Gold prices dip as hawkish Fed minutes weigh ahead of Jackson Hole
George Chamoun, CEO of ACV Auctions Inc. (NASDAQ:ACVA), recently sold a significant portion of his holdings in the company. According to a Form 4 filing with the Securities and Exchange Commission, Chamoun sold a total of 350,000 shares of Class A Common Stock over two days. The sale comes as the stock has shown significant volatility, with InvestingPro data showing a 9.6% return over the last week despite a 24% decline over the past six months.
The transactions took place on March 19 and March 20, with shares being sold at a weighted average price ranging from $15.00 to $15.34. The total value of the stock sold amounted to approximately $5.37 million.
Following these transactions, Chamoun holds 2,821,193 shares directly. The sales were executed under a Rule 10b5-1 trading plan, which was established on December 13, 2024. This type of plan allows company insiders to set up a predetermined schedule for selling stocks, providing a way to gradually divest shares while avoiding potential accusations of insider trading.
ACV Auctions, based in Buffalo, New York, operates an online automotive marketplace for wholesale vehicle transactions. The company continues to be a key player in the digital transformation of the automotive auction industry, with analysts expecting sales growth and profitability this year. For deeper insights into insider trading patterns and comprehensive financial analysis, check out the detailed Pro Research Report available on InvestingPro.
In other recent news, ACV Auctions Inc. reported its fourth-quarter financial results, revealing a revenue of $159.51 million, which surpassed the consensus estimate of $155.75 million. Despite this positive revenue performance, the company’s earnings per share (EPS) fell short of expectations, coming in at ($0.16) compared to the anticipated ($0.01). Looking ahead, ACV Auctions provided guidance for the first quarter of 2025 with expected revenues between $180-185 million, falling short of the consensus estimate of $186.8 million. For the full year of 2025, the company forecasts revenue of $765-785 million, which also misses the consensus estimate of $784.6 million.
Analysts have reacted to ACV’s earnings and guidance with a mixture of caution and optimism. Piper Sandler upgraded ACV Auctions’ stock rating from Neutral to Overweight, setting a new price target of $20.00, citing the company’s potential for significant growth in the used car market. Meanwhile, Needham analyst Chris Pierce lowered the price target from $28.00 to $25.00 while maintaining a Buy rating, noting the company’s strong fourth-quarter performance but expressing concern over the cautious first-quarter guidance. Citizens JMP analyst Nicholas Jones also reduced the price target to $22.00 from $25.00, maintaining a Market Outperform rating and acknowledging the softer guidance for the upcoming periods.
In a related development, ACV Auctions highlighted its advancements in AI-powered products and services, which have been positively received by the market. The company reported a 35% year-over-year increase in revenue for the fourth quarter of 2024, reaching $160 million. CEO George Chamoun expressed satisfaction with the company’s performance, emphasizing revenue growth and margin expansion. Despite these achievements, the company’s stock experienced a decline in after-hours trading, reflecting investor concerns over economic uncertainties and market conditions.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.