of $23.46. The company has a market capitalization of $2.51 billion, a price-to-earnings ratio of -29.91 and a beta of 1.71. The stock's 50 day moving average is $16.17 and its two-hundred day moving average is $16.81. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.28.

ACV Auctions (NASDAQ:ACVA - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The company reported ($0.09) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.04 by ($0.13). ACV Auctions had a negative net margin of 12.51% and a negative return on equity of 12.94%. During the same period in the previous year, the firm posted ($0.13) EPS. ACV Auctions's revenue was up 25.4% on a year-over-year basis. As a group, analysts expect that ACV Auctions Inc. will post -0.07 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on ACVA shares. JPMorgan Chase & Co. reduced their price objective on ACV Auctions from $20.00 to $19.00 and set an "overweight" rating on the stock in a research report on Thursday, July 17th. Citigroup cut their price objective on shares of ACV Auctions from $22.00 to $21.00 and set a "buy" rating for the company in a research note on Monday, July 7th. JMP Securities lifted their target price on shares of ACV Auctions from $18.00 to $20.00 and gave the stock a "market outperform" rating in a research report on Wednesday, July 2nd. Finally, Needham & Company LLC restated a "buy" rating and set a $25.00 price target on shares of ACV Auctions in a research report on Thursday, May 8th. Two investment analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $22.05.

Institutional Investors Weigh In On ACV Auctions

Large investors have recently added to or reduced their stakes in the stock. Versant Capital Management Inc boosted its holdings in ACV Auctions by 464.4% in the 1st quarter. Versant Capital Management Inc now owns 2,201 shares of the company's stock worth $31,000 after buying an additional 1,811 shares during the period. BI Asset Management Fondsmaeglerselskab A S bought a new stake in ACV Auctions during the 1st quarter valued at approximately $35,000. GAMMA Investing LLC boosted its stake in ACV Auctions by 3,005.8% in the 1st quarter. GAMMA Investing LLC now owns 5,932 shares of the company's stock worth $84,000 after purchasing an additional 5,741 shares during the period. AlphaQuest LLC lifted its holdings in shares of ACV Auctions by 2,640.6% in the first quarter. AlphaQuest LLC now owns 6,687 shares of the company's stock worth $94,000 after buying an additional 6,443 shares in the last quarter. Finally, Bessemer Group Inc. boosted its position in shares of ACV Auctions by 14.5% during the first quarter. Bessemer Group Inc. now owns 9,911 shares of the company's stock worth $140,000 after acquiring an additional 1,257 shares during the last quarter. Institutional investors own 88.55% of the company's stock.

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.

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