ACV Auctions Inc. (NASDAQ:ACVA) Insider Sells $551,140.95 in Stock

ACV Auctions Inc. (NASDAQ:ACVA - Get Free Report) insider Michael Waterman sold 34,339 shares of ACV Auctions stock in a transaction on Tuesday, July 8th. The shares were sold at an average price of $16.05, for a total value of $551,140.95. Following the completion of the transaction, the insider directly owned 379,957 shares of the company's stock, valued at $6,098,309.85. This represents a 8.29% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Michael Waterman also recently made the following trade(s):

• On Tuesday, May 13th, Michael Waterman sold 223,330 shares of ACV Auctions stock. The stock was sold at an average price of $17.00, for a total value of $3,796,610.00.

ACV Auctions Stock Up 1.1%

Shares of ACV Auctions stock traded up $0.19 on Thursday, hitting $16.70. The company had a trading volume of 277,994 shares, compared to its average volume of 1,730,424. The stock has a market capitalization of $2.86 billion, a price-to-earnings ratio of -34.04 and a beta of 1.71. ACV Auctions Inc. has a 1 year low of $11.88 and a 1 year high of $23.46. The stock has a 50 day moving average of $16.26 and a 200-day moving average of $17.22. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.56 and a current ratio of 1.56.

ACV Auctions (NASDAQ:ACVA - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The company reported ($0.09) 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%. The firm's revenue for the quarter was up 25.4% on a year-over-year basis. During the same period in the previous year, the company earned ($0.13) EPS. As a group, sell-side analysts forecast that ACV Auctions Inc. will post -0.07 earnings per share for the current year.

Institutional Trading of ACV Auctions

Institutional investors and hedge funds have recently modified their holdings of the business. Versant Capital Management Inc increased its position in shares of ACV Auctions by 464.4% during the first quarter. Versant Capital Management Inc now owns 2,201 shares of the company's stock valued at $31,000 after acquiring an additional 1,811 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S bought a new position in ACV Auctions during the first quarter valued at $35,000. GAMMA Investing LLC grew its holdings in ACV Auctions by 3,005.8% during the first quarter. GAMMA Investing LLC now owns 5,932 shares of the company's stock valued at $84,000 after purchasing an additional 5,741 shares during the period. AlphaQuest LLC grew its holdings in ACV Auctions by 2,640.6% during the first quarter. AlphaQuest LLC now owns 6,687 shares of the company's stock valued at $94,000 after purchasing an additional 6,443 shares during the period. Finally, Bessemer Group Inc. grew its holdings in ACV Auctions by 14.5% during the first quarter. Bessemer Group Inc. now owns 9,911 shares of the company's stock valued at $140,000 after purchasing an additional 1,257 shares during the period. 88.55% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

ACVA has been the subject of a number of research analyst reports. Piper Sandler raised ACV Auctions from a "neutral" rating to an "overweight" rating and boosted their price target for the stock from $18.00 to $20.00 in a report on Thursday, March 20th. Citigroup lowered their target price on ACV Auctions from $22.00 to $21.00 and set a "buy" rating for the company in a report on Monday. JMP Securities upped their price target on ACV Auctions from $18.00 to $20.00 and gave the company a "market outperform" rating in a research report on Wednesday, July 2nd. JPMorgan Chase & Co. cut their target price on ACV Auctions from $24.00 to $20.00 and set an "overweight" rating on the stock in a research report on Thursday, March 27th. Finally, Bank of America upgraded ACV Auctions from a "neutral" rating to a "buy" rating and cut their target price for the company from $22.00 to $20.00 in a research report on Wednesday, March 12th. Two equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $22.14.

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.