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

ACV Auctions Inc. (NASDAQ:ACVA) was the target of a significant decline in short interest during the month of September. As of September 15th, there was short interest totalling 7,860,000 shares, a decline of 5.5% from the August 31st total of 8,320,000 shares. Currently, 5.4% of the company’s stock are short sold. Based on an average daily trading volume, of 1,410,000 shares, the short-interest ratio is currently 5.6 days.

ACV Auctions Price Performance

Shares of NASDAQ ACVA opened at $20.33 on Tuesday. The business has a fifty day moving average price of $18.59 and a two-hundred day moving average price of $18.25. The stock has a market capitalization of $3.36 billion, a PE ratio of -42.35 and a beta of 1.55. 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 has a fifty-two week low of $12.84 and a fifty-two week high of $21.10.

ACV Auctions (NASDAQ:ACVA) last posted 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. ACV Auctions had a negative return on equity of 13.20% and a negative net margin of 14.53%. The business had revenue of $160.62 million during the quarter, compared to the consensus estimate of $156.33 million. As a group, equities analysts predict that ACV Auctions will post -0.36 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have weighed in on ACVA shares. Needham & Company LLC reissued a “buy” rating and issued a $23.00 price target on shares of ACV Auctions in a report on Monday, June 3rd. 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. Raymond James started coverage on ACV Auctions in a research note on Friday. They issued a “market perform” rating and a $22.00 price target for the company. JPMorgan Chase & Co. raised ACV Auctions from a “neutral” rating to an “overweight” rating and set a $21.00 price objective on the stock in a report on Monday, June 10th. Finally, JMP Securities lifted their target price on ACV Auctions from $21.00 to $24.00 and gave the stock a “market outperform” rating in a report on Tuesday, September 17th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $21.57.

Insider Buying and Selling

In other news, CFO William Zerella sold 32,500 shares of the company’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $15.19, for a total value of $493,675.00. Following the sale, the chief financial officer now directly owns 503,077 shares of the company’s stock, valued at approximately $7,641,739.63. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other ACV Auctions news, VP Andrew Peer sold 1,795 shares of ACV Auctions stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $21.00, for a total transaction of $37,695.00. Following the completion of the transaction, the vice president now directly owns 62,956 shares of the company’s stock, valued at $1,322,076. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO William Zerella sold 32,500 shares of the stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $15.19, for a total transaction of $493,675.00. Following the completion of the transaction, the chief financial officer now directly owns 503,077 shares in the company, valued at $7,641,739.63. The disclosure for this sale can be found here. Over the last three months, insiders have sold 734,163 shares of company stock worth $14,045,915. Insiders own 8.50% of the company’s stock.

Hedge Funds Weigh In On ACV Auctions

Hedge funds and other institutional investors have recently made changes to their positions in the company. Massachusetts Financial Services Co. MA increased its stake in ACV Auctions by 47.6% in the second 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 during the last quarter. William Blair Investment Management LLC boosted its holdings in shares of ACV Auctions by 4.1% in the 2nd quarter. William Blair Investment Management LLC now owns 5,013,642 shares of the company’s stock valued at $91,499,000 after purchasing an additional 198,228 shares in the last quarter. Jennison Associates LLC increased its stake in shares of ACV Auctions by 11.0% in the 1st quarter. Jennison Associates LLC now owns 3,954,432 shares of the company’s stock valued at $74,225,000 after purchasing an additional 393,423 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of ACV Auctions by 8.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,103,770 shares of the company’s stock worth $38,394,000 after buying an additional 163,380 shares in the last quarter. Finally, TimesSquare Capital Management LLC lifted its position in shares of ACV Auctions by 45.6% during the 1st quarter. TimesSquare Capital Management LLC now owns 1,765,822 shares of the company’s stock worth $33,144,000 after buying an additional 552,719 shares during the last quarter. 88.55% of the stock is currently owned by institutional investors and hedge funds.

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.