ACV Auctions Inc. (NASDAQ:ACVA) Sees Large Drop in Short Interest

ACV Auctions Inc. (NASDAQ:ACVA) was the recipient of a large drop in short interest in January. As of January 31st, there was short interest totalling 8,750,000 shares, a drop of 6.3% from the January 15th total of 9,340,000 shares. Based on an average daily trading volume, of 1,480,000 shares, the days-to-cover ratio is currently 5.9 days. Currently, 5.7% of the shares of the stock are sold short.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. Stephens raised shares of ACV Auctions to a “hold” rating in a report on Saturday, February 1st. Needham & Company LLC reissued a “buy” rating and issued a $28.00 price target (up previously from $26.00) on shares of ACV Auctions in a report on Thursday, December 26th. B. Riley raised their price target on shares of ACV Auctions from $24.00 to $27.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. Barrington Research reissued an “outperform” rating and issued a $23.00 price target on shares of ACV Auctions in a report on Monday, November 4th. Finally, JMP Securities reissued a “market outperform” rating and issued a $25.00 price target on shares of ACV Auctions in a report on Monday, December 16th. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $23.65.

Insider Activity

In related news, insider Michael Waterman sold 15,000 shares of the stock in a transaction on Tuesday, February 4th. The shares were sold at an average price of $20.27, for a total transaction of $304,050.00. Following the transaction, the insider now owns 311,354 shares of the company’s stock, valued at approximately $6,311,145.58. This trade represents a 4.60 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO William Zerella sold 32,500 shares of the stock in a transaction on Monday, December 30th. The shares were sold at an average price of $21.65, for a total transaction of $703,625.00. Following the transaction, the chief financial officer now directly owns 490,482 shares in the company, valued at approximately $10,618,935.30. This represents a 6.21 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 125,162 shares of company stock worth $2,663,776. 8.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On ACV Auctions

A number of large investors have recently modified their holdings of the stock. MCF Advisors LLC boosted its stake in shares of ACV Auctions by 107.0% during the 3rd quarter. MCF Advisors LLC now owns 1,480 shares of the company’s stock valued at $30,000 after purchasing an additional 765 shares in the last quarter. Blue Trust Inc. lifted its position in ACV Auctions by 165.2% during the 3rd quarter. Blue Trust Inc. now owns 1,419 shares of the company’s stock valued at $29,000 after acquiring an additional 884 shares during the period. Icon Wealth Advisors LLC lifted its position in ACV Auctions by 13.5% during the 3rd quarter. Icon Wealth Advisors LLC now owns 11,048 shares of the company’s stock valued at $225,000 after acquiring an additional 1,317 shares during the period. Arizona State Retirement System lifted its position in ACV Auctions by 3.6% during the 4th quarter. Arizona State Retirement System now owns 44,126 shares of the company’s stock valued at $953,000 after acquiring an additional 1,520 shares during the period. Finally, Los Angeles Capital Management LLC lifted its position in ACV Auctions by 6.6% during the 3rd quarter. Los Angeles Capital Management LLC now owns 26,958 shares of the company’s stock valued at $548,000 after acquiring an additional 1,670 shares during the period. Institutional investors own 88.55% of the company’s stock.

ACV Auctions Stock Performance

Shares of ACVA opened at $21.59 on Monday. The firm’s 50-day moving average price is $21.31 and its 200-day moving average price is $20.05. The firm has a market capitalization of $3.62 billion, a price-to-earnings ratio of -45.94 and a beta of 1.69. The company has a current ratio of 1.51, a quick ratio of 1.51 and a debt-to-equity ratio of 0.25. ACV Auctions has a 1-year low of $13.66 and a 1-year 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.