Michael Waterman Sells 30,162 Shares of ACV Auctions Inc. (NASDAQ:ACVA) Stock

ACV Auctions Inc. (NASDAQ:ACVA) insider Michael Waterman sold 30,162 shares of the company’s stock in a transaction on Tuesday, January 7th. The stock was sold at an average price of $20.53, for a total transaction of $619,225.86. Following the transaction, the insider now owns 314,738 shares of the company’s stock, valued at $6,461,571.14. This trade represents a 8.75 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website.

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

• On Tuesday, October 15th, Michael Waterman sold 18,001 shares of ACV Auctions stock. The stock was sold at an average price of $18.79, for a total value of $338,238.79.

ACV Auctions Stock Performance

Shares of ACV Auctions stock opened at $20.75 on Friday. The business has a 50-day moving average price of $21.26 and a two-hundred day moving average price of $19.43. ACV Auctions Inc. has a 1-year low of $12.84 and a 1-year high of $23.46. The company has a current ratio of 1.51, a quick ratio of 1.51 and a debt-to-equity ratio of 0.25. The company has a market cap of $3.48 billion, a P/E ratio of -44.15 and a beta of 1.69.

Institutional Trading of ACV Auctions

Several large investors have recently modified their holdings of the stock. Massachusetts Financial Services Co. MA boosted its position in shares of ACV Auctions by 47.6% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 7,758,163 shares of the company’s stock worth $141,586,000 after purchasing an additional 2,502,064 shares in the last quarter. Spyglass Capital Management LLC boosted its holdings in ACV Auctions by 69.1% in the third quarter. Spyglass Capital Management LLC now owns 2,614,245 shares of the company’s stock worth $53,148,000 after acquiring an additional 1,068,356 shares in the last quarter. Wellington Management Group LLP acquired a new stake in ACV Auctions in the third quarter valued at approximately $21,540,000. Driehaus Capital Management LLC increased its holdings in shares of ACV Auctions by 48.0% during the second quarter. Driehaus Capital Management LLC now owns 1,232,238 shares of the company’s stock valued at $22,488,000 after acquiring an additional 399,402 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its position in shares of ACV Auctions by 10.9% during the third quarter. JPMorgan Chase & Co. now owns 3,167,615 shares of the company’s stock worth $64,398,000 after purchasing an additional 311,465 shares during the period. Institutional investors and hedge funds own 88.55% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the company. Raymond James started coverage on ACV Auctions in a research note on Friday, September 27th. They issued a “market perform” rating and a $22.00 price objective for the company. Citigroup upped their price target on shares of ACV Auctions from $22.00 to $27.00 and gave the company a “buy” rating in a research report on Wednesday, November 27th. JMP Securities reiterated a “market outperform” rating and set a $25.00 price target on shares of ACV Auctions in a report on Monday, December 16th. Barrington Research restated an “outperform” rating and issued a $23.00 price objective on shares of ACV Auctions in a report on Monday, November 4th. Finally, Piper Sandler lifted their target price on ACV Auctions from $16.00 to $18.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, ACV Auctions has an average rating of “Moderate Buy” and a consensus price target of $24.00.

About ACV Auctions

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.