Michael Waterman Sells 223,330 Shares of ACV Auctions Inc. (NASDAQ:ACVA) Stock

ACV Auctions Inc. (NASDAQ:ACVA) insider Michael Waterman sold 223,330 shares of the stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $17.00, for a total transaction of $3,796,610.00. Following the completion of the transaction, the insider now directly owns 466,548 shares of the company’s stock, valued at approximately $7,931,316. This trade represents a 32.37% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link.

ACV Auctions Stock Up 0.6%

Shares of NASDAQ:ACVA opened at $17.03 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 company has a market capitalization of $2.87 billion, a P/E ratio of -34.75 and a beta of 1.72. ACV Auctions Inc. has a 52-week low of $11.88 and a 52-week high of $23.46. The stock’s fifty day simple moving average is $14.86 and its 200-day simple moving average is $18.44.

ACV Auctions (NASDAQ:ACVA) last announced its earnings results on Wednesday, May 7th. The company reported ($0.09) earnings per share for the quarter, missing the consensus estimate of $0.04 by ($0.13). ACV Auctions had a negative net margin of 12.51% and a negative return on equity of 12.94%. The company’s revenue was up 25.4% on a year-over-year basis. During the same quarter last year, the company posted ($0.13) earnings per share. As a group, equities research analysts forecast that ACV Auctions Inc. will post -0.07 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on ACVA shares. Needham & Company LLC reissued a “buy” rating and set a $25.00 price target on shares of ACV Auctions in a research note on Thursday, May 8th. Stephens raised ACV Auctions to a “hold” rating in a report on Saturday, February 1st. JMP Securities dropped their price target on ACV Auctions from $22.00 to $18.00 and set a “market outperform” rating for the company in a research report on Wednesday, April 9th. JPMorgan Chase & Co. decreased their price objective on shares of ACV Auctions from $24.00 to $20.00 and set an “overweight” rating on the stock in a research report on Thursday, March 27th. Finally, Piper Sandler raised shares of ACV Auctions from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $18.00 to $20.00 in a research note on Thursday, March 20th. Two equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $22.50.

Institutional Investors Weigh In On ACV Auctions

A number of hedge funds and other institutional investors have recently modified their holdings of ACVA. Versant Capital Management Inc boosted its position in ACV Auctions by 464.4% during the first quarter. Versant Capital Management Inc now owns 2,201 shares of the company’s stock worth $31,000 after acquiring an additional 1,811 shares during the last quarter. Blue Trust Inc. lifted its stake in shares of ACV Auctions by 65.8% during the 4th quarter. Blue Trust Inc. now owns 2,352 shares of the company’s stock worth $48,000 after purchasing an additional 933 shares during the period. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in shares of ACV Auctions during the first quarter worth $35,000. GAMMA Investing LLC boosted its holdings in shares of ACV Auctions by 3,005.8% during the first quarter. GAMMA Investing LLC now owns 5,932 shares of the company’s stock worth $84,000 after purchasing an additional 5,741 shares during the last quarter. Finally, AlphaQuest LLC grew its position in shares of ACV Auctions by 2,640.6% in the first quarter. AlphaQuest LLC now owns 6,687 shares of the company’s stock valued at $94,000 after purchasing an additional 6,443 shares during the period. 88.55% of the stock is currently owned by hedge funds and other 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.