In a recent transaction, Robert P. Goodman, a director at ACV Auctions Inc. (NASDAQ:ACVA), sold a significant number of shares in the company. On September 12, 2024, Goodman sold a total of 342,736 shares of Class A Common Stock at prices ranging from $19.56 to $20.15, culminating in over $6.8 million in sales.
The shares sold by Goodman were previously converted from Class B Common Stock to Class A Common Stock. The entities involved in the conversion included Bessemer Venture Partners IX L.P., Bessemer Venture Partners IX Institutional L.P., and 15 Angels III LLC. Following these conversions, the shares were sold at a weighted average price of $19.94 each.
Goodman, through his association with various entities, has indicated a complex relationship with the ownership of the shares. Specifically, he has disclaimed beneficial ownership of the securities held by Bessemer Venture Partners IX funds, except to the extent of his pecuniary interest in such securities. This disclaimer extends to his involvement with Deer IX & Co. Ltd., which is the general partner of Deer IX & Co. L.P., which in turn is the general partner of the Bessemer Venture Partners IX Funds.
Additionally, Goodman has a controlling interest in NB Group, LLC and Katama Point LLC, two entities that hold shares of ACV Auctions. However, he disclaims beneficial ownership of the shares held by these entities, except to the extent of his pecuniary interest therein.
ACV Auctions Inc. operates within the business services sector, providing a digital marketplace for wholesale vehicle transactions and data services. The company's Class A Common Stock is listed on the NASDAQ stock exchange under the ticker symbol ACVA.
Investors and interested parties can request further details from the issuer, any security holder of the issuer, or the staff of the Securities and Exchange Commission regarding the number of shares sold at each separate price within the ranges provided. Robert P. Goodman's transactions were disclosed in a Form 4 filing with the Securities and Exchange Commission, dated September 16, 2024.
In other recent news, ACV Auctions has reported a positive financial performance for the second quarter of 2024, with a significant 29% year-over-year increase in revenue, bringing the total to $161 million. The company also witnessed a 22% increase in vehicle sales, with a total of 187,000 vehicles sold. Notably, adjusted EBITDA experienced a 65% sequential increase, setting ACV Auctions on a trajectory towards its first year of adjusted EBITDA profitability.
These recent developments also include an increase in auction and assurance revenue by 33% year-over-year, accounting for 57% of total revenue, while marketplace services revenue, encompassing ACV Transport and ACV Capital, grew by 30% year-over-year. Software as a Service (SaaS) and data services products returned to positive growth, contributing 5% to the total revenue.
The company is optimistic about its performance in July and is focused on top-line growth and margin expansion. ACV Auctions' revenue for the third quarter is projected to be between $158 million and $162 million, with adjusted EBITDA ranging between $6 million and $8 million. The full-year revenue guidance midpoint has been raised to $615 million to $625 million, with an adjusted EBITDA guidance of $21 million to $25 million.
InvestingPro Insights
Following the recent share sale by Robert P. Goodman, a director at ACV Auctions Inc. (NASDAQ:ACVA), investors may find the current financial metrics and analyst perspectives from InvestingPro to be particularly insightful. ACV Auctions Inc., with a market capitalization of $3.33 billion, has been the subject of attention due to its financial position and market performance.
InvestingPro data highlights that ACV Auctions has experienced a robust revenue growth of 21.57% over the last twelve months as of Q2 2024. This is complemented by an even higher quarterly revenue growth rate of 29.31%. Despite these strong growth figures, the company's P/E ratio stands at -40.78, reflecting the market's anticipation of future earnings potential rather than current profitability. This is further underscored by the company's negative operating income margin of -15.57% for the same period.
Two InvestingPro Tips that stand out for ACV Auctions are the company's cash position and anticipated growth. ACV Auctions holds more cash than debt on its balance sheet, which is a positive sign for financial stability and potential future investments. Additionally, analysts expect net income and sales to grow this year, which could signal a turning point for the company's profitability. With 4 analysts revising their earnings upwards for the upcoming period, there is a sense of optimism about ACV Auctions' financial trajectory.
For those looking to delve deeper into ACV Auctions' financial analysis, InvestingPro offers a comprehensive suite of tips. There are a total of 11 additional InvestingPro Tips available for ACV Auctions, which can be accessed at: https://www.investing.com/pro/ACVA. These tips provide a granular view of the company's financial health and future outlook, which could be invaluable for investors making informed decisions in the dynamic market landscape.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.