Insider Selling: ACV Auctions Inc. (NASDAQ:ACVA) CFO Sells $703,625.00 in Stock

ACV Auctions Inc. (NASDAQ:ACVA) CFO William Zerella sold 32,500 shares of the business’s stock in a transaction dated Monday, December 30th. The shares were sold at an average price of $21.65, for a total value of $703,625.00. Following the completion of the sale, the chief financial officer now directly owns 490,482 shares of the company’s stock, valued at approximately $10,618,935.30. This represents a 6.21 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

William Zerella also recently made the following trade(s):

• On Tuesday, November 26th, William Zerella sold 32,500 shares of ACV Auctions stock. The stock was sold at an average price of $22.41, for a total value of $728,325.00.
• On Tuesday, October 15th, William Zerella sold 32,500 shares of ACV Auctions stock. The shares were sold at an average price of $18.79, for a total value of $610,675.00.

ACV Auctions Price Performance

Shares of NASDAQ:ACVA opened at $20.94 on Friday. The firm’s 50 day moving average is $20.86 and its two-hundred day moving average is $19.29. The firm has a market capitalization of $3.51 billion, a P/E ratio of -44.55 and a beta of 1.70. The company has a current ratio of 1.51, a quick ratio of 1.51 and a debt-to-equity ratio of 0.25. ACV Auctions Inc. has a 52 week low of $12.84 and a 52 week high of $23.46.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on ACVA shares. Barrington Research reaffirmed an “outperform” rating and issued a $23.00 price objective on shares of ACV Auctions in a report on Monday, November 4th. Citigroup lifted their price target on shares of ACV Auctions from $22.00 to $27.00 and gave the company a “buy” rating in a report on Wednesday, November 27th. Piper Sandler boosted their price objective on shares of ACV Auctions from $16.00 to $18.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. Jefferies Financial Group raised their target price on shares of ACV Auctions from $22.00 to $25.00 and gave the stock a “buy” rating in a report on Tuesday, October 22nd. Finally, JMP Securities reaffirmed a “market outperform” rating and set a $25.00 target price on shares of ACV Auctions in a report on Monday, December 16th. Two investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $23.80.

Institutional Trading of ACV Auctions

Several large investors have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp grew its stake in shares of ACV Auctions by 217.5% in the second quarter. Bank of New York Mellon Corp now owns 1,391,070 shares of the company’s stock worth $25,387,000 after purchasing an additional 952,929 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in ACV Auctions by 21.9% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 26,478 shares of the company’s stock valued at $483,000 after buying an additional 4,752 shares in the last quarter. Principal Financial Group Inc. increased its stake in ACV Auctions by 33.1% during the 2nd quarter. Principal Financial Group Inc. now owns 61,903 shares of the company’s stock valued at $1,130,000 after buying an additional 15,390 shares during the period. Rhumbline Advisers increased its stake in ACV Auctions by 17.0% during the 2nd quarter. Rhumbline Advisers now owns 209,976 shares of the company’s stock valued at $3,832,000 after buying an additional 30,450 shares during the period. Finally, Arizona State Retirement System raised its position in shares of ACV Auctions by 10.4% during the 2nd quarter. Arizona State Retirement System now owns 41,303 shares of the company’s stock worth $754,000 after buying an additional 3,881 shares in the last quarter. 88.55% of the stock is currently owned by institutional investors and hedge funds.

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’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.