ACV Auctions Inc. (NASDAQ:ACVA) Short Interest Up 9.1% in December

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

Insider Transactions at ACV Auctions

In other ACV Auctions news, insider Michael Waterman sold 30,162 shares of the business’s stock in a transaction dated 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 transaction, 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO William Zerella sold 15,000 shares of the firm’s stock in a transaction dated Tuesday, January 7th. The shares were sold at an average price of $20.57, for a total transaction of $308,550.00. Following the completion of the sale, the chief financial officer now owns 462,452 shares in the company, valued at $9,512,637.64. This represents a 3.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 110,162 shares of company stock valued at $2,359,726. Company insiders own 8.50% of the company’s stock.

Institutional Investors Weigh In On ACV Auctions

Hedge funds and other institutional investors have recently made changes to their positions in the company. Blue Trust Inc. boosted its position in ACV Auctions by 165.2% during the third quarter. Blue Trust Inc. now owns 1,419 shares of the company’s stock worth $29,000 after purchasing an additional 884 shares in the last quarter. MCF Advisors LLC increased its holdings in ACV Auctions by 107.0% in the 3rd quarter. MCF Advisors LLC now owns 1,480 shares of the company’s stock worth $30,000 after acquiring an additional 765 shares in the last quarter. Park Place Capital Corp raised its position in ACV Auctions by 34.1% during the third quarter. Park Place Capital Corp now owns 2,779 shares of the company’s stock worth $56,000 after acquiring an additional 706 shares during the period. Amalgamated Bank lifted its holdings in ACV Auctions by 18.0% during the second quarter. Amalgamated Bank now owns 5,120 shares of the company’s stock valued at $93,000 after purchasing an additional 782 shares in the last quarter. Finally, Verdence Capital Advisors LLC acquired a new stake in shares of ACV Auctions in the third quarter valued at about $206,000. Institutional investors and hedge funds own 88.55% of the company’s stock.

ACV Auctions Stock Up 0.7 %

ACV Auctions stock opened at $21.53 on Tuesday. ACV Auctions has a 52 week low of $12.84 and a 52 week high of $23.46. The firm has a market cap of $3.61 billion, a price-to-earnings ratio of -45.81 and a beta of 1.69. The business’s 50-day moving average price is $21.52 and its 200 day moving average price is $19.58. The company has a quick ratio of 1.51, a current ratio of 1.51 and a debt-to-equity ratio of 0.25.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the stock. Piper Sandler lifted their target price on shares of ACV Auctions from $16.00 to $18.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. Jefferies Financial Group lifted their price objective on shares of ACV Auctions from $22.00 to $25.00 and gave the stock a “buy” rating in a research note on Tuesday, October 22nd. B. Riley upped their target price on ACV Auctions from $24.00 to $27.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th. Raymond James initiated coverage on 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, Citigroup increased their price objective on ACV Auctions from $22.00 to $27.00 and gave the company a “buy” rating in a report on Wednesday, November 27th. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $24.00.

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.