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

ACV Auctions Inc. (NASDAQ:ACVA) was the recipient of a large drop in short interest in August. As of August 15th, there was short interest totalling 9,470,000 shares, a drop of 5.5% from the July 31st total of 10,020,000 shares. Based on an average daily trading volume, of 1,180,000 shares, the days-to-cover ratio is currently 8.0 days. Currently, 6.5% of the shares of the stock are sold short.

Insider Activity

In related news, CFO William Zerella sold 276,900 shares of the company’s stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $18.13, for a total value of $5,020,197.00. Following the completion of the transaction, the chief financial officer now directly owns 515,671 shares in the company, valued at $9,349,115.23. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, insider Craig Eric Anderson sold 7,500 shares of the firm’s stock in a transaction dated Tuesday, July 2nd. The stock was sold at an average price of $17.81, for a total transaction of $133,575.00. Following the transaction, the insider now directly owns 328,167 shares of the company’s stock, valued at $5,844,654.27. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO William Zerella sold 276,900 shares of ACV Auctions stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $18.13, for a total value of $5,020,197.00. Following the completion of the transaction, the chief financial officer now owns 515,671 shares in the company, valued at approximately $9,349,115.23. The disclosure for this sale can be found here. In the last quarter, insiders have sold 873,411 shares of company stock worth $15,729,930. 8.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Amalgamated Bank raised its stake in ACV Auctions by 18.0% during the 2nd quarter. Amalgamated Bank now owns 5,120 shares of the company’s stock valued at $93,000 after purchasing an additional 782 shares during the period. UMB Bank n.a. purchased a new stake in ACV Auctions during the 1st quarter valued at approximately $114,000. Penn Mutual Asset Management LLC bought a new stake in shares of ACV Auctions during the fourth quarter valued at approximately $153,000. Public Employees Retirement Association of Colorado purchased a new position in shares of ACV Auctions in the second quarter worth $225,000. Finally, Blair William & Co. IL boosted its position in shares of ACV Auctions by 14.7% during the first quarter. Blair William & Co. IL now owns 12,691 shares of the company’s stock worth $238,000 after acquiring an additional 1,626 shares during the last quarter. Hedge funds and other institutional investors own 88.55% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have commented on ACVA. JMP Securities restated a “market outperform” rating and issued a $21.00 price objective on shares of ACV Auctions in a report on Wednesday, July 10th. JPMorgan Chase & Co. upgraded shares of ACV Auctions from a “neutral” rating to an “overweight” rating and set a $21.00 price target on the stock in a research note on Monday, June 10th. 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. Piper Sandler raised their price target on shares of ACV Auctions from $15.00 to $16.00 and gave the company a “neutral” rating in a report on Thursday, May 9th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $23.00 price objective on shares of ACV Auctions in a report on Monday, June 3rd. One research analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $21.00.

ACV Auctions Trading Up 2.4 %

NASDAQ:ACVA opened at $18.71 on Monday. ACV Auctions has a one year low of $12.84 and a one year high of $19.86. The business has a fifty day moving average price of $17.83 and a 200-day moving average price of $17.81. The firm has a market capitalization of $3.09 billion, a price-to-earnings ratio of -38.98 and a beta of 1.54. 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 posted its quarterly earnings data on Wednesday, August 7th. The company reported ($0.07) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.02. The firm had revenue of $160.62 million for 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%. Sell-side analysts forecast that ACV Auctions will post -0.36 EPS 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.