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

ACV Auctions Inc. (NASDAQ:ACVA) was the target of a significant growth in short interest in December. As of December 15th, there was short interest totalling 8,490,000 shares, a growth of 5.3% from the November 30th total of 8,060,000 shares. Approximately 5.5% of the company’s stock are short sold. Based on an average trading volume of 1,360,000 shares, the short-interest ratio is currently 6.2 days.

Wall Street Analysts Forecast Growth

ACVA has been the topic of a number of recent analyst reports. JMP Securities reiterated a “market outperform” rating and set a $25.00 price target on shares of ACV Auctions in a report on Monday, December 16th. Needham & Company LLC reiterated a “buy” rating and set a $28.00 target price (up from $26.00) on shares of ACV Auctions in a research note on Thursday, December 26th. 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 note on Tuesday, October 22nd. Raymond James started coverage on ACV Auctions in a research report on Friday, September 27th. They set a “market perform” rating and a $22.00 price objective on the stock. Finally, Barrington Research reissued an “outperform” rating and issued a $23.00 target price on shares of ACV Auctions in a research report on Monday, November 4th. Two investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, ACV Auctions currently has a consensus rating of “Moderate Buy” and an average target price of $23.80.

ACV Auctions Trading Down 1.4 %

Shares of NASDAQ:ACVA opened at $21.60 on Thursday. The stock’s 50-day simple moving average is $20.72 and its two-hundred day simple moving average is $19.26. The stock has a market capitalization of $3.62 billion, a price-to-earnings ratio of -45.96 and a beta of 1.70. ACV Auctions has a 52-week low of $12.84 and a 52-week high of $23.46. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.51 and a current ratio of 1.51.

Insider Buying and Selling

In other ACV Auctions news, CFO William Zerella sold 32,500 shares of ACV Auctions stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $18.79, for a total transaction of $610,675.00. Following the completion of the transaction, the chief financial officer now owns 490,482 shares in the company, valued at approximately $9,216,156.78. The trade was a 6.21 % 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, insider Michael Waterman sold 18,001 shares of ACV Auctions stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $18.79, for a total value of $338,238.79. Following the completion of the transaction, the insider now directly owns 337,190 shares of the company’s stock, valued at approximately $6,335,800.10. This represents a 5.07 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 115,501 shares of company stock valued at $2,380,864 over the last quarter. Corporate insiders own 8.50% of the company’s stock.

Hedge Funds Weigh In On ACV Auctions

Several institutional investors have recently made changes to their positions in the business. JPMorgan Chase & Co. grew its position in ACV Auctions by 10.9% during the third quarter. JPMorgan Chase & Co. now owns 3,167,615 shares of the company’s stock valued at $64,398,000 after buying an additional 311,465 shares during the period. Principal Financial Group Inc. grew its position in shares of ACV Auctions by 4.9% during the 3rd quarter. Principal Financial Group Inc. now owns 64,925 shares of the company’s stock valued at $1,320,000 after acquiring an additional 3,022 shares during the period. Franklin Resources Inc. increased its stake in shares of ACV Auctions by 5.3% in the 3rd quarter. Franklin Resources Inc. now owns 40,935 shares of the company’s stock worth $768,000 after purchasing an additional 2,057 shares in the last quarter. Geode Capital Management LLC raised its holdings in ACV Auctions by 2.0% in the 3rd quarter. Geode Capital Management LLC now owns 3,517,088 shares of the company’s stock worth $71,516,000 after purchasing an additional 67,969 shares during the period. Finally, Barclays PLC lifted its position in ACV Auctions by 16.8% during the third quarter. Barclays PLC now owns 244,999 shares of the company’s stock valued at $4,980,000 after purchasing an additional 35,155 shares in the last quarter. Institutional investors own 88.55% of the company’s stock.

About ACV Auctions

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.