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

ACV Auctions Inc. (NASDAQ:ACVA) was the recipient of a large increase in short interest in October. As of October 15th, there was short interest totalling 8,270,000 shares, an increase of 10.0% from the September 30th total of 7,520,000 shares. Based on an average daily volume of 1,310,000 shares, the days-to-cover ratio is currently 6.3 days. Approximately 5.6% of the shares of the stock are short sold.

ACV Auctions Trading Down 0.6 %

ACVA opened at $17.71 on Thursday. The firm has a 50 day simple moving average of $19.11 and a 200 day simple moving average of $18.27. ACV Auctions has a fifty-two week low of $12.84 and a fifty-two week high of $21.10. The company has a market cap of $2.95 billion, a price-to-earnings ratio of -36.90 and a beta of 1.56. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.49 and a quick ratio of 1.49.

ACV Auctions (NASDAQ:ACVA) last announced its quarterly earnings results on Wednesday, August 7th. The company reported ($0.07) EPS for the quarter, beating 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 return on equity of 13.20% and a negative net margin of 14.53%. On average, sell-side analysts anticipate that ACV Auctions will post -0.35 earnings per share for the current year.

Insider Buying and Selling 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 value of $493,675.00. Following the transaction, the chief financial officer now owns 503,077 shares in the company, valued at approximately $7,641,739.63. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other ACV Auctions news, CFO William Zerella sold 32,500 shares of the company’s stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $15.19, for a total value of $493,675.00. Following the transaction, the chief financial officer now owns 503,077 shares in the company, valued at approximately $7,641,739.63. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Michael Waterman sold 18,001 shares of ACV Auctions stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $18.79, for a total value of $338,238.79. Following the sale, the insider now directly owns 337,190 shares of the company’s stock, valued at approximately $6,335,800.10. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 741,926 shares of company stock valued at $14,285,765. 8.50% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Blue Trust Inc. boosted its stake 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 purchasing an additional 884 shares during the period. MCF Advisors LLC grew its stake in ACV Auctions by 107.0% in the third quarter. MCF Advisors LLC now owns 1,480 shares of the company’s stock valued at $30,000 after purchasing an additional 765 shares in the last quarter. Park Place Capital Corp increased its position in shares of ACV Auctions by 34.1% during the 3rd quarter. Park Place Capital Corp now owns 2,779 shares of the company’s stock worth $56,000 after purchasing an additional 706 shares during the last quarter. Amalgamated Bank raised its stake 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 in the last quarter. Finally, Public Employees Retirement Association of Colorado bought a new position in shares of ACV Auctions in the second quarter valued at $225,000. Institutional investors and hedge funds own 88.55% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently commented on ACVA shares. Barrington Research reiterated an “outperform” rating and set a $23.00 target price on shares of ACV Auctions in a research note on Friday, August 16th. JMP Securities boosted their price objective on ACV Auctions from $21.00 to $24.00 and gave the company a “market outperform” rating in a research report on Tuesday, September 17th. Raymond James initiated coverage on shares of ACV Auctions in a report on Friday, September 27th. They issued a “market perform” rating and a $22.00 price target on the stock. Finally, Jefferies Financial Group raised their price target on shares of ACV Auctions from $22.00 to $25.00 and gave the stock a “buy” rating in a research note on Tuesday, October 22nd. Two 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 company presently has an average rating of “Moderate Buy” and an average target price of $22.00.

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.