Insider Buying: ACV Auctions (NASDAQ:ACVA) CEO Buys 14,286 Shares of Stock

ACV Auctions Inc. (NASDAQ:ACVA) CEO George Chamoun purchased 14,286 shares of the firm’s stock in a transaction on Monday, January 12th. The shares were acquired at an average cost of $8.81 per share, for a total transaction of $125,859.66. Following the completion of the acquisition, the chief executive officer owned 2,598,383 shares of the company’s stock, valued at approximately $22,891,754.23. This trade represents a 0.55% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

George Chamoun also recently made the following trade(s):

• On Monday, December 15th, George Chamoun bought 31,172 shares of ACV Auctions stock. The shares were acquired at an average price of $7.97 per share, with a total value of $248,440.84.

ACV Auctions Price Performance

NASDAQ ACVA traded down $0.05 during trading hours on Tuesday, reaching $8.73. The company’s stock had a trading volume of 1,550,430 shares, compared to its average volume of 2,560,155. ACV Auctions Inc. has a 1 year low of $4.95 and a 1 year high of $22.47. 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 company has a market capitalization of $1.50 billion, a price-to-earnings ratio of -17.81 and a beta of 1.63. The firm’s 50-day moving average price is $7.61 and its 200-day moving average price is $10.43.

ACV Auctions (NASDAQ:ACVA) last released its quarterly earnings data on Wednesday, November 5th. The company reported $0.07 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.07. The firm had revenue of $199.56 million for the quarter, compared to analysts’ expectations 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 revenue for the quarter was up 16.5% compared to the same quarter last year. During the same quarter last year, the business posted $0.04 earnings per share. On average, equities research analysts predict that ACV Auctions Inc. will post -0.07 EPS for the current fiscal year.

Analysts Set New Price Targets

ACVA has been the topic of a number of research analyst reports. JPMorgan Chase & Co. decreased their target price on ACV Auctions from $18.00 to $11.00 and set an “overweight” rating on the stock in a research report on Thursday, November 6th. Citigroup decreased their price objective on ACV Auctions from $17.00 to $13.00 and set a “buy” rating on the stock in a report on Friday, November 21st. Jefferies Financial Group downgraded ACV Auctions from a “buy” rating to a “hold” rating and set a $9.00 target price for the company. in a research report on Thursday, December 11th. Needham & Company LLC reduced their price target on shares of ACV Auctions from $14.00 to $9.00 and set a “buy” rating on the stock in a research report on Thursday, November 6th. Finally, Barclays upped their price target on shares of ACV Auctions to $7.00 and gave the company an “equal weight” rating in a research note on Thursday, December 4th. Six equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $11.75.

Institutional Investors Weigh In On ACV Auctions

Several hedge funds and other institutional investors have recently made changes to their positions in ACVA. Geode Capital Management LLC lifted its holdings in ACV Auctions by 11.3% during the 2nd quarter. Geode Capital Management LLC now owns 3,928,666 shares of the company’s stock valued at $63,731,000 after buying an additional 398,106 shares in the last quarter. Inflection Point Investments LLP grew its stake in ACV Auctions by 32.5% in the 2nd quarter. Inflection Point Investments LLP now owns 403,796 shares of the company’s stock worth $6,550,000 after acquiring an additional 99,146 shares in the last quarter. Riverbridge Partners LLC increased its position in shares of ACV Auctions by 18.6% during the third quarter. Riverbridge Partners LLC now owns 3,567,434 shares of the company’s stock worth $35,353,000 after acquiring an additional 560,697 shares during the period. Connor Clark & Lunn Investment Management Ltd. increased its position in shares of ACV Auctions by 42.6% during the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 483,306 shares of the company’s stock worth $7,839,000 after acquiring an additional 144,283 shares during the period. Finally, Rhumbline Advisers raised its stake in shares of ACV Auctions by 4.1% during the first quarter. Rhumbline Advisers now owns 214,763 shares of the company’s stock valued at $3,026,000 after acquiring an additional 8,368 shares in the last quarter. Hedge funds and other institutional investors own 88.55% of the company’s stock.

ACV Auctions Company Profile

ACV Auctions operates a digital marketplace that connects automotive dealers through a mobile-first platform for wholesale vehicle auctions. The company’s software enables dealers to list, inspect and bid on used vehicles in real time, leveraging smartphone-based condition reporting, high-resolution imagery and data analytics to streamline the buying and selling process. ACV Auctions also offers subscription-based access to its auction platform, supplemental reconditioning services and financing tools designed to help dealers optimize inventory turn and reduce risk.

Since its founding in 2014, ACV Auctions has expanded its technology offerings beyond core auction services to include dealer management integrations, transportation logistics coordination and title management solutions.