Short Interest in ACV Auctions Inc. (NASDAQ:ACVA) Increases By 9.1%

ACV Auctions Inc. (NASDAQ:ACVA) saw a large increase in short interest in December. As of December 31st, there was short interest totalling 9,260,000 shares, an increase of 9.1% from the December 15th total of 8,490,000 shares. Currently, 6.0% of the company’s stock are short sold. Based on an average trading volume of 1,380,000 shares, the days-to-cover ratio is presently 6.7 days.

Insider Buying and Selling

In other news, insider Michael Waterman sold 30,162 shares of ACV Auctions stock in a transaction dated Tuesday, January 7th. The stock was sold at an average price of $20.53, for a total value of $619,225.86. Following the completion of the transaction, the insider now owns 314,738 shares of the company’s stock, valued at $6,461,571.14. The trade was a 8.75 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO William Zerella sold 32,500 shares of the firm’s stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $22.41, for a total transaction of $728,325.00. Following the sale, the chief financial officer now 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 sold a total of 110,162 shares of company stock worth $2,359,726 in the last three months. 8.50% of the stock is owned by corporate insiders.

Institutional Trading of ACV Auctions

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ACVA. Dimensional Fund Advisors LP boosted its stake in shares of ACV Auctions by 8.4% during the second quarter. Dimensional Fund Advisors LP now owns 2,103,770 shares of the company’s stock valued at $38,394,000 after purchasing an additional 163,380 shares during the period. Amalgamated Bank grew its stake in ACV Auctions by 18.0% in the 2nd quarter. Amalgamated Bank now owns 5,120 shares of the company’s stock worth $93,000 after acquiring an additional 782 shares in the last quarter. Public Employees Retirement Association of Colorado purchased a new position in shares of ACV Auctions during the second quarter worth approximately $225,000. Sei Investments Co. raised its stake in shares of ACV Auctions by 13.0% during the second quarter. Sei Investments Co. now owns 357,437 shares of the company’s stock valued at $6,523,000 after acquiring an additional 41,090 shares in the last quarter. Finally, Engle Capital Management L.P. boosted its holdings in shares of ACV Auctions by 11.6% in the second quarter. Engle Capital Management L.P. now owns 1,563,000 shares of the company’s stock valued at $28,525,000 after purchasing an additional 163,000 shares during the period. 88.55% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

ACVA has been the topic of several recent analyst reports. Piper Sandler increased their target price on ACV Auctions from $16.00 to $18.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. Jefferies Financial Group raised their price target on shares of ACV Auctions from $22.00 to $25.00 and gave the company a “buy” rating in a report on Tuesday, October 22nd. Needham & Company LLC restated a “buy” rating and set a $28.00 price objective (up previously from $26.00) on shares of ACV Auctions in a research report on Thursday, December 26th. Raymond James assumed coverage on shares of ACV Auctions in a research report on Friday, September 27th. They set a “market perform” rating and a $22.00 price target for the company. Finally, B. Riley upped their price target on shares of ACV Auctions from $24.00 to $27.00 and gave the stock a “buy” rating in a research report on Tuesday, November 26th. Two analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $24.00.

ACV Auctions Stock Up 0.7 %

NASDAQ ACVA opened at $21.53 on Tuesday. The company has a fifty day moving average of $21.52 and a two-hundred day moving average of $19.58. The firm has a market capitalization of $3.61 billion, a price-to-earnings ratio of -45.81 and a beta of 1.69. The company has a quick ratio of 1.51, a current ratio of 1.51 and a debt-to-equity ratio of 0.25. ACV Auctions has a 52 week low of $12.84 and a 52 week high of $23.46.

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.