BUFFALO, N.Y.—Michael Waterman, the Chief Sales Officer of ACV Auctions Inc. (NASDAQ:ACVA), a $3.5 billion market cap company whose stock has surged over 60% in the past year, executed a significant stock sale on December 10, as revealed in a recent SEC filing. Waterman sold 15,000 shares of Class A Common Stock at a weighted average price of $21.81 per share, totaling $327,150. This transaction was conducted under a pre-established Rule 10b5-1 trading plan. According to InvestingPro analysis, the stock is currently trading slightly above its Fair Value.
The filing also noted that Waterman exercised options to acquire 15,000 shares of Class A Common Stock, although this transaction did not involve any cash exchange. Following these transactions, Waterman retains direct ownership of 337,842 shares of ACV Auctions. The stock currently trades near $21, within its 52-week range of $12.84 to $23.46. InvestingPro subscribers have access to 12 additional key insights about ACVA's financial health and growth prospects.
In other recent news, ACV Auctions Inc. has been experiencing robust growth and increased dealer traction, leading to Citi upgrading its stock price target from $22.00 to $27.00. This comes after ACV Auctions reported a significant increase in Auction Marketplace Units Sold in the third quarter, with a year-over-year rise of 32% and an organic growth of 19%. The company's new offerings, such as ClearCar, ACV Max, and Self-Inspection, are also gaining traction, contributing to its market share expansion.
Further, ACV Auctions posted a record $171 million in third-quarter revenue in 2024, marking a 44% increase. Vehicle sales also rose by 32%, with 198,000 units sold. The company's adjusted EBITDA surpassed expectations, coming in at $11 million, exceeding guidance by 38%.
These recent developments have led ACV Auctions to raise its full-year revenue guidance to between $630 million and $634 million. Despite potential seasonal dips and post-hurricane impacts, the company remains confident in its ability to meet its adjusted EBITDA targets for 2024. ACV Auctions' focus on market share expansion and product differentiation, underpinned by investments in technology, positions the company for continued growth.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.