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

ACV Auctions Inc. (NASDAQ:ACVA) was the recipient of a large increase in short interest during the month of January. As of January 15th, there was short interest totalling 9,260,000 shares, an increase of 9.1% from the December 31st total of 8,490,000 shares. Based on an average daily volume of 1,380,000 shares, the days-to-cover ratio is presently 6.7 days. Currently, 6.0% of the shares of the company are short sold.

Insider Activity at ACV Auctions

In related news, CFO William Zerella sold 15,000 shares of ACV Auctions 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 sale, the chief financial officer now directly owns 462,452 shares in the company, valued at $9,512,637.64. This trade represents a 3.14 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Michael Waterman sold 30,162 shares of the business’s stock in a transaction dated Tuesday, January 7th. The stock was sold at an average price of $20.53, for a total transaction of $619,225.86. Following the sale, the insider now owns 314,738 shares in the company, valued at $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 have sold a total of 110,162 shares of company stock worth $2,359,726 in the last ninety days. 8.50% of the stock is owned by insiders.

Hedge Funds Weigh In On ACV Auctions

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Park Place Capital Corp increased its position in ACV Auctions by 34.1% during the third quarter. Park Place Capital Corp now owns 2,779 shares of the company’s stock worth $56,000 after acquiring an additional 706 shares during the period. MCF Advisors LLC increased its holdings in ACV Auctions by 107.0% in the 3rd quarter. MCF Advisors LLC now owns 1,480 shares of the company’s stock valued at $30,000 after buying an additional 765 shares during the period. Blue Trust Inc. increased its holdings in ACV Auctions by 165.2% in the 3rd quarter. Blue Trust Inc. now owns 1,419 shares of the company’s stock valued at $29,000 after buying an additional 884 shares during the period. Icon Wealth Advisors LLC increased its holdings in ACV Auctions by 13.5% in the 3rd quarter. Icon Wealth Advisors LLC now owns 11,048 shares of the company’s stock valued at $225,000 after buying an additional 1,317 shares during the period. Finally, Los Angeles Capital Management LLC increased its holdings in ACV Auctions by 6.6% in the 3rd quarter. Los Angeles Capital Management LLC now owns 26,958 shares of the company’s stock valued at $548,000 after buying an additional 1,670 shares during the period. Institutional investors own 88.55% of the company’s stock.

ACV Auctions Price Performance

Shares of ACV Auctions stock opened at $21.16 on Monday. The firm has a fifty day simple moving average of $21.59 and a 200-day simple moving average of $19.81. The company has a current ratio of 1.51, a quick ratio of 1.51 and a debt-to-equity ratio of 0.25. ACV Auctions has a 1-year low of $12.84 and a 1-year high of $23.46. The stock has a market capitalization of $3.55 billion, a price-to-earnings ratio of -45.02 and a beta of 1.69.

Wall Street Analyst Weigh In

ACVA has been the topic of several analyst reports. 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 report on Tuesday, November 26th. Needham & Company LLC reissued a “buy” rating and issued a $28.00 target price (up from $26.00) on shares of ACV Auctions in a research report on Thursday, December 26th. 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 report on Friday, November 8th. JMP Securities reissued a “market outperform” rating and issued a $25.00 target price on shares of ACV Auctions in a research report on Monday, December 16th. Finally, 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 report on Wednesday, November 27th. Three analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, ACV Auctions has a consensus rating of “Moderate Buy” and an average price target of $23.65.

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.