Short Interest in ACV Auctions Inc. (NASDAQ:ACVA) Increases By 20.9%

ACV Auctions Inc. (NASDAQ:ACVA) was the recipient of a significant growth in short interest during 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 presently 6.1 days. Approximately 7.6% of the shares of the stock are sold short.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on ACVA. Bank of America raised shares of ACV Auctions from a “neutral” rating to a “buy” rating and reduced their target price for the stock from $22.00 to $20.00 in a report on Wednesday, March 12th. JMP Securities reissued a “market outperform” rating and issued a $25.00 price objective on shares of ACV Auctions in a research note on Monday, December 16th. Stephens raised ACV Auctions to a “hold” rating in a research report on Saturday, February 1st. Needham & Company LLC reaffirmed a “buy” rating and set a $25.00 target price on shares of ACV Auctions in a report on Wednesday, March 12th. Finally, Piper Sandler raised ACV Auctions from a “neutral” rating to an “overweight” rating and increased their price target for the company from $18.00 to $20.00 in a research note on Thursday, March 20th. Two research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $23.14.

Insider Transactions at ACV Auctions

In other ACV Auctions news, CEO George Chamoun sold 348,249 shares of the stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $15.34, for a total value of $5,342,139.66. Following the completion of the transaction, the chief executive officer now directly owns 2,821,193 shares in the company, valued at approximately $43,277,100.62. This trade represents a 10.99 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO William Zerella sold 15,000 shares of the business’s stock in a transaction dated Tuesday, January 7th. The stock was sold at an average price of $20.57, for a total value of $308,550.00. Following the sale, the chief financial officer now owns 462,452 shares in the company, valued at approximately $9,512,637.64. This trade represents a 3.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 423,411 shares of company stock valued at $6,776,916. 8.50% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Versant Capital Management Inc grew its stake in ACV Auctions by 464.4% in the first quarter. Versant Capital Management Inc now owns 2,201 shares of the company’s stock valued at $31,000 after acquiring an additional 1,811 shares during the period. Blue Trust Inc. lifted its holdings in shares of ACV Auctions by 65.8% in the 4th quarter. Blue Trust Inc. now owns 2,352 shares of the company’s stock worth $48,000 after purchasing an additional 933 shares in the last quarter. KBC Group NV grew its position in 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 period. Integrated Advisors Network LLC bought a new stake in ACV Auctions during the 4th quarter valued at $200,000. Finally, Mackenzie Financial Corp acquired a new position in ACV Auctions during the fourth quarter worth $206,000. 88.55% of the stock is owned by institutional investors and hedge funds.

ACV Auctions Trading Down 9.4 %

Shares of ACVA stock opened at $13.71 on Friday. ACV Auctions has a fifty-two week low of $12.77 and a fifty-two week high of $23.46. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.56 and a current ratio of 1.56. The stock has a 50 day simple moving average of $17.46 and a two-hundred day simple moving average of $19.44. The company has a market cap of $2.31 billion, a P/E ratio of -27.97 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 for the quarter, beating the consensus estimate of ($0.15) by $0.01. The company had revenue of $159.51 million during the quarter, compared to analyst estimates of $156.77 million. ACV Auctions had a negative net margin of 12.51% and a negative return on equity of 12.94%. Research analysts forecast that ACV Auctions will post -0.07 earnings per share for the current 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.