ACV Auctions Inc. (NASDAQ:ACVA) Director Sells $634,349.22 in Stock

ACV Auctions Inc. (NASDAQ:ACVA – Get Rating) Director Kirsten Castillo sold 36,583 shares of the company’s stock in a transaction dated Wednesday, May 24th. The shares were sold at an average price of $17.34, for a total transaction of $634,349.22. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.

ACV Auctions Stock Down 0.4 %

NASDAQ ACVA traded down $0.06 during trading on Friday, reaching $16.91. 993,891 shares of the company’s stock were exchanged, compared to its average volume of 1,215,484. ACV Auctions Inc. has a fifty-two week low of $6.10 and a fifty-two week high of $18.02. The firm has a market capitalization of $2.70 billion, a PE ratio of -29.31 and a beta of 1.41. The company has a current ratio of 2.01, a quick ratio of 2.01 and a debt-to-equity ratio of 0.20. The company’s fifty day simple moving average is $13.57 and its 200-day simple moving average is $10.94.

ACV Auctions (NASDAQ:ACVA – Get Rating) last announced its quarterly earnings results on Wednesday, February 22nd. The company reported ($0.16) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.18) by $0.02. ACV Auctions had a negative return on equity of 16.03% and a negative net margin of 20.75%. The business had revenue of $97.97 million during the quarter, compared to analyst estimates of $99.08 million. Sell-side analysts predict that ACV Auctions Inc. will post -0.54 EPS for the current year.

Analyst Upgrades and Downgrades

ACVA has been the subject of a number of analyst reports. Barrington Research upped their price target on ACV Auctions from $14.00 to $18.00 in a report on Wednesday, May 17th. Guggenheim increased their target price on ACV Auctions from $15.00 to $18.00 in a research note on Monday, May 15th. Piper Jaffray Companies cut ACV Auctions to a “neutral” rating and set a $11.00 target price for the company. in a research note on Thursday, February 16th. Piper Sandler cut ACV Auctions from an “overweight” rating to a “neutral” rating and set a $11.00 target price for the company. in a research note on Thursday, February 16th. They noted that the move was a valuation call. Finally, JMP Securities increased their target price on ACV Auctions from $14.00 to $18.00 in a research note on Thursday, May 11th. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $14.80.

Institutional Investors Weigh In On ACV Auctions

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Ameriprise Financial Inc. lifted its holdings in shares of ACV Auctions by 37.7% during the first quarter. Ameriprise Financial Inc. now owns 218,917 shares of the company’s stock worth $2,826,000 after buying an additional 59,928 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of ACV Auctions by 5.2% during the first quarter. JPMorgan Chase & Co. now owns 4,314,089 shares of the company’s stock worth $55,695,000 after buying an additional 213,799 shares during the last quarter. State Street Corp lifted its holdings in shares of ACV Auctions by 2.2% during the first quarter. State Street Corp now owns 2,365,425 shares of the company’s stock worth $30,538,000 after buying an additional 51,296 shares during the last quarter. Squarepoint Ops LLC bought a new stake in shares of ACV Auctions during the first quarter valued at approximately $1,841,000. Finally, Geode Capital Management LLC increased its position in shares of ACV Auctions by 3.4% during the first quarter. Geode Capital Management LLC now owns 2,281,125 shares of the company’s stock valued at $29,449,000 after purchasing an additional 75,755 shares during the period. 69.75% of the stock is currently owned by institutional investors and hedge funds.

About ACV Auctions

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ACV Auctions Inc operates a digital marketplace that connects buyers and sellers for the online auction of wholesale vehicles. It also provides data services that offer insights into the condition and value of used vehicles, as well as offers customer financing services. ACV Auctions Inc was incorporated in 2014 and is headquartered in Buffalo, New York.