Insider Selling: ACV Auctions Inc. (NASDAQ:ACVA) Insider Sells $1,518,000.00 in Stock

ACV Auctions Inc. (NASDAQ:ACVA) insider Michael Waterman sold 75,000 shares of ACV Auctions stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $20.24, for a total transaction of $1,518,000.00. Following the completion of the transaction, the insider now directly owns 366,710 shares in the company, valued at $7,422,210.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

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

• On Tuesday, July 9th, Michael Waterman sold 26,336 shares of ACV Auctions stock. The shares were sold at an average price of $17.51, for a total transaction of $461,143.36.

ACV Auctions Stock Performance

Shares of ACVA opened at $20.75 on Friday. The company has a 50-day simple moving average of $18.34 and a two-hundred day simple moving average of $18.13. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.49 and a quick ratio of 1.49. The firm has a market capitalization of $3.43 billion, a PE ratio of -43.23 and a beta of 1.55. ACV Auctions Inc. has a one year low of $12.84 and a one year high of $21.01.

ACV Auctions (NASDAQ:ACVA) last released its earnings results on Wednesday, August 7th. The company reported ($0.07) EPS for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.02. The company had revenue of $160.62 million during the quarter, compared to analysts’ expectations of $156.33 million. ACV Auctions had a negative return on equity of 13.20% and a negative net margin of 14.53%. On average, analysts anticipate that ACV Auctions Inc. will post -0.36 EPS for the current fiscal year.

Institutional Trading of ACV Auctions

Hedge funds and other institutional investors have recently modified their holdings of the business. Dimensional Fund Advisors LP boosted its stake in ACV Auctions by 21.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,846,726 shares of the company’s stock worth $27,979,000 after acquiring an additional 329,854 shares in the last quarter. Comerica Bank grew its stake in shares of ACV Auctions by 5,045.7% in the 1st quarter. Comerica Bank now owns 63,550 shares of the company’s stock worth $1,193,000 after buying an additional 62,315 shares during the last quarter. Jennison Associates LLC grew its stake in shares of ACV Auctions by 11.0% in the 1st quarter. Jennison Associates LLC now owns 3,954,432 shares of the company’s stock worth $74,225,000 after buying an additional 393,423 shares during the last quarter. Congress Asset Management Co. MA increased its position in ACV Auctions by 21.8% during the 1st quarter. Congress Asset Management Co. MA now owns 482,881 shares of the company’s stock valued at $9,064,000 after buying an additional 86,525 shares in the last quarter. Finally, William Blair Investment Management LLC raised its stake in ACV Auctions by 4.1% during the second quarter. William Blair Investment Management LLC now owns 5,013,642 shares of the company’s stock valued at $91,499,000 after buying an additional 198,228 shares during the last quarter. 88.55% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

ACVA has been the subject of several recent analyst reports. JMP Securities upped their price objective on shares of ACV Auctions from $21.00 to $24.00 and gave the company a “market outperform” rating in a research note on Tuesday, September 17th. Barrington Research reaffirmed an “outperform” rating and set a $23.00 price target on shares of ACV Auctions in a research report on Friday, August 16th. Needham & Company LLC reiterated a “buy” rating and issued a $23.00 price objective on shares of ACV Auctions in a report on Monday, June 3rd. Finally, JPMorgan Chase & Co. raised ACV Auctions from a “neutral” rating to an “overweight” rating and set a $21.00 target price on the stock in a research note on Monday, June 10th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, ACV Auctions presently has an average rating of “Moderate Buy” and a consensus price target of $21.50.

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.