ACV Auctions (NASDAQ:ACVA) Shares Gap Up After Insider Buying Activity

Shares of ACV Auctions Inc. (NASDAQ:ACVA) gapped up prior to trading on Thursday after an insider bought additional shares in the company. The stock had previously closed at $7.72, but opened at $8.19. ACV Auctions shares last traded at $8.0050, with a volume of 336,525 shares traded.

Specifically, CEO George Chamoun bought 31,172 shares of the business’s stock in a transaction dated 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 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Analysts Set New Price Targets

Several analysts recently commented on the company. Barclays raised their price objective on ACV Auctions to $7.00 and gave the stock an “equal weight” rating in a research note on Thursday, December 4th. Barrington Research cut ACV Auctions from an “outperform” rating to a “market perform” rating in a research note on Thursday, November 6th. Jefferies Financial Group downgraded shares of ACV Auctions from a “buy” rating to a “hold” rating and set a $9.00 price objective on the stock. in a report on Thursday, December 11th. Citigroup dropped their target price on ACV Auctions from $17.00 to $13.00 and set a “buy” rating for the company in a report on Friday, November 21st. Finally, Bank of America restated an “underperform” rating and set a $6.00 price objective (down previously from $16.50) on shares of ACV Auctions in a research note on Thursday, November 6th. Six analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $11.75.

ACV Auctions Price Performance

The company has a fifty day moving average of $7.87 and a 200-day moving average of $11.45. The stock has a market cap of $1.38 billion, a PE ratio of -16.33 and a beta of 1.64. 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 released its quarterly earnings results on Wednesday, November 5th. The company reported $0.07 EPS for the quarter, hitting the consensus estimate of $0.07. The business had revenue of $199.56 million during the quarter, compared to analysts’ expectations of $200.26 million. ACV Auctions had a negative return on equity of 12.94% and a negative net margin of 12.51%.The company’s quarterly revenue was up 16.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.04 earnings per share. Sell-side analysts expect that ACV Auctions Inc. will post -0.07 EPS for the current fiscal year.

Institutional Trading of ACV Auctions

A number of hedge funds have recently bought and sold shares of the company. Wasatch Advisors LP raised its position in ACV Auctions by 301.0% in the 2nd quarter. Wasatch Advisors LP now owns 7,295,400 shares of the company’s stock valued at $118,331,000 after buying an additional 5,475,874 shares during the last quarter. SG Capital Management LLC purchased a new position in shares of ACV Auctions in the 3rd quarter worth approximately $17,103,000. ArrowMark Colorado Holdings LLC boosted its holdings 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 acquiring an additional 1,475,932 shares during the period. Hawk Ridge Capital Management LP bought a new stake in ACV Auctions in the third quarter worth $14,502,000. Finally, Vanguard Group Inc. boosted its position in shares of ACV Auctions by 7.4% during the first quarter. Vanguard Group Inc. now owns 15,301,225 shares of the company’s stock valued at $215,594,000 after purchasing an additional 1,055,310 shares in the last quarter. 88.55% of the stock is owned by hedge funds and other institutional investors.

ACV Auctions Company Profile

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.