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 that occurred on Monday, December 15th. The shares were purchased at an average price of $7.97 per share, with a total value of $248,440.84. Following the completion of the acquisition, the chief executive officer directly owned 2,618,714 shares in the company, valued at $20,871,150.58. The trade was a 1.20% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

ACV Auctions Trading Down 3.8%

ACV Auctions stock traded down $0.30 during trading hours on Wednesday, reaching $7.70. The stock had a trading volume of 2,635,065 shares, compared to its average volume of 2,692,488. The company has a fifty day simple moving average of $7.91 and a 200-day simple moving average of $11.47. ACV Auctions Inc. has a 52 week low of $4.95 and a 52 week high of $22.47. The stock has a market cap of $1.33 billion, a PE ratio of -15.71 and a beta of 1.64. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.56 and a quick ratio of 1.56.

ACV Auctions (NASDAQ:ACVA) last issued its quarterly earnings data on Wednesday, November 5th. The company reported $0.07 EPS for the quarter, meeting the consensus estimate of $0.07. The firm had revenue of $199.56 million during the quarter, compared to the consensus estimate of $200.26 million. ACV Auctions had a negative net margin of 12.51% and a negative return on equity of 12.94%. The company’s quarterly revenue was up 16.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.04 earnings per share. Analysts forecast that ACV Auctions Inc. will post -0.07 EPS for the current fiscal year.

Hedge Funds Weigh In On ACV Auctions

Several institutional investors and hedge funds have recently added to or reduced their stakes in ACVA. Tudor Investment Corp ET AL grew its position in shares of ACV Auctions by 116.3% in the 3rd quarter. Tudor Investment Corp ET AL now owns 982,558 shares of the company’s stock worth $9,737,000 after buying an additional 528,390 shares during the period. IFP Advisors Inc grew its holdings in ACV Auctions by 17,557.9% in the third quarter. IFP Advisors Inc now owns 42,732 shares of the company’s stock worth $423,000 after purchasing an additional 42,490 shares during the period. Penn Capital Management Company LLC purchased a new stake in ACV Auctions in the third quarter worth about $1,119,000. CIBC Private Wealth Group LLC increased its stake in shares of ACV Auctions by 78.6% during the third quarter. CIBC Private Wealth Group LLC now owns 437,781 shares of the company’s stock valued at $4,338,000 after purchasing an additional 192,694 shares in the last quarter. Finally, CIBC Bancorp USA Inc. purchased a new position in shares of ACV Auctions during the third quarter valued at approximately $177,000. Hedge funds and other institutional investors own 88.55% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on ACVA. The Goldman Sachs Group dropped their price objective 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 lowered ACV Auctions from a “buy” rating to a “hold” rating and set a $9.00 price target for the company. in a research note on Thursday, December 11th. Citigroup cut their price target on shares of ACV Auctions from $17.00 to $13.00 and set a “buy” rating on the stock in a report on Friday, November 21st. Needham & Company LLC decreased their price objective on shares of ACV Auctions from $14.00 to $9.00 and set a “buy” rating for the company in a report on Thursday, November 6th. Finally, Bank of America reaffirmed an “underperform” rating and set a $6.00 target price (down previously from $16.50) on shares of ACV Auctions in a research note on Thursday, November 6th. Six research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $11.75.

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.