ACV Auctions Inc. (NASDAQ:ACVA) CFO William Zerella Sells 32,500 Shares

ACV Auctions Inc. (NASDAQ:ACVA) CFO William Zerella sold 32,500 shares of the company’s stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $22.41, for a total transaction of $728,325.00. Following the completion of the sale, the chief financial officer now directly owns 490,482 shares in the company, valued at approximately $10,991,701.62. The trade was a 6.21 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.

William Zerella also recently made the following trade(s):

• On Tuesday, October 15th, William Zerella sold 32,500 shares of ACV Auctions stock. The shares were sold at an average price of $18.79, for a total value of $610,675.00.
• On Tuesday, September 17th, William Zerella sold 76,856 shares of ACV Auctions stock. The shares were sold at an average price of $20.26, for a total value of $1,557,102.56.

ACV Auctions Trading Up 1.4 %

ACV Auctions stock traded up $0.32 during midday trading on Wednesday, hitting $22.71. 647,974 shares of the stock were exchanged, compared to its average volume of 1,264,962. The stock has a market capitalization of $3.81 billion, a PE ratio of -48.32 and a beta of 1.59. The company has a fifty day simple moving average of $19.60 and a two-hundred day simple moving average of $18.63. The company has a quick ratio of 1.51, a current ratio of 1.51 and a debt-to-equity ratio of 0.25. ACV Auctions Inc. has a 52 week low of $12.84 and a 52 week high of $23.46.

Analysts Set New Price Targets

Several equities research analysts have weighed in on ACVA shares. Needham & Company LLC restated a “buy” rating and issued a $26.00 price objective on shares of ACV Auctions in a research report on Tuesday. Raymond James assumed coverage on shares of ACV Auctions in a report on Friday, September 27th. They issued a “market perform” rating and a $22.00 price target for the company. JMP Securities upped their price objective on ACV Auctions from $21.00 to $24.00 and gave the stock a “market outperform” rating in a report on Tuesday, September 17th. Citigroup lifted their target price on ACV Auctions from $22.00 to $27.00 and gave the company a “buy” rating in a research note on Wednesday. Finally, B. Riley boosted their target price on ACV Auctions from $24.00 to $27.00 and gave the stock a “buy” rating in a research report on Tuesday. Two analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $23.50.

Hedge Funds Weigh In On ACV Auctions

Hedge funds and other institutional investors have recently made changes to their positions in the company. Massachusetts Financial Services Co. MA raised its stake 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 worth $141,586,000 after buying an additional 2,502,064 shares during the period. Spyglass Capital Management LLC raised its position in shares of ACV Auctions by 69.1% during the third quarter. Spyglass Capital Management LLC now owns 2,614,245 shares of the company’s stock worth $53,148,000 after purchasing an additional 1,068,356 shares during the period. Wellington Management Group LLP bought a new position in shares of ACV Auctions during the 3rd quarter valued at about $21,540,000. Bank of New York Mellon Corp grew its position in shares of ACV Auctions by 217.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,391,070 shares of the company’s stock valued at $25,387,000 after purchasing an additional 952,929 shares during the period. Finally, Swedbank AB bought a new stake in ACV Auctions during the 1st quarter worth approximately $15,016,000. 88.55% of the stock is owned by institutional investors.

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.