ACV Auctions (NASDAQ:ACVA) CEO Buys $248,440.84 in Stock

ACV Auctions Inc. (NASDAQ:ACVA) CEO George Chamoun purchased 31,172 shares of the stock in a transaction on Monday, December 15th. The stock was bought at an average price of $7.97 per share, for a total transaction of $248,440.84. Following the completion of the transaction, the chief executive officer directly owned 2,618,714 shares of the company’s stock, valued at approximately $20,871,150.58. This trade represents a 1.20% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

ACV Auctions Stock Down 1.7%

Shares of NASDAQ ACVA opened at $7.80 on Friday. ACV Auctions Inc. has a 52-week low of $4.95 and a 52-week high of $22.47. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.56 and a current ratio of 1.56. The business has a fifty day moving average of $7.84 and a two-hundred day moving average of $11.37. The stock has a market cap of $1.34 billion, a PE ratio of -15.91 and a beta of 1.64.

ACV Auctions (NASDAQ:ACVA) last announced its earnings results on Wednesday, November 5th. The company reported $0.07 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.07. ACV Auctions had a negative net margin of 12.51% and a negative return on equity of 12.94%. The business had revenue of $199.56 million during the quarter, compared to analysts’ expectations of $200.26 million. During the same quarter last year, the company posted $0.04 EPS. The firm’s revenue for the quarter was up 16.5% on a year-over-year basis. As a group, equities research analysts expect that ACV Auctions Inc. will post -0.07 earnings per share for the current fiscal year.

Institutional Investors Weigh In On ACV Auctions

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Aster Capital Management DIFC Ltd boosted its holdings in ACV Auctions by 298.4% during the third quarter. Aster Capital Management DIFC Ltd now owns 3,323 shares of the company’s stock worth $33,000 after buying an additional 2,489 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in shares of ACV Auctions in the 1st quarter valued at approximately $35,000. Covestor Ltd boosted its stake in ACV Auctions by 39.9% during the 3rd quarter. Covestor Ltd now owns 5,785 shares of the company’s stock worth $57,000 after acquiring an additional 1,649 shares during the last quarter. CWM LLC grew its holdings in ACV Auctions by 77.4% during the second quarter. CWM LLC now owns 4,642 shares of the company’s stock valued at $75,000 after purchasing an additional 2,026 shares during the period. Finally, Neo Ivy Capital Management acquired a new position in ACV Auctions during the second quarter valued at approximately $87,000. Institutional investors own 88.55% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on ACVA shares. The Goldman Sachs Group dropped their price target on ACV Auctions from $21.00 to $13.00 and set a “buy” rating for the company in a report on Friday, November 7th. Jefferies Financial Group cut shares of ACV Auctions from a “buy” rating to a “hold” rating and set a $9.00 price objective for the company. in a research report on Thursday, December 11th. Barclays increased their price objective on ACV Auctions to $7.00 and gave the company an “equal weight” rating in a research report on Thursday, December 4th. Needham & Company LLC dropped their target price on ACV Auctions from $14.00 to $9.00 and set a “buy” rating for the company in a research report on Thursday, November 6th. Finally, Citigroup decreased their price target on ACV Auctions from $17.00 to $13.00 and set a “buy” rating on the stock in a report on Friday, November 21st. Six research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $11.75.

About ACV Auctions

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.