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

ACV Auctions Inc. (NASDAQ:ACVA) insider Michael Waterman sold 34,339 shares of ACV Auctions stock in a transaction that occurred on Tuesday, July 8th. The stock was sold at an average price of $16.05, for a total transaction of $551,140.95. Following the transaction, the insider owned 379,957 shares in the company, valued at approximately $6,098,309.85. The trade was a 8.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, 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 Down 2.4%

ACVA stock opened at $16.12 on Friday. The firm has a market cap of $2.76 billion, a PE ratio of -32.89 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 company has a fifty day simple moving average of $16.31 and a 200 day simple moving average of $17.15. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.28.

ACV Auctions (NASDAQ:ACVA) last issued its quarterly earnings data on Wednesday, May 7th. The company reported ($0.09) earnings per share 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%. During the same period in the prior year, the company earned ($0.13) earnings per share. The business’s revenue for the quarter was up 25.4% on a year-over-year basis. Sell-side analysts anticipate that ACV Auctions Inc. will post -0.07 EPS for the current fiscal year.

Institutional Trading of ACV Auctions

A number of institutional investors and hedge funds have recently modified their holdings of ACVA. Versant Capital Management Inc raised its holdings in ACV Auctions by 464.4% in the 1st quarter. Versant Capital Management Inc now owns 2,201 shares of the company’s stock worth $31,000 after acquiring an additional 1,811 shares during the period. BI Asset Management Fondsmaeglerselskab A S bought a new stake in ACV Auctions during the 1st quarter valued at approximately $35,000. GAMMA Investing LLC boosted its position in shares of ACV Auctions by 3,005.8% in the first quarter. GAMMA Investing LLC now owns 5,932 shares of the company’s stock valued at $84,000 after acquiring an additional 5,741 shares during the period. AlphaQuest LLC increased its position in ACV Auctions by 2,640.6% during the first quarter. AlphaQuest LLC now owns 6,687 shares of the company’s stock worth $94,000 after acquiring an additional 6,443 shares during the period. Finally, Integrated Advisors Network LLC acquired a new position in ACV Auctions during the 4th quarter valued at $200,000. 88.55% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. Piper Sandler raised ACV Auctions from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from $18.00 to $20.00 in a research note on Thursday, March 20th. Needham & Company LLC reissued a “buy” rating and issued a $25.00 price target on shares of ACV Auctions in a research report on Thursday, May 8th. JPMorgan Chase & Co. lowered their price objective on shares of ACV Auctions from $24.00 to $20.00 and set an “overweight” rating on the stock in a research report on Thursday, March 27th. JMP Securities lifted their target price on shares of ACV Auctions from $18.00 to $20.00 and gave the company a “market outperform” rating in a research note on Wednesday, July 2nd. Finally, Citigroup cut their price objective on ACV Auctions from $22.00 to $21.00 and set a “buy” rating for the company in a report on Monday, July 7th. Two analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average 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.