In a recent series of transactions, Robert P. Goodman, a director of ACV Auctions Inc. (NASDAQ:ACVA), sold a significant number of shares in the company. According to the latest filings, Goodman oversaw the sale of shares totaling over $5.7 million.
The sales occurred on three separate days, with the first batch of shares being sold on May 17, 2024, at prices ranging from $18.23 to $18.85, resulting in a weighted average price of $18.66. On this day, 94,028 shares were sold by Bessemer Venture Partners IX L.P. (“BVP IX”), 75,330 shares by Bessemer Venture Partners IX Institutional L.P. (“BVP IX Inst”), and 1,558 shares by 15 Angels III LLC (“15 Angels”).
The following transactions took place on May 20, where 67,484 shares were sold by BVP IX, 54,065 shares by BVP IX Inst, and 1,118 shares by 15 Angels at a weighted average price of $18.68, with individual sale prices ranging from $18.50 to $18.77.
The final set of transactions was reported on May 21, with BVP IX selling 142,648 shares, BVP IX Inst 114,282 shares, and 15 Angels 2,363 shares. These sales were made at prices between $18.63 and $19.22, culminating in a weighted average price of $18.99.
Goodman, through his affiliations with various entities, has been linked to these transactions. The shares sold were associated with Bessemer Venture Partners and other related entities, with Goodman serving as a director of Deer IX & Co. Ltd., which is the general partner of Deer IX & Co. L.P., which in turn is the general partner of the BVP IX Funds. Goodman has disclaimed beneficial ownership of these securities, except to the extent of his pecuniary interest.
The filings also noted that as of the date of the report, BVP IX, BVP IX Inst, and 15 Angels hold substantial numbers of Class B Stock, amounting to 3,717,721, 2,978,446, and 61,593 shares, respectively.
While these transactions provide a snapshot of insider activity within ACV Auctions Inc., they do not necessarily indicate the future performance of the company’s stock. Investors often look at such insider sales for insights into how company executives and directors view the stock’s valuation and prospects.
InvestingPro Insights
As Robert P. Goodman, a director of ACV Auctions Inc. (NASDAQ:ACVA), oversees significant share sales, investors may seek additional context to better understand the company’s financial health and future prospects. Here, we provide some key metrics and insights from InvestingPro that may shed light on ACV Auctions’ situation.
InvestingPro data reveals that ACV Auctions currently holds a market capitalization of $3.12 billion USD, which gives a sense of the company’s size in the market. Despite the insider sales, the company’s recent performance shows a strong return over the last three months, with a 15.05% price total return, reflecting investor confidence and market momentum.
Moreover, ACV Auctions has demonstrated a solid revenue growth of 15.8% over the last twelve months as of Q1 2024, indicating an expanding business. The company’s gross profit margin stands at 21.82%, which suggests it is maintaining a healthy level of profitability on its sales.
An InvestingPro Tip worth noting is that ACV Auctions holds more cash than debt on its balance sheet, which is a positive indicator of the company’s financial stability and its ability to meet short-term obligations. Additionally, analysts anticipate sales growth in the current year, providing a potential upside for investors considering the company’s growth trajectory.
For those looking for a deeper dive into ACV Auctions Inc.’s financials and future outlook, InvestingPro offers additional insights. There are 10 more InvestingPro Tips available for ACV Auctions, which can be accessed by visiting InvestingPro’s ACVA page. To enhance your investing toolkit, use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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