ACV Auctions Inc. (NASDAQ:ACVA) Sees Large Growth in Short Interest

ACV Auctions Inc. (NASDAQ:ACVA) was the recipient of a large growth in short interest in December. As of December 15th, there was short interest totalling 8,490,000 shares, a growth of 5.3% from the November 30th total of 8,060,000 shares. Currently, 5.5% of the shares of the stock are sold short. Based on an average daily trading volume, of 1,360,000 shares, the short-interest ratio is presently 6.2 days.

Insider Activity at ACV Auctions

In other news, CFO William Zerella sold 32,500 shares of ACV Auctions stock in a transaction on Monday, December 30th. The stock was sold at an average price of $21.65, for a total transaction of $703,625.00. Following the transaction, the chief financial officer now directly owns 490,482 shares in the company, valued at approximately $10,618,935.30. This trade represents a 6.21 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Michael Waterman sold 18,001 shares of the company’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $18.79, for a total value of $338,238.79. Following the completion of the sale, the insider now owns 337,190 shares of the company’s stock, valued at approximately $6,335,800.10. This trade represents a 5.07 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 115,501 shares of company stock worth $2,380,864 in the last 90 days. Corporate insiders own 8.50% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. JPMorgan Chase & Co. boosted its position in ACV Auctions by 10.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 3,167,615 shares of the company’s stock worth $64,398,000 after acquiring an additional 311,465 shares during the period. Principal Financial Group Inc. lifted its position in shares of ACV Auctions by 4.9% in the third quarter. Principal Financial Group Inc. now owns 64,925 shares of the company’s stock worth $1,320,000 after purchasing an additional 3,022 shares in the last quarter. Franklin Resources Inc. boosted its holdings in shares of ACV Auctions by 5.3% during the third quarter. Franklin Resources Inc. now owns 40,935 shares of the company’s stock worth $768,000 after purchasing an additional 2,057 shares during the period. Geode Capital Management LLC grew its position in ACV Auctions by 2.0% during the third quarter. Geode Capital Management LLC now owns 3,517,088 shares of the company’s stock valued at $71,516,000 after purchasing an additional 67,969 shares in the last quarter. Finally, Barclays PLC grew its position in ACV Auctions by 16.8% during the third quarter. Barclays PLC now owns 244,999 shares of the company’s stock valued at $4,980,000 after purchasing an additional 35,155 shares in the last quarter. 88.55% of the stock is owned by institutional investors and hedge funds.

ACV Auctions Trading Down 3.1 %

ACV Auctions stock opened at $20.94 on Friday. The firm has a market capitalization of $3.51 billion, a price-to-earnings ratio of -44.55 and a beta of 1.70. The company has a 50 day moving average price of $20.79 and a 200 day moving average price of $19.27. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.51 and a current ratio of 1.51. ACV Auctions has a 52 week low of $12.84 and a 52 week high of $23.46.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on ACVA shares. Raymond James began coverage on shares of ACV Auctions in a report on Friday, September 27th. They issued a “market perform” rating and a $22.00 price target for the company. Citigroup increased their target price on shares of ACV Auctions from $22.00 to $27.00 and gave the company a “buy” rating in a research note on Wednesday, November 27th. Jefferies Financial Group lifted their price target on shares of ACV Auctions from $22.00 to $25.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. Needham & Company LLC reaffirmed a “buy” rating and issued a $28.00 price target (up previously from $26.00) on shares of ACV Auctions in a report on Thursday, December 26th. Finally, Piper Sandler raised their price objective on ACV Auctions from $16.00 to $18.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. Two equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $23.80.

About ACV Auctions

ACV Auctions Inc operates a digital marketplace that connects buyers and sellers for the online auction of wholesale vehicles. The company’s marketplace platform includes digital marketplace, which connects buyers and sellers by providing online auction, which facilitates real-time transactions of wholesale vehicles; Run List for pre-filtering and pre-screening of vehicles up to 24 hours prior to an auction taking place; ACV transportation service to enable the buyers to see real-time transportation quotes and status reports of the vehicle; ACV capital, a short-term inventory financing services for buyers to purchase vehicles; and Go Green’s seller assurance service for against claims related to defects in the vehicle.