Andrew Peer Sells 1,750 Shares of ACV Auctions (NASDAQ:ACVA) Stock

Key Points

• ACV Auctions CAO Andrew Peer sold 1,750 shares at an average price of $10.11, reducing his ownership by 2.99% to 56,750 shares.
• The stock is currently trading at $10.04, down 0.4% with a market cap of $1.73 billion, and has seen some institutional buying with hedge funds owning 88.55% of the shares.
• Analysts have recently downgraded ACV Auctions' stock price targets, with the consensus now at $19.67 and an overall rating of "Moderate Buy."

ACV Auctions Inc. (NASDAQ:ACVA - Get Free Report) CAO Andrew Peer sold 1,750 shares of ACV Auctions stock in a transaction on Monday, September 15th. The shares were sold at an average price of $10.11, for a total value of $17,692.50. Following the transaction, the chief accounting officer owned 56,750 shares in the company, valued at approximately $573,742.50. This trade represents a 2.99% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

ACV Auctions Price Performance

Shares of ACVA traded up $0.03 during trading hours on Friday, hitting $10.37. 3,203,642 shares of the company were exchanged, compared to its average volume of 2,262,009. The company has a market capitalization of $1.78 billion, a PE ratio of -21.16 and a beta of 1.68. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.56 and a quick ratio of 1.56. The firm has a fifty day simple moving average of $12.59 and a 200-day simple moving average of $14.44. ACV Auctions Inc. has a one year low of $9.85 and a one year high of $23.46.

Institutional Trading of ACV Auctions

A number of institutional investors have recently bought and sold shares of ACVA. State of Wyoming bought a new position in ACV Auctions during the second quarter valued at about $171,000. Tower Research Capital LLC TRC increased its stake in shares of ACV Auctions by 18.3% in the second quarter. Tower Research Capital LLC TRC now owns 20,374 shares of the company's stock worth $330,000 after purchasing an additional 3,149 shares during the period. Captrust Financial Advisors bought a new position in ACV Auctions during the second quarter valued at about $278,000. Wasatch Advisors LP increased its stake in ACV Auctions by 301.0% during the second quarter. Wasatch Advisors LP now owns 7,295,400 shares of the company's stock valued at $118,331,000 after acquiring an additional 5,475,874 shares during the period. Finally, Holocene Advisors LP increased its stake in ACV Auctions by 5.4% during the second quarter. Holocene Advisors LP now owns 172,462 shares of the company's stock valued at $2,797,000 after acquiring an additional 8,816 shares during the period. Institutional investors and hedge funds own 88.55% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on ACVA. JPMorgan Chase & Co. reduced their price objective on ACV Auctions from $20.00 to $19.00 and set an "overweight" rating for the company in a research note on Thursday, July 17th. Stephens reduced their price objective on ACV Auctions from $16.00 to $11.50 and set an "equal weight" rating for the company in a research note on Tuesday, August 12th. Needham & Company LLC reduced their price objective on ACV Auctions from $25.00 to $16.00 and set a "buy" rating for the company in a research note on Tuesday, August 12th. The Goldman Sachs Group reduced their price objective on ACV Auctions from $26.00 to $21.00 and set a "buy" rating for the company in a research note on Tuesday, August 12th. Finally, Bank of America lowered their price target on ACV Auctions from $20.00 to $16.50 and set a "buy" rating on the stock in a report on Tuesday, August 12th. Ten analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, ACV Auctions presently has a consensus rating of "Moderate Buy" and a consensus target price of $19.67.

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.