Insider Buying: ACV Auctions (NASDAQ:ACVA) CEO Purchases 14,286 Shares of Stock

ACV Auctions Inc. (NASDAQ:ACVA) CEO George Chamoun bought 14,286 shares of ACV Auctions stock in a transaction on Monday, January 12th. The stock was acquired at an average cost of $8.81 per share, with a total value of $125,859.66. Following the acquisition, the chief executive officer owned 2,598,383 shares in the company, valued at approximately $22,891,754.23. This represents a 0.55% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

George Chamoun also recently made the following trade(s):

• On Monday, December 15th, George Chamoun acquired 31,172 shares of ACV Auctions stock. The shares were acquired at an average cost of $7.97 per share, for a total transaction of $248,440.84.

ACV Auctions Stock Performance

NASDAQ:ACVA traded down $0.05 during mid-day trading on Tuesday, reaching $8.73. The company’s stock had a trading volume of 1,550,430 shares, compared to its average volume of 2,560,155. ACV Auctions Inc. has a 12-month low of $4.95 and a 12-month high of $22.47. The firm’s fifty day moving average price is $7.61 and its two-hundred day moving average price is $10.43. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.28. The stock has a market cap of $1.50 billion, a P/E ratio of -17.81 and a beta of 1.63.

ACV Auctions (NASDAQ:ACVA) last announced its quarterly earnings results on Wednesday, November 5th. The company reported $0.07 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.07. ACV Auctions had a negative net margin of 12.51% and a negative return on equity of 12.94%. The firm had revenue of $199.56 million for the quarter, compared to the consensus estimate of $200.26 million. During the same quarter last year, the firm posted $0.04 EPS. The business’s quarterly revenue was up 16.5% compared to the same quarter last year. On average, equities analysts forecast that ACV Auctions Inc. will post -0.07 EPS for the current fiscal year.

Analyst Ratings Changes

Several research firms have recently weighed in on ACVA. The Goldman Sachs Group lowered their price target on ACV Auctions from $21.00 to $13.00 and set a “buy” rating on the stock in a report on Friday, November 7th. Barrington Research cut ACV Auctions from an “outperform” rating to a “market perform” rating in a research report on Thursday, November 6th. Jefferies Financial Group downgraded ACV Auctions from a “buy” rating to a “hold” rating and set a $9.00 target price on the stock. in a report on Thursday, December 11th. Barclays boosted their price target on ACV Auctions to $7.00 and gave the company an “equal weight” rating in a research note on Thursday, December 4th. Finally, Citigroup reduced their price target on shares of ACV Auctions from $17.00 to $13.00 and set a “buy” rating for the company in a research report on Friday, November 21st. Six investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $11.75.

Institutional Trading of ACV Auctions

Hedge funds have recently bought and sold shares of the stock. Aster Capital Management DIFC Ltd raised its stake in shares of ACV Auctions by 298.4% in the third quarter. Aster Capital Management DIFC Ltd now owns 3,323 shares of the company’s stock worth $33,000 after buying an additional 2,489 shares during the period. Covestor Ltd increased its holdings in ACV Auctions by 39.9% in the 3rd quarter. Covestor Ltd now owns 5,785 shares of the company’s stock worth $57,000 after acquiring an additional 1,649 shares in the last quarter. CWM LLC raised its stake in ACV Auctions by 77.4% during the 2nd quarter. CWM LLC now owns 4,642 shares of the company’s stock worth $75,000 after acquiring an additional 2,026 shares during the period. Neo Ivy Capital Management purchased a new position in ACV Auctions during the second quarter valued at approximately $87,000. Finally, Norden Group LLC purchased a new position in ACV Auctions during the fourth quarter valued at approximately $90,000. Institutional investors own 88.55% of the company’s stock.

About ACV Auctions

ACV Auctions operates a digital marketplace that connects automotive dealers through a mobile-first platform for wholesale vehicle auctions. The company’s software enables dealers to list, inspect and bid on used vehicles in real time, leveraging smartphone-based condition reporting, high-resolution imagery and data analytics to streamline the buying and selling process. ACV Auctions also offers subscription-based access to its auction platform, supplemental reconditioning services and financing tools designed to help dealers optimize inventory turn and reduce risk.

Since its founding in 2014, ACV Auctions has expanded its technology offerings beyond core auction services to include dealer management integrations, transportation logistics coordination and title management solutions.