ACV Auctions Inc. (NASDAQ:ACVA – Get Free Report) was the recipient of a large drop in short interest in the month of November. As of November 30th, there was short interest totalling 8,060,000 shares, a drop of 7.0% from the November 15th total of 8,670,000 shares. Currently, 5.3% of the shares of the stock are sold short. Based on an average trading volume of 1,400,000 shares, the days-to-cover ratio is presently 5.8 days.
ACV Auctions Price Performance
NASDAQ:ACVA opened at $21.08 on Wednesday. ACV Auctions has a 52 week low of $12.84 and a 52 week high of $23.46. The stock’s fifty day moving average is $20.17 and its two-hundred day moving average is $19.01. The company has a market capitalization of $3.53 billion, a P/E ratio of -44.85 and a beta of 1.70. The company has a quick ratio of 1.51, a current ratio of 1.51 and a debt-to-equity ratio of 0.25.
Analyst Upgrades and Downgrades
Several analysts recently commented on the company. Jefferies Financial Group boosted their price target on 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 set a $26.00 target price on shares of ACV Auctions in a report on Tuesday, November 26th. Piper Sandler raised their price target 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. Raymond James assumed coverage on shares of ACV Auctions in a research note on Friday, September 27th. They set a “market perform” rating and a $22.00 price objective for the company. Finally, B. Riley boosted their price objective on ACV Auctions from $24.00 to $27.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. Two research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $23.60.
Insider Activity at ACV Auctions
In other news, CFO William Zerella sold 32,500 shares of ACV Auctions stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $18.79, for a total value of $610,675.00. Following the sale, the chief financial officer now owns 490,482 shares in the company, valued at $9,216,156.78. This trade represents a 6.21 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Michael Waterman sold 18,001 shares of the company’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $18.79, for a total transaction of $338,238.79. Following the transaction, 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. In the last quarter, insiders have sold 100,894 shares of company stock valued at $2,036,089. 8.50% of the stock is owned by company insiders.
Institutional Trading of ACV Auctions
A number of hedge funds and other institutional investors have recently modified their holdings of the business. Park Place Capital Corp boosted its stake 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 buying an additional 706 shares during the period. MCF Advisors LLC lifted its holdings in shares of ACV Auctions by 107.0% in the 3rd quarter. MCF Advisors LLC now owns 1,480 shares of the company’s stock worth $30,000 after acquiring an additional 765 shares during the last quarter. Amalgamated Bank boosted its position in shares of ACV Auctions by 18.0% during the 2nd quarter. Amalgamated Bank now owns 5,120 shares of the company’s stock worth $93,000 after purchasing an additional 782 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 purchasing an additional 884 shares during the last quarter. Finally, Icon Wealth Advisors LLC raised its position in ACV Auctions by 13.5% in the third quarter. Icon Wealth Advisors LLC now owns 11,048 shares of the company’s stock valued at $225,000 after purchasing an additional 1,317 shares during the period. 88.55% of the stock is owned by institutional investors and hedge funds.
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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