George Chamoun Sells 348,249 Shares of ACV Auctions Inc. (NASDAQ:ACVA) Stock

ACV Auctions Inc. (NASDAQ:ACVA) CEO George Chamoun sold 348,249 shares of the firm’s stock in a transaction that occurred on 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 completion of the transaction, the chief executive officer now directly owns 2,821,193 shares in the company, valued at approximately $43,277,100.62. The trade was a 10.99 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

ACV Auctions Stock Down 2.4 %

Shares of ACVA stock traded down $0.38 during trading hours on Friday, hitting $15.31. 4,987,563 shares of the company were exchanged, compared to its average volume of 1,392,269. The company has a market capitalization of $2.58 billion, a PE ratio of -31.24 and a beta of 1.73. ACV Auctions Inc. has a 52 week low of $12.77 and a 52 week high of $23.46. The business has a 50 day moving average of $18.76 and a two-hundred day moving average of $19.72. 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 released its quarterly earnings results on Wednesday, February 19th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.15) by $0.01. The firm had revenue of $159.51 million for the quarter, compared to the consensus estimate of $156.77 million. ACV Auctions had a negative return on equity of 12.94% and a negative net margin of 12.51%. Analysts anticipate that ACV Auctions Inc. will post -0.07 earnings per share for the current fiscal year.

Institutional Investors Weigh In On ACV Auctions

Several institutional investors have recently bought and sold shares of ACVA. William Blair Investment Management LLC lifted its position in shares of 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 purchasing an additional 3,652,871 shares in the last quarter. Driehaus Capital Management LLC lifted its position in shares of ACV Auctions by 128.5% in the fourth quarter. Driehaus Capital Management LLC now owns 2,837,165 shares of the company’s stock valued at $61,283,000 after buying an additional 1,595,657 shares during the last quarter. Spyglass Capital Management LLC boosted its stake in shares of ACV Auctions by 69.1% during the 3rd 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 during the period. Wellington Management Group LLP bought a new stake in ACV Auctions in the 3rd quarter valued at $21,540,000. Finally, Franklin Resources Inc. lifted its holdings in ACV Auctions by 2,346.2% during the 4th quarter. Franklin Resources Inc. now owns 1,001,365 shares of the company’s stock valued at $21,629,000 after purchasing an additional 960,430 shares during the last quarter. Institutional investors own 88.55% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on ACVA shares. JMP Securities restated a “market outperform” rating and issued a $25.00 price target on shares of ACV Auctions in a research report on Monday, December 16th. Piper Sandler upgraded ACV Auctions from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $18.00 to $20.00 in a research report on Thursday. Citigroup upped their price target on ACV Auctions from $22.00 to $27.00 and gave the company a “buy” rating in a research note on Wednesday, November 27th. Bank of America raised shares of ACV Auctions from a “neutral” rating to a “buy” rating and reduced their price objective for the stock from $22.00 to $20.00 in a research note on Wednesday, March 12th. Finally, B. Riley upped their target price on shares of ACV Auctions from $24.00 to $27.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. Two equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus 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.