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ACV Auctions director Brian Hirsch sells shares worth over $416k

Published 06/12/2024, 09:23 PM

ACV Auctions Inc. (NASDAQ:ACVA) Director Brian Hirsch has sold a total of 22,958 shares of the company's Class A Common Stock on June 11, 2024, for a weighted average price of $18.13 per share. The transactions took place in multiple sales with prices ranging from $18.01 to $18.39, culminating in a total sale value of $416,228.

This recent transaction has adjusted Hirsch's direct ownership in the company to 9,239 shares following the sale. The details of the sale, including the price range of the shares sold, were disclosed in a filing with the Securities and Exchange Commission. Hirsch has committed to providing further information regarding the number of shares sold at each price upon request.

ACV Auctions Inc., headquartered in Buffalo, New York, operates in the business services sector and specializes in providing a range of services to its clients. The sale by Director Hirsch comes as part of his personal investment decisions and portfolio management.

Investors and followers of ACV Auctions will continue to monitor insider transactions as they provide insights into executive confidence and perspective on the company's financial health and future prospects.

In other recent news, ACV Auctions Inc. has reported strong financial performance, notably exceeding consensus estimates in the first quarter of fiscal year 2024. The company's revenue was $146 million, surpassing the expected $144 million, and its adjusted EBITDA stood at $4.3 million, beating the projected $3.4 million. Despite industry challenges, ACV Auctions has managed to uphold its revenue and adjusted EBITDA guidance for 2024, indicating resilience.

The company has also demonstrated a robust market position, gaining market share amidst challenging wholesale conditions. Analysts from JMP Securities and Needham have maintained their positive ratings for ACV Auctions, reflecting confidence in the company's prospects. JMP Securities has set a price target of $20, while Needham has a price target of $23.

These are among the recent developments for ACV Auctions, which continues to focus on expanding its service offerings and improving operational efficiency. Despite some concerns about potential growth challenges and industry headwinds, analysts have expressed optimism about the company's ability to sustain its growth trajectory and achieve its mid-term targets.

InvestingPro Insights

Amidst the news of Director Hirsch's recent stock sale, ACV Auctions Inc. (NASDAQ: ACVA) presents a mixed financial canvas. According to InvestingPro data, ACV Auctions holds a market capitalization of $3.13 billion, reflecting its standing in the business services sector. The company has experienced significant revenue growth over the last twelve months as of Q1 2024, up by 15.8%, showcasing its expanding operations.

Despite not being profitable in the last twelve months, with a negative P/E ratio of -39.4, InvestingPro Tips suggest a shift towards profitability is anticipated. Analysts predict that ACVA's net income is expected to grow this year, and they are also forecasting sales growth in the current year. This optimism is further bolstered by the company's strong liquidity position, as it holds more cash than debt and its liquid assets exceed short-term obligations.

Investors should note that ACVA's stock price has seen a large uptick over the last six months, yielding a 29.99% total return, which could be indicative of growing investor confidence or speculative interest, given the stock's volatility. The company's shares are currently trading close to their 52-week high, at 96.33% of the peak value.

For those seeking a deeper dive into ACVA's financials and future projections, InvestingPro offers additional insights. There are several more InvestingPro Tips available, which can be accessed by visiting https://www.investing.com/pro/ACVA. For a limited time, use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, and unlock the full potential of informed investment decisions.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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