Insider Buying: ACV Auctions (NASDAQ:ACVA) CEO Buys $122,573.60 in Stock

ACV Auctions Inc. (NASDAQ:ACVA) CEO George Chamoun bought 24,272 shares of the company’s stock in a transaction that occurred on Monday, March 9th. The shares were bought at an average price of $5.05 per share, with a total value of $122,573.60. Following the transaction, the chief executive officer owned 2,952,977 shares of the company’s stock, valued at $14,912,533.85. The trade was a 0.83% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

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

• On Monday, January 12th, George Chamoun purchased 14,286 shares of ACV Auctions stock. The stock was bought at an average price of $8.81 per share, for a total transaction of $125,859.66.
• On Monday, December 15th, George Chamoun acquired 31,172 shares of ACV Auctions stock. The shares were bought at an average cost of $7.97 per share, with a total value of $248,440.84.

ACV Auctions Price Performance

Shares of ACV Auctions stock traded down $0.16 during trading on Wednesday, reaching $5.00. 2,145,147 shares of the stock traded hands, compared to its average volume of 3,413,888. ACV Auctions Inc. has a 52-week low of $4.45 and a 52-week high of $17.54. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.56 and a quick ratio of 1.56. The business has a fifty day simple moving average of $7.23 and a two-hundred day simple moving average of $8.29. The company has a market capitalization of $870.36 million, a price-to-earnings ratio of -10.20 and a beta of 1.69.

ACV Auctions (NASDAQ:ACVA) last announced its quarterly earnings results on Monday, February 23rd. The company reported ($0.11) EPS for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.10). The firm had revenue of $183.65 million for the quarter, compared to the consensus estimate of $181.96 million. ACV Auctions had a negative net margin of 12.51% and a negative return on equity of 12.94%. ACV Auctions’s quarterly revenue was up 15.2% on a year-over-year basis. During the same period in the previous year, the company posted ($0.16) earnings per share. Sell-side analysts expect that ACV Auctions Inc. will post -0.07 EPS for the current year.

Hedge Funds Weigh In On ACV Auctions

Several hedge funds have recently bought and sold shares of ACVA. Atreides Management LP lifted its position in shares of ACV Auctions by 125.2% during the fourth quarter. Atreides Management LP now owns 12,411,800 shares of the company’s stock worth $99,543,000 after purchasing an additional 6,901,010 shares during the last quarter. William Blair Investment Management LLC increased its position in shares of ACV Auctions by 3.3% during the third quarter. William Blair Investment Management LLC now owns 11,471,709 shares of the company’s stock worth $113,685,000 after acquiring an additional 362,003 shares during the period. Massachusetts Financial Services Co. MA increased its position in shares of ACV Auctions by 0.6% during the second quarter. Massachusetts Financial Services Co. MA now owns 9,143,400 shares of the company’s stock worth $148,306,000 after acquiring an additional 58,570 shares during the period. Wasatch Advisors LP raised its stake in shares of ACV Auctions by 301.0% during the second quarter. Wasatch Advisors LP now owns 7,295,400 shares of the company’s stock valued at $118,331,000 after acquiring an additional 5,475,874 shares in the last quarter. Finally, 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 valued at $62,803,000 after purchasing an additional 1,475,932 shares during the period. Institutional investors own 88.55% of the company’s stock.

Analyst Ratings Changes

ACVA has been the topic of a number of recent research reports. B. Riley Financial decreased their price target on shares of ACV Auctions from $17.00 to $16.00 and set a “buy” rating on the stock in a research note on Tuesday, February 24th. Royal Bank Of Canada upgraded shares of ACV Auctions to an “outperform” rating in a report on Tuesday, February 24th. Needham & Company LLC reaffirmed a “buy” rating and issued a $9.00 price target on shares of ACV Auctions in a report on Tuesday, February 24th. Barrington Research raised ACV Auctions from a “market perform” rating to an “outperform” rating in a research note on Tuesday, February 24th. Finally, The Goldman Sachs Group lowered their price objective on ACV Auctions from $13.00 to $10.00 and set a “buy” rating for the company in a research note on Tuesday, February 24th. Eight research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, ACV Auctions currently has a consensus rating of “Moderate Buy” and a consensus target price of $11.32.

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.