George Chamoun Sells 348,249 Shares of ACV Auctions Inc. (NASDAQ:ACVA) Stock

ACV Auctions Inc. (NASDAQ:ACVA) CEO George Chamoun sold 348,249 shares of the stock in a transaction on Thursday, March 20th. The shares were sold at an average price of $15.34, for a total transaction of $5,342,139.66. Following the transaction, the chief executive officer now owns 2,821,193 shares in the company, valued at $43,277,100.62. This trade represents a 10.99 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

ACV Auctions Stock Down 2.4 %

ACVA stock opened at $15.31 on Friday. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.28. The firm’s 50-day simple moving average is $18.65 and its 200 day simple moving average is $19.71. The stock has a market cap of $2.58 billion, a PE ratio of -31.24 and a beta of 1.73. ACV Auctions Inc. has a fifty-two week low of $12.77 and a fifty-two week high of $23.46.

ACV Auctions (NASDAQ:ACVA) last released its quarterly earnings results on Wednesday, February 19th. The company reported ($0.14) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.01. ACV Auctions had a negative return on equity of 12.94% and a negative net margin of 12.51%. The company had revenue of $159.51 million for the quarter, compared to analysts’ expectations of $156.77 million. As a group, sell-side analysts predict that ACV Auctions Inc. will post -0.07 EPS for the current year.

Analysts Set New Price Targets

Several brokerages have recently commented on ACVA. B. Riley increased their price target on shares of ACV Auctions from $24.00 to $27.00 and gave the stock a “buy” rating in a research report on Tuesday, November 26th. Citigroup lifted their target price on ACV Auctions from $22.00 to $27.00 and gave the stock a “buy” rating in a research report on Wednesday, November 27th. JMP Securities reissued a “market outperform” rating and set a $25.00 price target on shares of ACV Auctions in a research report on Monday, December 16th. Bank of America raised shares of ACV Auctions from a “neutral” rating to a “buy” rating and decreased their price objective for the stock from $22.00 to $20.00 in a report on Wednesday, March 12th. Finally, Stephens raised shares of ACV Auctions to a “hold” rating in a report on Saturday, February 1st. Two research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, ACV Auctions currently has a consensus rating of “Moderate Buy” and a consensus price target of $23.23.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in ACVA. William Blair Investment Management LLC raised its stake in shares of ACV Auctions by 43.2% in the 4th quarter. William Blair Investment Management LLC now owns 12,099,686 shares of the company’s stock worth $261,353,000 after buying an additional 3,652,871 shares in the last quarter. Driehaus Capital Management LLC boosted its position in shares of ACV Auctions by 128.5% during the 4th quarter. Driehaus Capital Management LLC now owns 2,837,165 shares of the company’s stock valued at $61,283,000 after purchasing an additional 1,595,657 shares in the last quarter. Spyglass Capital Management LLC grew its stake in shares of ACV Auctions by 69.1% in the 3rd 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 last quarter. Wellington Management Group LLP bought a new stake in shares of ACV Auctions in the 3rd quarter worth approximately $21,540,000. Finally, Franklin Resources Inc. lifted its stake in ACV Auctions by 2,346.2% during the fourth quarter. Franklin Resources Inc. now owns 1,001,365 shares of the company’s stock valued at $21,629,000 after purchasing an additional 960,430 shares during the last quarter. Institutional investors and hedge funds own 88.55% of the company’s stock.

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.