ACV Auctions (NASDAQ:ACVA) CEO George Chamoun Buys 31,172 Shares

ACV Auctions Inc. (NASDAQ:ACVA) CEO George Chamoun bought 31,172 shares of the business’s stock in a transaction dated Monday, December 15th. The shares were acquired at an average cost of $7.97 per share, for a total transaction of $248,440.84. Following the purchase, the chief executive officer owned 2,618,714 shares of the company’s stock, valued at approximately $20,871,150.58. The trade was a 1.20% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

ACV Auctions Trading Up 3.7%

Shares of ACVA traded up $0.28 during trading hours on Thursday, reaching $8.00. 264,113 shares of the company traded hands, compared to its average volume of 2,681,835. The firm has a market cap of $1.38 billion, a price-to-earnings ratio of -16.32 and a beta of 1.64. ACV Auctions Inc. has a 12-month low of $4.95 and a 12-month high of $22.47. The stock’s fifty day moving average price is $7.87 and its 200 day moving average price is $11.45. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.28.

ACV Auctions (NASDAQ:ACVA) last issued its earnings results on Wednesday, November 5th. The company reported $0.07 EPS for the quarter, hitting analysts’ consensus estimates of $0.07. The business had revenue of $199.56 million for the quarter, compared to analyst estimates of $200.26 million. ACV Auctions had a negative net margin of 12.51% and a negative return on equity of 12.94%. The company’s quarterly revenue was up 16.5% compared to the same quarter last year. During the same period last year, the company posted $0.04 earnings per share. Sell-side analysts forecast that ACV Auctions Inc. will post -0.07 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. increased its position in shares of ACV Auctions by 7.4% in the 1st quarter. Vanguard Group Inc. now owns 15,301,225 shares of the company’s stock valued at $215,594,000 after acquiring an additional 1,055,310 shares during the period. William Blair Investment Management LLC grew its stake in ACV Auctions by 3.3% during the 3rd quarter. William Blair Investment Management LLC now owns 11,471,709 shares of the company’s stock valued at $113,685,000 after purchasing an additional 362,003 shares during the last quarter. Massachusetts Financial Services Co. MA grew its stake in ACV Auctions by 0.6% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 9,143,400 shares of the company’s stock valued at $148,306,000 after purchasing an additional 58,570 shares during the last quarter. Wasatch Advisors LP raised its stake in shares of ACV Auctions by 301.0% in the second quarter. Wasatch Advisors LP now owns 7,295,400 shares of the company’s stock worth $118,331,000 after purchasing an additional 5,475,874 shares during the last quarter. Finally, ArrowMark Colorado Holdings LLC raised its stake in shares of ACV Auctions by 30.4% in the third quarter. ArrowMark Colorado Holdings LLC now owns 6,337,335 shares of the company’s stock worth $62,803,000 after purchasing an additional 1,475,932 shares during the last quarter. Hedge funds and other institutional investors own 88.55% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on ACVA. Bank of America restated an “underperform” rating and set a $6.00 target price (down previously from $16.50) on shares of ACV Auctions in a report on Thursday, November 6th. The Goldman Sachs Group cut their target price on ACV Auctions from $21.00 to $13.00 and set a “buy” rating on the stock in a research note on Friday, November 7th. Jefferies Financial Group lowered shares of ACV Auctions from a “buy” rating to a “hold” rating and set a $9.00 price target for the company. in a research report on Thursday, December 11th. Barclays lifted their price objective on shares of ACV Auctions to $7.00 and gave the stock an “equal weight” rating in a research report on Thursday, December 4th. Finally, Needham & Company LLC decreased their target price on shares of ACV Auctions from $14.00 to $9.00 and set a “buy” rating for the company in a research report on Thursday, November 6th. Six equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $11.75.

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.