ACV Auctions Inc. (NASDAQ:ACVA) Insider Michael Waterman Sells 16,098 Shares

ACV Auctions Inc. (NASDAQ:ACVA) insider Michael Waterman sold 16,098 shares of the stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $19.95, for a total transaction of $321,155.10. Following the completion of the transaction, the insider now owns 348,155 shares in the company, valued at $6,945,692.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

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

• On Tuesday, September 17th, Michael Waterman sold 75,000 shares of ACV Auctions stock. The shares were sold at an average price of $20.24, for a total transaction of $1,518,000.00.
• 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 NASDAQ:ACVA traded down $0.49 during midday trading on Thursday, hitting $19.07. The stock had a trading volume of 1,077,448 shares, compared to its average volume of 1,224,801. The company has a market capitalization of $3.15 billion, a PE ratio of -39.73 and a beta of 1.55. ACV Auctions Inc. has a 1 year low of $12.84 and a 1 year high of $21.10. The stock has a 50 day moving average price of $18.65 and a two-hundred day moving average price of $18.27. The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 0.24.

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. ACV Auctions had a negative return on equity of 13.20% and a negative net margin of 14.53%. The company had revenue of $160.62 million during the quarter, compared to the consensus estimate of $156.33 million. As a group, equities analysts predict that ACV Auctions Inc. will post -0.36 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on ACVA. JPMorgan Chase & Co. upgraded ACV Auctions from a “neutral” rating to an “overweight” rating and set a $21.00 target price on the stock in a research report on Monday, June 10th. Raymond James initiated 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. JMP Securities raised their target price on shares of ACV Auctions from $21.00 to $24.00 and gave the stock a “market outperform” rating in a research report on Tuesday, September 17th. Finally, Barrington Research reiterated an “outperform” rating and set a $23.00 price target on shares of ACV Auctions in a research note on Friday, August 16th. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, ACV Auctions presently has an average rating of “Moderate Buy” and a consensus price target of $21.57.

Hedge Funds Weigh In On ACV Auctions

Hedge funds and other institutional investors have recently bought and sold shares of the company. Massachusetts Financial Services Co. MA increased its holdings in 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 valued at $141,586,000 after acquiring an additional 2,502,064 shares in the last quarter. Bank of New York Mellon Corp increased its stake in shares of ACV Auctions by 217.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,391,070 shares of the company’s stock worth $25,387,000 after purchasing an additional 952,929 shares in the last quarter. Swedbank AB acquired a new position in shares of ACV Auctions during the 1st quarter worth approximately $15,016,000. TimesSquare Capital Management LLC lifted its stake in 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 buying an additional 552,719 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC acquired a new stake in ACV Auctions during the 2nd quarter valued at $8,567,000. 88.55% of the stock is owned by institutional investors and hedge funds.

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.