ACV Auctions Inc. (NASDAQ:ACVA – Get Free Report) was the recipient of a significant drop in short interest in the month of January. As of January 31st, there was short interest totalling 8,750,000 shares, a drop of 6.3% from the January 15th total of 9,340,000 shares. Currently, 5.7% of the shares of the company are sold short. Based on an average daily volume of 1,480,000 shares, the short-interest ratio is presently 5.9 days.
ACV Auctions Stock Down 2.8 %
Shares of ACVA opened at $20.99 on Wednesday. The firm has a market cap of $3.52 billion, a PE ratio of -44.66 and a beta of 1.69. The company’s fifty day moving average is $21.29 and its two-hundred day moving average is $20.12. ACV Auctions has a fifty-two week low of $13.66 and a fifty-two week high of $23.46. The company has a quick ratio of 1.51, a current ratio of 1.51 and a debt-to-equity ratio of 0.25.
Insider Activity at ACV Auctions
In other ACV Auctions news, CFO William Zerella sold 15,000 shares of the stock in a transaction dated Tuesday, January 7th. The shares were sold at an average price of $20.57, for a total value of $308,550.00. Following the completion of the transaction, the chief financial officer now directly owns 462,452 shares of the company’s stock, valued at approximately $9,512,637.64. This trade represents a 3.14 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Michael Waterman sold 30,162 shares of the stock in a transaction dated Tuesday, January 7th. The shares were sold at an average price of $20.53, for a total transaction of $619,225.86. Following the completion of the transaction, the insider now directly owns 314,738 shares of the company’s stock, valued at approximately $6,461,571.14. This trade represents a 8.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 125,162 shares of company stock worth $2,663,776 over the last 90 days. Company insiders own 8.50% of the company’s stock.
Hedge Funds Weigh In On ACV Auctions
Wall Street Analysts Forecast Growth
ACVA has been the subject of a number of research analyst reports. Jefferies Financial Group increased their target price on shares of ACV Auctions from $22.00 to $25.00 and gave the company a “buy” rating in a report on Tuesday, October 22nd. Barrington Research reissued an “outperform” rating and set a $23.00 price objective on shares of ACV Auctions in a research note on Monday, November 4th. Citigroup lifted their target price on shares of ACV Auctions from $22.00 to $27.00 and gave the stock a “buy” rating in a research note on Wednesday, November 27th. Piper Sandler lifted their target price on shares of ACV Auctions from $16.00 to $18.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. Finally, B. Riley lifted their target price on shares of ACV Auctions from $24.00 to $27.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, ACV Auctions presently has a consensus rating of “Moderate Buy” and a consensus price target of $23.65.
Check Out Our Latest Stock Analysis on ACVA
ACV Auctions Company Profile
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.
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