Short Interest in ACV Auctions Inc. (NASDAQ:ACVA) Grows By 20.9%

ACV Auctions Inc. (NASDAQ:ACVA) was the target of a significant increase in short interest during the month of March. As of March 15th, there was short interest totalling 12,240,000 shares, an increase of 20.9% from the February 28th total of 10,120,000 shares. Approximately 7.6% of the company’s shares are short sold. Based on an average trading volume of 2,020,000 shares, the short-interest ratio is currently 6.1 days.

Insider Buying and Selling at ACV Auctions

In related news, CEO George Chamoun sold 348,249 shares of ACV Auctions stock in a transaction that occurred on Thursday, March 20th. The shares were sold at an average price of $15.34, for a total value of $5,342,139.66. Following the completion of the sale, the chief executive officer now owns 2,821,193 shares in the company, valued at approximately $43,277,100.62. This trade represents a 10.99 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Michael Waterman sold 30,162 shares of the business’s stock in a transaction that occurred on Tuesday, January 7th. The shares were sold at an average price of $20.53, for a total value of $619,225.86. Following the completion of the sale, the insider now directly owns 314,738 shares in the company, valued at approximately $6,461,571.14. The trade was a 8.75 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 423,411 shares of company stock worth $6,776,916 over the last three months. Insiders own 8.50% of the company’s stock.

Institutional Investors Weigh In On ACV Auctions

Several hedge funds and other institutional investors have recently bought and sold shares of ACVA. Raymond James Financial Inc. purchased a new position in shares of ACV Auctions during the fourth quarter worth about $4,704,000. Intech Investment Management LLC boosted its position in shares of ACV Auctions by 55.7% in the 4th quarter. Intech Investment Management LLC now owns 62,395 shares of the company’s stock valued at $1,348,000 after purchasing an additional 22,310 shares during the period. Moody National Bank Trust Division grew its stake in ACV Auctions by 64.6% during the 4th quarter. Moody National Bank Trust Division now owns 79,199 shares of the company’s stock worth $1,711,000 after buying an additional 31,094 shares during the last quarter. Quadrature Capital Ltd acquired a new position in ACV Auctions during the third quarter worth approximately $566,000. Finally, Charles Schwab Investment Management Inc. lifted its stake in ACV Auctions by 3.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,289,362 shares of the company’s stock valued at $27,850,000 after buying an additional 48,021 shares during the last quarter. 88.55% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have weighed in on ACVA shares. Piper Sandler raised ACV Auctions from a “neutral” rating to an “overweight” rating and lifted their target price for the company from $18.00 to $20.00 in a research report on Thursday, March 20th. Needham & Company LLC reaffirmed a “buy” rating and set a $25.00 target price on shares of ACV Auctions in a research note on Wednesday, March 12th. JPMorgan Chase & Co. decreased their price target on shares of ACV Auctions from $24.00 to $20.00 and set an “overweight” rating for the company in a research report on Thursday, March 27th. Bank of America raised ACV Auctions from a “neutral” rating to a “buy” rating and cut their price objective for the stock from $22.00 to $20.00 in a research report on Wednesday, March 12th. Finally, Stephens upgraded ACV Auctions to a “hold” rating in a report on Saturday, February 1st. Two research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, ACV Auctions presently has a consensus rating of “Moderate Buy” and a consensus price target of $23.14.

ACV Auctions Trading Up 4.8 %

NASDAQ:ACVA opened at $15.17 on Thursday. ACV Auctions has a 1 year low of $12.77 and a 1 year high of $23.46. The stock has a market cap of $2.56 billion, a P/E ratio of -30.96 and a beta of 1.73. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.56 and a current ratio of 1.56. The stock has a 50-day simple moving average of $17.63 and a 200-day simple moving average of $19.48.

ACV Auctions (NASDAQ:ACVA) last announced its quarterly earnings results on Wednesday, February 19th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.01. ACV Auctions had a negative return on equity of 12.94% and a negative net margin of 12.51%. The firm had revenue of $159.51 million during the quarter, compared to the consensus estimate of $156.77 million. As a group, analysts anticipate that ACV Auctions will post -0.07 earnings per share for the current fiscal year.

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.