ACV Auctions Inc. (NASDAQ:ACVA) Short Interest Down 7.0% in November

ACV Auctions Inc. (NASDAQ:ACVA) saw a significant drop in short interest in 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. Based on an average daily trading volume, of 1,400,000 shares, the short-interest ratio is presently 5.8 days. Currently, 5.3% of the company’s stock are short sold.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. Needham & Company LLC restated a “buy” rating and set a $26.00 price target on shares of ACV Auctions in a report on Tuesday, November 26th. Piper Sandler boosted their price objective on 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 raised their target price on ACV Auctions from $21.00 to $24.00 and gave the company a “market outperform” rating in a report on Tuesday, September 17th. Citigroup upped their price target on ACV Auctions from $22.00 to $27.00 and gave the stock a “buy” rating in a report on Wednesday, November 27th. Finally, B. Riley increased their price objective on ACV Auctions from $24.00 to $27.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th. Two research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, ACV Auctions presently has a consensus rating of “Moderate Buy” and an average target price of $23.50.

ACV Auctions Stock Performance

ACVA opened at $20.30 on Monday. The stock’s 50 day simple moving average is $20.08 and its 200-day simple moving average is $18.96. The company has a current ratio of 1.51, a quick ratio of 1.51 and a debt-to-equity ratio of 0.25. The stock has a market cap of $3.40 billion, a PE ratio of -43.19 and a beta of 1.70. ACV Auctions has a 1 year low of $12.84 and a 1 year high of $23.46.

Insider Buying and Selling at ACV Auctions

In other news, CEO George Chamoun sold 111,363 shares of the business’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $20.27, for a total value of $2,257,328.01. Following the completion of the sale, the chief executive officer now directly owns 928,166 shares in the company, valued at approximately $18,813,924.82. The trade was a 10.71 % decrease in their ownership of the stock. The sale 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 company’s stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $22.41, for a total transaction of $728,325.00. Following the sale, the chief financial officer now directly owns 490,482 shares of the company’s stock, valued at approximately $10,991,701.62. This represents a 6.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 364,113 shares of company stock worth $7,368,519 over the last three months. Corporate insiders own 8.50% of the company’s stock.

Institutional Investors Weigh In On ACV Auctions

Institutional investors have recently bought and sold shares of the business. Massachusetts Financial Services Co. MA boosted its position in shares of ACV Auctions by 47.6% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 7,758,163 shares of the company’s stock valued at $141,586,000 after acquiring an additional 2,502,064 shares in the last quarter. Spyglass Capital Management LLC lifted its stake in ACV Auctions by 69.1% during the third quarter. Spyglass Capital Management LLC now owns 2,614,245 shares of the company’s stock worth $53,148,000 after purchasing an additional 1,068,356 shares during the period. Wellington Management Group LLP acquired a new stake in ACV Auctions during the third quarter valued at approximately $21,540,000. Bank of New York Mellon Corp grew its stake in shares of ACV Auctions by 217.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,391,070 shares of the company’s stock valued at $25,387,000 after purchasing an additional 952,929 shares during the period. Finally, Allspring Global Investments Holdings LLC acquired a new position in shares of ACV Auctions in the 2nd quarter worth approximately $8,567,000. Institutional investors and hedge funds own 88.55% of the company’s stock.

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.