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Additionally, Waterman acquired 15,000 shares of Class A Common Stock on January 7 through the exercise of options, though these transactions did not result in any cash exchange. Following these transactions, Waterman holds 311,354 shares of ACV Auctions' Class A Common Stock directly. The sales were made as part of a pre-arranged Rule 10b5-1 trading plan, which was established on February 28, 2024. With analyst price targets ranging from $18 to $28 and InvestingPro identifying 12 key investment factors for ACVA, investors can access comprehensive analysis through the Pro Research Report, available exclusively to subscribers. With analyst price targets ranging from $18 to $28 and InvestingPro identifying 12 key investment factors for ACVA, investors can access comprehensive analysis through the Pro Research Report, available exclusively to subscribers.
Additionally, Waterman acquired 15,000 shares of Class A Common Stock on January 7 through the exercise of options, though these transactions did not result in any cash exchange. Following these transactions, Waterman holds 311,354 shares of ACV Auctions' Class A Common Stock directly. The sales were made as part of a pre-arranged Rule 10b5-1 trading plan, which was established on February 28, 2024.
In other recent news, ACV Auctions Inc. reported robust earnings and revenue growth in Q3 2024, with revenue climbing by 44% to a record $171 million and vehicle sales rising by 32%, selling 198,000 units. The company's adjusted EBITDA exceeded expectations, coming in at $11 million, surpassing guidance by 38%. These favorable results prompted an upward revision of the full-year revenue guidance to between $630 million and $634 million.
Needham analysts have retained a Buy rating on ACV Auctions, raising the price target from $26 to $28, the highest among analysts covering the stock. The firm predicts the company will benefit from an expanding total addressable market as it moves into commercial auction supply. Citi also increased the stock's price target from $22.00 to $27.00, maintaining a Buy rating, acknowledging ACV Auctions' growing market share in a stabilizing new-automobile market.
ACV Auctions' new offerings, including ClearCar, ACV Max, and Self-Inspection, are gaining traction, particularly as Commercial Wholesale grows. Despite potential seasonal dips and post-hurricane impacts, both Needham and Citi remain confident in ACV Auctions' ability to increase transaction share and expand margins in the foreseeable future.
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