ACV Auctions (NASDAQ:ACVA) CEO George Chamoun Acquires 24,272 Shares of Stock

ACV Auctions Inc. (NASDAQ:ACVA) CEO George Chamoun acquired 24,272 shares of the stock in a transaction on Monday, March 9th. The stock was bought at an average cost of $5.05 per share, for a total transaction of $122,573.60. Following the transaction, the chief executive officer owned 2,952,977 shares of the company’s stock, valued at approximately $14,912,533.85. This trade represents a 0.83% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website.

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

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

ACV Auctions Stock Performance

ACV Auctions stock traded up $0.01 during trading on Thursday, hitting $5.01. The stock had a trading volume of 349,206 shares, compared to its average volume of 3,360,993. The stock’s 50 day moving average is $7.17 and its two-hundred day moving average is $8.26. ACV Auctions Inc. has a 1 year low of $4.45 and a 1 year high of $17.54. The stock has a market cap of $872.10 million, a price-to-earnings ratio of -10.22 and a beta of 1.69. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.28.

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

Institutional Inflows and Outflows

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

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on ACVA shares. B. Riley Financial lowered their price objective on ACV Auctions from $17.00 to $16.00 and set a “buy” rating on the stock in a research note on Tuesday, February 24th. Citigroup lowered shares of ACV Auctions from a “buy” rating to a “neutral” rating and cut their target price for the stock from $13.00 to $7.00 in a research report on Tuesday, February 24th. Jefferies Financial Group lowered shares of ACV Auctions from a “buy” rating to a “hold” rating and set a $9.00 price target on the stock. in a research report on Thursday, December 11th. Royal Bank Of Canada upgraded shares of ACV Auctions to an “outperform” rating in a research note on Tuesday, February 24th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $9.00 price objective on shares of ACV Auctions in a report on Tuesday, February 24th. Eight investment 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’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $11.32.

ACV Auctions Company Profile

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.