Robert P. Goodman, a director at ACV Auctions Inc. (NASDAQ:ACVA), has sold a significant amount of company stock, according to a recent SEC filing. The transactions, which occurred on May 15 and 16, 2024, involved the sale of Class A Common Stock at varying prices.
On May 15, Goodman oversaw the sale of 77,202 shares by Bessemer Venture Partners IX L.P. (BVP IX), 61,850 shares by Bessemer Venture Partners IX Institutional L.P. (BVP IX Inst), and 1,279 shares by 15 Angels III LLC (15 Angels) at a weighted average price of $18.60. These sales were executed in multiple transactions with prices ranging from $18.00 to $18.989 per share.
Additionally, on the same day, 44,453 shares were sold by BVP IX, 35,614 by BVP IX Inst, and 736 by 15 Angels at a weighted average price of $19.02, with individual sales prices between $18.99 and $19.105 per share.
The selling continued on May 16, with 97,479 shares sold by BVP IX, 78,110 by BVP IX Inst, and 1,615 by 15 Angels at an average price of $18.44 per share. These shares were sold in several transactions at prices ranging from $18.22 to $19.095 each.
Goodman, who is associated with the general partner of the entities that sold the shares, has disclaimed beneficial ownership of these securities, except to the extent of any pecuniary interest he may have.
The total value of the shares sold on May 15 and 16 by the BVP IX Funds, as represented by Goodman, exceeded $4 million. The sales were part of a series of transactions that have been publicly disclosed in line with SEC regulations. ACV Auctions Inc., based in Buffalo, NY, operates in the business services sector and is incorporated in Delaware.
InvestingPro Insights
ACV Auctions Inc. (NASDAQ:ACVA) has been navigating a dynamic market landscape, and recent activities by company insiders have drawn attention to the stock's performance and financial health. As Robert P. Goodman, a director at ACV Auctions, executed significant stock sales, investors and analysts are keenly observing the company's financial metrics and future prospects.
InvestingPro data highlights a market capitalization of approximately $3.07 billion for ACV Auctions, indicating its substantial presence in the market. Despite a negative Price-to-Earnings (P/E) ratio of -38.55, reflecting the company's current lack of profitability, analysts are optimistic about the company's future. They forecast a net income growth and anticipate sales to increase in the current year, with a notable revenue growth of 15.8% over the last twelve months as of Q1 2024.
InvestingPro Tips for ACV Auctions stress the company's liquidity and potential for growth. With more cash than debt on its balance sheet, and liquid assets that exceed short-term obligations, ACV Auctions is positioned to manage its financial commitments effectively. Moreover, the company has witnessed a strong return over the last three months, with a 30.3% price total return, which may signal a positive trend for investors considering the stock's recent volatility.
For investors seeking deeper analysis and additional insights, InvestingPro offers a comprehensive suite of tools and data. There are over 11 additional InvestingPro Tips available for ACV Auctions, which can be accessed at: https://www.investing.com/pro/ACVA. Interested users can take advantage of an exclusive offer using the coupon code PRONEWS24 to receive an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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