Insider Buying: ACV Auctions (NASDAQ:ACVA) CEO Acquires 24,272 Shares of Stock

ACV Auctions Inc. (NASDAQ:ACVA) CEO George Chamoun purchased 24,272 shares of the company’s stock in a transaction dated Monday, March 9th. The shares were purchased at an average cost of $5.05 per share, for a total transaction of $122,573.60. Following the transaction, the chief executive officer directly owned 2,952,977 shares in the company, valued at approximately $14,912,533.85. This represents a 0.83% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

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

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

ACV Auctions Stock Down 3.1%

ACV Auctions stock traded down $0.16 during midday trading on Wednesday, hitting $5.00. 2,145,147 shares of the company’s stock were exchanged, compared to its average volume of 3,413,888. 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 company has a market cap of $870.36 million, a PE ratio of -10.20 and a beta of 1.69. The firm has a 50-day moving average of $7.23 and a two-hundred day moving average of $8.29. ACV Auctions Inc. has a 12 month low of $4.45 and a 12 month high of $17.54.

ACV Auctions (NASDAQ:ACVA) last posted its quarterly earnings results on Monday, February 23rd. The company reported ($0.11) EPS for the quarter, missing the consensus estimate of ($0.01) by ($0.10). ACV Auctions had a negative net margin of 12.51% and a negative return on equity of 12.94%. The business had revenue of $183.65 million during the quarter, compared to the consensus estimate of $181.96 million. During the same quarter in the prior year, the firm posted ($0.16) EPS. The company’s revenue for the quarter was up 15.2% compared to the same quarter last year. As a group, 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

Several institutional investors have recently added to or reduced their stakes in the business. Corient Private Wealth LLC acquired a new position in shares of ACV Auctions during the fourth quarter valued at about $89,000. Alpine Global Management LLC purchased a new stake in ACV Auctions during the 4th quarter worth approximately $88,000. Virtu Financial LLC acquired a new position in ACV Auctions during the 4th quarter valued at approximately $96,000. Invesco Ltd. raised its holdings in shares of ACV Auctions by 11.3% in the fourth quarter. Invesco Ltd. now owns 182,256 shares of the company’s stock worth $1,462,000 after buying an additional 18,573 shares during the last quarter. Finally, Mercer Global Advisors Inc. ADV purchased a new position in shares of ACV Auctions in the fourth quarter worth $221,000. Institutional investors and hedge funds own 88.55% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on ACVA. Barrington Research raised ACV Auctions from a “market perform” rating to an “outperform” rating in a research report on Tuesday, February 24th. Jefferies Financial Group downgraded ACV Auctions from a “buy” rating to a “hold” rating and set a $9.00 price objective on the stock. in a research report on Thursday, December 11th. Royal Bank Of Canada upgraded ACV Auctions to an “outperform” rating in a research note on Tuesday, February 24th. Needham & Company LLC reissued a “buy” rating and set a $9.00 price target on shares of ACV Auctions in a research report on Tuesday, February 24th. Finally, B. Riley Financial cut their price objective on shares of ACV Auctions from $17.00 to $16.00 and set a “buy” rating on the stock in a research report on Tuesday, February 24th. Eight investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, ACV Auctions presently has an average rating of “Moderate Buy” and an average price target 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.