ACV Auctions Inc. (NASDAQ:ACVA) CEO Sells $5,342,139.66 in Stock

ACV Auctions Inc. (NASDAQ:ACVA) CEO George Chamoun sold 348,249 shares of the company’s stock in a transaction dated Thursday, March 20th. The shares were sold at an average price of $15.34, for a total transaction of $5,342,139.66. Following the sale, the chief executive officer now directly owns 2,821,193 shares of the company’s stock, valued at $43,277,100.62. This represents a 10.99 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link.

ACV Auctions Stock Down 2.4 %

Shares of ACV Auctions stock opened at $15.31 on Friday. The stock has a 50-day simple moving average of $18.65 and a 200-day simple moving average of $19.71. ACV Auctions Inc. has a 52-week low of $12.77 and a 52-week high of $23.46. The firm has a market cap of $2.58 billion, a price-to-earnings ratio of -31.24 and a beta of 1.73. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.56 and a quick ratio of 1.56.

ACV Auctions (NASDAQ:ACVA) last posted its earnings results on Wednesday, February 19th. The company reported ($0.14) EPS for the quarter, topping the consensus estimate of ($0.15) by $0.01. ACV Auctions had a negative net margin of 12.51% and a negative return on equity of 12.94%. The company had revenue of $159.51 million during the quarter, compared to the consensus estimate of $156.77 million. On average, equities research analysts expect that ACV Auctions Inc. will post -0.07 earnings per share for the current fiscal year.

Hedge Funds Weigh In On ACV Auctions

Several hedge funds have recently bought and sold shares of the business. Blue Trust Inc. lifted its position in shares of ACV Auctions by 65.8% in the fourth quarter. Blue Trust Inc. now owns 2,352 shares of the company’s stock worth $48,000 after buying an additional 933 shares during the last quarter. Icon Wealth Advisors LLC lifted its holdings in ACV Auctions by 13.5% in the 3rd quarter. Icon Wealth Advisors LLC now owns 11,048 shares of the company’s stock worth $225,000 after purchasing an additional 1,317 shares during the last quarter. Arizona State Retirement System boosted its position in ACV Auctions by 3.6% during the fourth quarter. Arizona State Retirement System now owns 44,126 shares of the company’s stock worth $953,000 after purchasing an additional 1,520 shares during the period. California State Teachers Retirement System grew its holdings in ACV Auctions by 1.4% during the fourth quarter. California State Teachers Retirement System now owns 141,873 shares of the company’s stock valued at $3,064,000 after purchasing an additional 1,906 shares during the last quarter. Finally, Franklin Resources Inc. raised its position in shares of ACV Auctions by 5.3% in the third quarter. Franklin Resources Inc. now owns 40,935 shares of the company’s stock valued at $768,000 after purchasing an additional 2,057 shares during the period. 88.55% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

ACVA has been the topic of several research analyst reports. JMP Securities reiterated a “market outperform” rating and set a $25.00 price objective on shares of ACV Auctions in a research report on Monday, December 16th. Bank of America upgraded ACV Auctions from a “neutral” rating to a “buy” rating and lowered their price target for the company from $22.00 to $20.00 in a report on Wednesday, March 12th. Stephens raised ACV Auctions to a “hold” rating in a research note on Saturday, February 1st. Piper Sandler raised ACV Auctions from a “neutral” rating to an “overweight” rating and lifted their target price for the company from $18.00 to $20.00 in a research note on Thursday. Finally, Needham & Company LLC reissued a “buy” rating and issued a $25.00 price target on shares of ACV Auctions in a research report on Wednesday, March 12th. Two analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $23.23.

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.