ACV Auctions Inc. (NASDAQ:ACVA) Sees Significant Increase in Short Interest

ACV Auctions Inc. (NASDAQ:ACVA) was the target of a large growth in short interest during the month of October. As of October 15th, there was short interest totalling 8,270,000 shares, a growth of 10.0% from the September 30th total of 7,520,000 shares. Based on an average trading volume of 1,310,000 shares, the days-to-cover ratio is presently 6.3 days. Currently, 5.6% of the shares of the company are short sold.

Insider Transactions at ACV Auctions

In other ACV Auctions news, CFO William Zerella sold 32,500 shares of ACV Auctions stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $15.19, for a total transaction of $493,675.00. Following the transaction, the chief financial officer now owns 503,077 shares of the company’s stock, valued at $7,641,739.63. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, VP Andrew Peer sold 1,795 shares of the business’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $21.00, for a total value of $37,695.00. Following the transaction, the vice president now owns 62,956 shares of the company’s stock, valued at approximately $1,322,076. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO William Zerella sold 32,500 shares of the stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $15.19, for a total transaction of $493,675.00. Following the transaction, the chief financial officer now directly owns 503,077 shares of the company’s stock, valued at $7,641,739.63. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 741,926 shares of company stock worth $14,285,765 in the last 90 days. 8.50% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Park Place Capital Corp grew its stake in ACV Auctions by 34.1% in the 3rd quarter. Park Place Capital Corp now owns 2,779 shares of the company’s stock valued at $56,000 after acquiring an additional 706 shares during the period. MCF Advisors LLC raised its position in shares of ACV Auctions by 107.0% during the 3rd quarter. MCF Advisors LLC now owns 1,480 shares of the company’s stock worth $30,000 after purchasing an additional 765 shares during the last quarter. Amalgamated Bank lifted its stake in ACV Auctions by 18.0% in the 2nd quarter. Amalgamated Bank now owns 5,120 shares of the company’s stock valued at $93,000 after buying an additional 782 shares in the last quarter. Blue Trust Inc. boosted 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 worth $29,000 after buying an additional 884 shares during the last quarter. Finally, Blair William & Co. IL grew its holdings in shares of ACV Auctions by 14.7% during the first quarter. Blair William & Co. IL now owns 12,691 shares of the company’s stock worth $238,000 after buying an additional 1,626 shares in the last quarter. Hedge funds and other institutional investors own 88.55% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. Raymond James assumed coverage on ACV Auctions in a report on Friday, September 27th. They set a “market perform” rating and a $22.00 price target on the stock. JMP Securities raised their target price on shares of ACV Auctions from $21.00 to $24.00 and gave the stock a “market outperform” rating in a report on Tuesday, September 17th. Jefferies Financial Group upped their price target 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. Finally, Barrington Research reissued an “outperform” rating and issued a $23.00 price objective on shares of ACV Auctions in a research report on Friday, August 16th. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $22.00.

ACV Auctions Trading Down 2.4 %

ACV Auctions stock opened at $17.29 on Friday. ACV Auctions has a one year low of $12.84 and a one year high of $21.10. The stock has a market cap of $2.88 billion, a PE ratio of -36.02 and a beta of 1.56. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.49 and a current ratio of 1.49. The stock has a 50-day moving average of $19.09 and a two-hundred day moving average of $18.27.

ACV Auctions (NASDAQ:ACVA) last released its earnings results on Wednesday, August 7th. The company reported ($0.07) EPS for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.02. The company had revenue of $160.62 million during the quarter, compared to analysts’ expectations of $156.33 million. ACV Auctions had a negative net margin of 14.53% and a negative return on equity of 13.20%. On average, research analysts anticipate that ACV Auctions will post -0.35 EPS for the current fiscal year.

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.