Insider Selling: ACV Auctions Inc. (NASDAQ:ACVA) CEO Sells 77,995 Shares of Stock

ACV Auctions Inc. (NASDAQ:ACVA) CEO George Chamoun sold 77,995 shares of the business’s stock in a transaction dated Tuesday, June 18th. The shares were sold at an average price of $17.71, for a total value of $1,381,291.45. Following the completion of the sale, the chief executive officer now directly owns 961,245 shares of the company’s stock, valued at approximately $17,023,648.95. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink.

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

• On Thursday, June 20th, George Chamoun sold 131,480 shares of ACV Auctions stock. The shares were sold at an average price of $17.62, for a total value of $2,316,677.60.

ACV Auctions Price Performance

NASDAQ ACVA opened at $17.74 on Monday. The business’s fifty day moving average price is $17.93 and its 200-day moving average price is $16.54. The stock has a market capitalization of $2.93 billion, a price-to-earnings ratio of -36.96 and a beta of 1.55. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.62 and a quick ratio of 1.62. ACV Auctions Inc. has a 1-year low of $12.84 and a 1-year high of $19.62.

ACV Auctions (NASDAQ:ACVA) last released its quarterly earnings results on Wednesday, May 8th. The company reported ($0.09) earnings per share for the quarter, missing the consensus estimate of ($0.08) by ($0.01). The firm had revenue of $145.69 million for the quarter, compared to the consensus estimate of $144.14 million. ACV Auctions had a negative net margin of 15.28% and a negative return on equity of 13.50%. On average, equities analysts predict that ACV Auctions Inc. will post -0.37 earnings per share for the current year.

Hedge Funds Weigh In On ACV Auctions

A number of institutional investors have recently bought and sold shares of ACVA. Parkside Financial Bank & Trust bought a new position in ACV Auctions in the 3rd quarter worth $66,000. UMB Bank n.a. purchased a new position in shares of ACV Auctions during the first quarter valued at about $114,000. Penn Mutual Asset Management LLC bought a new stake in ACV Auctions during the fourth quarter worth approximately $153,000. Blair William & Co. IL grew its stake in shares of ACV Auctions by 14.7% during the first quarter. Blair William & Co. IL now owns 12,691 shares of the company’s stock valued at $238,000 after buying an additional 1,626 shares during the last quarter. Finally, Ieq Capital LLC bought a new position in shares of ACV Auctions during the fourth quarter valued at approximately $249,000. 88.55% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have commented on the company. Barrington Research reaffirmed an “outperform” rating and set a $23.00 price target on shares of ACV Auctions in a research report on Monday, May 13th. JMP Securities upped their price target on ACV Auctions from $20.00 to $21.00 and gave the company a “market outperform” rating in a research report on Friday, June 7th. JPMorgan Chase & Co. raised ACV Auctions from a “neutral” rating to an “overweight” rating and set a $21.00 price target for the company in a research report on Monday, June 10th. Needham & Company LLC reaffirmed a “buy” rating and set a $23.00 price target on shares of ACV Auctions in a research report on Monday, June 3rd. Finally, Piper Sandler upped their target price on ACV Auctions from $15.00 to $16.00 and gave the stock a “neutral” rating in a report on Thursday, May 9th. Two research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, ACV Auctions currently has an average rating of “Moderate Buy” and an average target price of $20.67.

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.