Insider Selling: ACV Auctions Inc. (NASDAQ:ACVA) Major Shareholder Sells 128,479 Shares of Stock

ACV Auctions Inc. (NASDAQ:ACVA) major shareholder Bessemer Venture Partners Ix L sold 128,479 shares of the company’s stock in a transaction dated Tuesday, September 12th. The stock was sold at an average price of $16.21, for a total value of $2,082,644.59. Following the sale, the insider now owns 1,859,214 shares of the company’s stock, valued at $30,137,858.94. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Large shareholders that own 10% or more of a company’s stock are required to disclose their transactions with the SEC.

ACV Auctions Price Performance

Shares of NASDAQ ACVA opened at $15.68 on Friday. The stock’s fifty day simple moving average is $16.50 and its 200 day simple moving average is $15.26. The company has a debt-to-equity ratio of 0.22, a quick ratio of 2.18 and a current ratio of 2.18. ACV Auctions Inc. has a 52-week low of $6.51 and a 52-week high of $18.68.

ACV Auctions (NASDAQ:ACVA) last released its quarterly earnings data on Monday, August 7th. The company reported ($0.09) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.06. The firm had revenue of $124.22 million during the quarter, compared to analysts’ expectations of $119.44 million. ACV Auctions had a negative return on equity of 16.17% and a negative net margin of 18.33%. As a group, sell-side analysts predict that ACV Auctions Inc. will post -0.5 earnings per share for the current year.

Hedge Funds Weigh In On ACV Auctions

Institutional investors have recently bought and sold shares of the stock. First Horizon Advisors Inc. increased its stake in shares of ACV Auctions by 195.1% in the fourth quarter. First Horizon Advisors Inc. now owns 18,133 shares of the company’s stock worth $149,000 after purchasing an additional 11,988 shares during the period. William Blair Investment Management LLC increased its stake in shares of ACV Auctions by 10.7% in the first quarter. William Blair Investment Management LLC now owns 3,907,765 shares of the company’s stock worth $50,449,000 after purchasing an additional 379,155 shares during the period. Russell Investments Group Ltd. bought a new position in shares of ACV Auctions in the first quarter worth about $752,000. Nishkama Capital LLC bought a new position in ACV Auctions during the first quarter valued at about $2,739,000. Finally, Rivermont Capital Management LP bought a new position in ACV Auctions during the fourth quarter valued at about $4,867,000. 78.56% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have recently issued reports on ACVA. Bank of America increased their target price on ACV Auctions from $15.50 to $18.00 in a research note on Tuesday, May 30th. Jefferies Financial Group increased their target price on ACV Auctions from $18.00 to $20.00 and gave the company a “buy” rating in a research note on Tuesday, July 25th. Guggenheim increased their target price on ACV Auctions from $20.00 to $21.00 and gave the company a “buy” rating in a research note on Wednesday, August 9th. B. Riley began coverage on ACV Auctions in a report on Wednesday, July 19th. They issued a “buy” rating and a $23.00 price target for the company. Finally, Stephens reissued an “overweight” rating and issued a $20.00 price target on shares of ACV Auctions in a report on Tuesday, August 8th. Three research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $19.07.

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 provides data services insights into the condition and value of used vehicles, as well as customer financing services. ACV Auctions Inc was incorporated in 2014 and is headquartered in Buffalo, New York.