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

Key Points

• Andrew Peer, the Chief Accounting Officer of ACV Auctions, sold 1,750 shares at an average price of $8.84, resulting in a total transaction value of $15,470.
• The stock has recently experienced a 3.11% decrease in ownership for Peer, who now holds 54,488 shares valued at approximately $481,673.92.
• Analysts have revised their price targets for ACV Auctions, with major firms like Bank of America lowering their target from $20.00 to $16.50 while maintaining a "buy" rating.

ACV Auctions Inc. (NASDAQ:ACVA - Get Free Report) CAO Andrew Peer sold 1,750 shares of the stock in a transaction on Wednesday, October 15th. The stock was sold at an average price of $8.84, for a total value of $15,470.00. Following the transaction, the chief accounting officer owned 54,488 shares of the company's stock, valued at $481,673.92. This represents a 3.11% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Andrew Peer also recently made the following trade(s):

• On Monday, September 15th, Andrew Peer sold 1,750 shares of ACV Auctions stock. The stock was sold at an average price of $10.11, for a total value of $17,692.50.

ACV Auctions Price Performance

ACV Auctions stock traded down $0.10 during mid-day trading on Thursday, hitting $8.65. 2,114,568 shares of the company were exchanged, compared to its average volume of 2,298,029. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.28. The business has a fifty day moving average of $10.74 and a 200 day moving average of $13.81. ACV Auctions Inc. has a 1-year low of $8.33 and a 1-year high of $23.46. The company has a market capitalization of $1.49 billion, a PE ratio of -17.64 and a beta of 1.64.

Analyst Upgrades and Downgrades

ACVA has been the topic of a number of research analyst reports. Bank of America decreased their price target on ACV Auctions from $20.00 to $16.50 and set a "buy" rating on the stock in a research report on Tuesday, August 12th. Stephens lowered their target price 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 lowered their target price on ACV Auctions from $16.00 to $14.00 and set a "buy" rating for the company in a research note on Tuesday, October 7th. JMP Securities lowered their target price on ACV Auctions from $20.00 to $18.00 and set a "market outperform" rating for the company in a research note on Tuesday, August 12th. Finally, Citigroup lowered their target price on ACV Auctions from $21.00 to $17.00 and set a "buy" rating for the company in a research note on Tuesday, August 12th. Ten analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $19.27.

Hedge Funds Weigh In On ACV Auctions

Several hedge funds have recently added to or reduced their stakes in the company. Brighton Jones LLC boosted its holdings in ACV Auctions by 2.1% in the second quarter. Brighton Jones LLC now owns 40,703 shares of the company's stock valued at $660,000 after acquiring an additional 823 shares during the last quarter. Verdence Capital Advisors LLC grew its position in shares of ACV Auctions by 6.4% during the 2nd quarter. Verdence Capital Advisors LLC now owns 15,845 shares of the company's stock worth $257,000 after buying an additional 960 shares during the period. Bessemer Group Inc. grew its position in shares of ACV Auctions by 14.5% during the 1st quarter. Bessemer Group Inc. now owns 9,911 shares of the company's stock worth $140,000 after buying an additional 1,257 shares during the period. SG Americas Securities LLC grew its position in shares of ACV Auctions by 5.7% during the 2nd quarter. SG Americas Securities LLC now owns 27,302 shares of the company's stock worth $443,000 after buying an additional 1,467 shares during the period. Finally, Bank of Montreal Can grew its position in shares of ACV Auctions by 13.8% during the 2nd quarter. Bank of Montreal Can now owns 14,384 shares of the company's stock worth $233,000 after buying an additional 1,746 shares during the period. 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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