ACV Auctions Inc. (NASDAQ:ACVA) Short Interest Update

ACV Auctions Inc. (NASDAQ:ACVA) saw a large growth in short interest in the month of March. As of March 15th, there was short interest totalling 12,240,000 shares, a growth of 20.9% from the February 28th total of 10,120,000 shares. Based on an average trading volume of 2,020,000 shares, the days-to-cover ratio is currently 6.1 days. Approximately 7.6% of the shares of the company are short sold.

Insiders Place Their Bets

In other ACV Auctions news, insider Michael Waterman sold 30,162 shares of the stock in a transaction on Tuesday, January 7th. The stock was 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 position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO George Chamoun sold 348,249 shares of the company’s stock in a transaction on Thursday, March 20th. The shares were sold at an average price of $15.34, for a total value of $5,342,139.66. Following the completion of the sale, the chief executive officer now owns 2,821,193 shares of the company’s stock, valued at approximately $43,277,100.62. This trade represents a 10.99 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 423,411 shares of company stock worth $6,776,916. 8.50% of the stock is owned by company insiders.

Institutional Investors Weigh In On ACV Auctions

Several large investors have recently made changes to their positions in the company. Blue Trust Inc. lifted its stake in ACV Auctions by 65.8% in the fourth quarter. Blue Trust Inc. now owns 2,352 shares of the company’s stock valued at $48,000 after acquiring an additional 933 shares during the last quarter. KBC Group NV lifted its stake in shares of ACV Auctions by 80.4% in the 4th quarter. KBC Group NV now owns 7,406 shares of the company’s stock valued at $160,000 after purchasing an additional 3,300 shares during the last quarter. Integrated Advisors Network LLC bought a new stake in ACV Auctions in the fourth quarter worth $200,000. Mackenzie Financial Corp acquired a new position in ACV Auctions during the fourth quarter worth $206,000. Finally, LPL Financial LLC bought a new position in ACV Auctions during the fourth quarter valued at about $226,000. Institutional investors own 88.55% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently commented on the stock. JPMorgan Chase & Co. cut their target price on shares of ACV Auctions from $24.00 to $20.00 and set an “overweight” rating for the company in a research note on Thursday, March 27th. Needham & Company LLC restated a “buy” rating and issued a $25.00 target price on shares of ACV Auctions in a report on Wednesday, March 12th. Piper Sandler raised ACV Auctions from a “neutral” rating to an “overweight” rating and upped their target price for the company from $18.00 to $20.00 in a report on Thursday, March 20th. Stephens raised ACV Auctions to a “hold” rating in a research note on Saturday, February 1st. Finally, Bank of America raised shares of ACV Auctions from a “neutral” rating to a “buy” rating and reduced their price objective for the company from $22.00 to $20.00 in a research note on Wednesday, March 12th. Two investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, ACV Auctions has an average rating of “Moderate Buy” and a consensus price target of $23.14.

ACV Auctions Stock Up 3.0 %

ACVA stock opened at $14.52 on Wednesday. The company has a 50 day moving average of $17.76 and a two-hundred day moving average of $19.51. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.28. ACV Auctions has a 12-month low of $12.77 and a 12-month high of $23.46. The company has a market cap of $2.45 billion, a price-to-earnings ratio of -29.62 and a beta of 1.73.

ACV Auctions (NASDAQ:ACVA) last released its quarterly earnings data on Wednesday, February 19th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.01. ACV Auctions had a negative return on equity of 12.94% and a negative net margin of 12.51%. The firm had revenue of $159.51 million during the quarter, compared to analysts’ expectations of $156.77 million. On average, equities analysts anticipate that ACV Auctions will post -0.07 earnings per share for the current fiscal year.

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.