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 the company's stock in a transaction that occurred on Tuesday, July 8th. The stock was sold at an average price of $16.05, for a total value of $551,140.95. Following the transaction, the insider owned 379,957 shares of the company's stock, valued at approximately $6,098,309.85. This trade represents a 8.29% decrease in their ownership of the stock. The sale was disclosed in a legal 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 Price Performance

Shares of NASDAQ:ACVA traded up $0.04 during trading on Thursday, reaching $16.55. 885,933 shares of the company traded hands, compared to its average volume of 1,734,907. The company's 50 day moving average is $16.29 and its two-hundred day moving average is $17.19. The firm has a market capitalization of $2.83 billion, a PE ratio of -33.77 and a beta of 1.71. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.28. ACV Auctions Inc. has a 52 week low of $11.88 and a 52 week high of $23.46.

ACV Auctions (NASDAQ:ACVA - Get Free Report) last issued its earnings results 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 return on equity of 12.94% and a negative net margin of 12.51%. During the same period last year, the firm posted ($0.13) earnings per share. The business's quarterly revenue was up 25.4% compared to the same quarter last year. As a group, sell-side analysts predict that ACV Auctions Inc. will post -0.07 earnings per share for the current year.

Analyst Ratings Changes

ACVA has been the subject of several research analyst reports. Piper Sandler upgraded shares of ACV Auctions from a "neutral" rating to an "overweight" rating and boosted their price objective for the stock from $18.00 to $20.00 in a research report on Thursday, March 20th. Bank of America upgraded ACV Auctions from a "neutral" rating to a "buy" rating and decreased their price target for the company from $22.00 to $20.00 in a report on Wednesday, March 12th. JPMorgan Chase & Co. decreased their price target on ACV Auctions from $24.00 to $20.00 and set an "overweight" rating on the stock in a report on Thursday, March 27th. Citigroup decreased their price target on ACV Auctions from $22.00 to $21.00 and set a "buy" rating on the stock in a report on Monday. Finally, Needham & Company LLC reiterated a "buy" rating and issued a $25.00 price target on shares of ACV Auctions in a report on Thursday, May 8th. Two research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $22.14.

Institutional Investors Weigh In On ACV Auctions

Several institutional investors and hedge funds have recently made changes to their positions in ACVA. William Blair Investment Management LLC boosted its holdings in ACV Auctions by 43.2% in the fourth quarter. William Blair Investment Management LLC now owns 12,099,686 shares of the company's stock worth $261,353,000 after acquiring an additional 3,652,871 shares in the last quarter. Nuveen LLC bought a new position in ACV Auctions in the first quarter worth approximately $25,078,000. Driehaus Capital Management LLC boosted its holdings in ACV Auctions by 128.5% in the fourth quarter. Driehaus Capital Management LLC now owns 2,837,165 shares of the company's stock worth $61,283,000 after acquiring an additional 1,595,657 shares in the last quarter. Vanguard Group Inc. boosted its holdings in ACV Auctions by 7.4% in the first quarter. Vanguard Group Inc. now owns 15,301,225 shares of the company's stock worth $215,594,000 after acquiring an additional 1,055,310 shares in the last quarter. Finally, Philadelphia Financial Management of San Francisco LLC bought a new position in ACV Auctions in the first quarter worth approximately $14,426,000. Institutional investors own 88.55% of the company's stock.

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.