ACV Auctions (NASDAQ:ACVA) Sees Unusually-High Trading Volume

Shares of ACV Auctions Inc. (NASDAQ:ACVA) saw an uptick in trading volume on Monday . 607,579 shares traded hands during mid-day trading, a decline of 49% from the previous session’s volume of 1,188,195 shares.The stock last traded at $18.93 and had previously closed at $18.16.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on ACVA. Needham & Company LLC reissued a “buy” rating and issued a $23.00 price target on shares of ACV Auctions in a report on Monday, June 3rd. JMP Securities reiterated a “market outperform” rating and set a $21.00 target price on shares of ACV Auctions in a research report on Monday. JPMorgan Chase & Co. raised shares of ACV Auctions from a “neutral” rating to an “overweight” rating and set a $21.00 price target for the company in a research report on Monday, June 10th. Finally, Barrington Research reaffirmed an “outperform” rating and set a $23.00 price objective on shares of ACV Auctions in a report on Friday, August 16th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, ACV Auctions currently has a consensus rating of “Moderate Buy” and an average price target of $21.00.

ACV Auctions Trading Up 0.6 %

The firm has a market cap of $3.20 billion, a P/E ratio of -40.33 and a beta of 1.55. The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 0.24. The company’s fifty day moving average price is $17.91 and its two-hundred day moving average price is $17.99.

ACV Auctions (NASDAQ:ACVA) last released its quarterly earnings results on Wednesday, August 7th. The company reported ($0.07) EPS for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.02. The firm had revenue of $160.62 million for the quarter, compared to analyst estimates of $156.33 million. ACV Auctions had a negative net margin of 14.53% and a negative return on equity of 13.20%. As a group, sell-side analysts predict that ACV Auctions Inc. will post -0.36 EPS for the current fiscal year.

Insider Transactions at ACV Auctions

In other ACV Auctions news, CFO William Zerella sold 32,500 shares of ACV Auctions stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $15.19, for a total value of $493,675.00. Following the completion of the transaction, the chief financial officer now owns 503,077 shares in the company, valued at approximately $7,641,739.63. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other ACV Auctions news, CFO William Zerella sold 32,500 shares of the stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $15.19, for a total transaction of $493,675.00. Following the sale, the chief financial officer now owns 503,077 shares of the company’s stock, valued at approximately $7,641,739.63. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO George Chamoun sold 77,995 shares of the business’s stock in a transaction dated Tuesday, June 18th. The stock was sold at an average price of $17.71, for a total transaction of $1,381,291.45. Following the completion of the transaction, the chief executive officer now directly owns 961,245 shares of the company’s stock, valued at $17,023,648.95. The disclosure for this sale can be found here. Insiders have sold 524,300 shares of company stock valued at $9,395,856 in the last three months. 8.50% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Charles Schwab Investment Management Inc. raised its position in shares of ACV Auctions by 1.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,044,415 shares of the company’s stock worth $15,823,000 after acquiring an additional 18,626 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in ACV Auctions by 21.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,846,726 shares of the company’s stock valued at $27,979,000 after purchasing an additional 329,854 shares during the period. Ieq Capital LLC acquired a new position in ACV Auctions during the 4th quarter valued at about $249,000. FineMark National Bank & Trust bought a new position in shares of ACV Auctions in the 4th quarter valued at about $381,000. Finally, Axiom Investors LLC DE grew its position in shares of ACV Auctions by 172.5% during the 4th quarter. Axiom Investors LLC DE now owns 364,280 shares of the company’s stock worth $5,519,000 after buying an additional 230,580 shares during the period. Institutional investors and hedge funds own 88.55% of the company’s stock.

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.