ACV Auctions Inc. (NASDAQ:ACVA) CEO George Chamoun Sells 111,363 Shares

ACV Auctions Inc. (NASDAQ:ACVA) CEO George Chamoun sold 111,363 shares of ACV Auctions stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $20.27, for a total transaction of $2,257,328.01. Following the sale, the chief executive officer now owns 928,166 shares of the company’s stock, valued at $18,813,924.82. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website.

ACV Auctions Trading Up 2.1 %

Shares of ACVA opened at $20.67 on Friday. The stock has a market cap of $3.41 billion, a price-to-earnings ratio of -43.06 and a beta of 1.55. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.49 and a quick ratio of 1.49. ACV Auctions Inc. has a 1-year low of $12.84 and a 1-year high of $21.01. The firm has a 50 day simple moving average of $18.20 and a 200-day simple moving average of $18.09.

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on ACVA shares. JPMorgan Chase & Co. upgraded shares of 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 reiterated a “buy” rating and set a $23.00 price target on shares of ACV Auctions in a research report on Monday, June 3rd. JMP Securities lifted their price target on shares of ACV Auctions from $21.00 to $24.00 and gave the company a “market outperform” rating in a research report on Tuesday. Finally, Barrington Research reiterated an “outperform” rating and set a $23.00 price target on shares of ACV Auctions in a research report on Friday, August 16th. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $21.50.

Institutional Trading of ACV Auctions

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Massachusetts Financial Services Co. MA grew its stake in ACV Auctions by 47.6% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 7,758,163 shares of the company’s stock worth $141,586,000 after acquiring an additional 2,502,064 shares during the period. William Blair Investment Management LLC grew its stake in ACV Auctions by 4.1% in the 2nd quarter. William Blair Investment Management LLC now owns 5,013,642 shares of the company’s stock worth $91,499,000 after acquiring an additional 198,228 shares during the period. Jennison Associates LLC boosted its holdings 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 valued at $74,225,000 after purchasing an additional 393,423 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of ACV Auctions by 8.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,103,770 shares of the company’s stock valued at $38,394,000 after purchasing an additional 163,380 shares during the last quarter. Finally, TimesSquare Capital Management LLC boosted its holdings in shares of ACV Auctions by 45.6% in the 1st quarter. TimesSquare Capital Management LLC now owns 1,765,822 shares of the company’s stock valued at $33,144,000 after purchasing an additional 552,719 shares during the last quarter. 88.55% of the stock is owned by hedge funds and other institutional investors.

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.