Insider Selling: ACV Auctions Inc. (NASDAQ:ACVA) Insider Sells $321,155.10 in Stock

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. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available 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 stock was sold at an average price of $20.24, for a total value of $1,518,000.00.
• On Tuesday, July 9th, Michael Waterman sold 26,336 shares of ACV Auctions stock. The stock was sold at an average price of $17.51, for a total value of $461,143.36.

ACV Auctions Stock Performance

Shares of ACVA opened at $19.21 on Friday. The firm has a market cap of $3.17 billion, a P/E ratio of -40.02 and a beta of 1.56. ACV Auctions Inc. has a twelve month low of $12.84 and a twelve month high of $21.10. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.49 and a current ratio of 1.49. The firm’s 50 day moving average price is $18.71 and its two-hundred day moving average price is $18.28.

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

Institutional Trading of ACV Auctions

Institutional investors have recently modified their holdings of the company. Comerica Bank raised its position in ACV Auctions by 5,045.7% in the 1st quarter. Comerica Bank now owns 63,550 shares of the company’s stock valued at $1,193,000 after buying an additional 62,315 shares during the last quarter. Jennison Associates LLC raised its holdings in shares of ACV Auctions by 11.0% in the first 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. Congress Asset Management Co. MA lifted its position in shares of ACV Auctions by 21.8% in the first quarter. Congress Asset Management Co. MA now owns 482,881 shares of the company’s stock worth $9,064,000 after purchasing an additional 86,525 shares in the last quarter. William Blair Investment Management LLC boosted its holdings 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 worth $91,499,000 after purchasing an additional 198,228 shares during the last quarter. Finally, TimesSquare Capital Management LLC grew its position in ACV Auctions by 45.6% in the first 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 in the last quarter. 88.55% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on ACVA. JPMorgan Chase & Co. upgraded shares of ACV Auctions from a “neutral” rating to an “overweight” rating and set a $21.00 price target on the stock in a research report on Monday, June 10th. JMP Securities increased their target price on shares of ACV Auctions from $21.00 to $24.00 and gave the stock a “market outperform” rating in a report on Tuesday, September 17th. Barrington Research reissued an “outperform” rating and issued a $23.00 price target on shares of ACV Auctions in a report on Friday, August 16th. Finally, Raymond James began coverage on shares of ACV Auctions in a research report on Friday, September 27th. They issued a “market perform” rating and a $22.00 price objective for the company. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $21.57.

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.