ACV Auctions Inc. (NASDAQ:ACVA) director Robert P. Goodman has sold a significant number of shares in the company, according to a recent SEC filing. On May 28, 2024, Goodman sold a total of 54,534 Class A common shares at prices ranging from $18.75 to $19.62, with a weighted average price of $19.20. This transaction resulted in a total sale amount exceeding $1 million.
The shares sold by Goodman were previously converted from Class B common stock, which he held indirectly through various entities. The conversion from Class B to Class A common stock was made at no cost to the holder, as per the company's policy allowing such conversions at the discretion of the shareholder.
The entities involved in this transaction included Bessemer Venture Partners IX L.P. (BVP IX), Bessemer Venture Partners IX Institutional L.P. (BVP IX Inst), and 15 Angels III LLC (15 Angels), which sold 30,001, 24,036, and 497 shares respectively. Goodman, through his association with these entities, disclaimed beneficial ownership of these securities, except to the extent of his pecuniary interest.
In addition to the sales, Goodman received 9,239 shares of Class A common stock on May 29, 2024, as part of a Refresher Grant Restricted Stock Units (RSUs) award. These shares will vest on the first anniversary of the grant date, subject to continuous service conditions.
Following these transactions, Goodman's direct holdings in ACV Auctions Inc. include 375,219 shares of Class A common stock. Additionally, he has indirect holdings through NB Group, LLC, and Katama Point LLC, with 7,392 and 13,063 shares respectively, which he controls but disclaims beneficial ownership, except for his pecuniary interest.
Goodman's actions reflect a reshuffling of his investment in ACV Auctions Inc., with the direct sale of shares being the most significant transaction in terms of financial value. Investors often monitor such filings for insights into executives' perspectives on their company's stock value and future performance.
InvestingPro Insights
In light of the recent transactions by ACV Auctions Inc. (NASDAQ:ACVA) director Robert P. Goodman, investors may be seeking additional insights into the company's financial health and stock value. According to InvestingPro data, ACV Auctions holds a market capitalization of approximately $2.96 billion USD. Despite a challenging period, the company has shown resilience with a revenue growth of 15.8% over the last twelve months as of Q1 2024.
Investors should note that ACVA's stock has experienced a 1-month price total return of 3.5%, indicating a recent uptick in investor confidence. Additionally, the company's price is currently at 90.52% of its 52-week high, suggesting that the stock is nearing its peak valuation over the past year.
An InvestingPro Tip worth considering is that ACVA holds more cash than debt on its balance sheet, which could provide a measure of stability in uncertain economic times. Moreover, analysts predict that the company will be profitable this year, which may signal a positive outlook for potential investors.
For those interested in a deeper analysis, InvestingPro offers additional tips, including insights into ACVA's expected net income and sales growth in the current year, as well as its liquidity position. There are 9 more InvestingPro Tips available for ACVA at https://www.investing.com/pro/ACVA, providing a comprehensive view of the company's financial landscape.
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