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

ACV Auctions Inc. (NASDAQ:ACVA) was the recipient of a significant decrease in short interest during the month of January. As of January 31st, there was short interest totalling 8,750,000 shares, a decrease of 6.3% from the January 15th total of 9,340,000 shares. Based on an average trading volume of 1,480,000 shares, the short-interest ratio is currently 5.9 days. Approximately 5.7% of the company’s shares are short sold.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the company. Stephens raised ACV Auctions to a “hold” rating in a research report on Saturday, February 1st. Jefferies Financial Group upped their price objective on ACV Auctions from $22.00 to $25.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. JMP Securities reissued a “market outperform” rating and issued a $25.00 target price on shares of ACV Auctions in a report on Monday, December 16th. Citigroup increased their target price on ACV Auctions from $22.00 to $27.00 and gave the company a “buy” rating in a report on Wednesday, November 27th. Finally, Piper Sandler increased their target price on ACV Auctions from $16.00 to $18.00 and gave the company a “neutral” rating in a report on Friday, November 8th. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat, ACV Auctions presently has an average rating of “Moderate Buy” and an average price target of $23.65.

Insider Activity at ACV Auctions

In other news, CFO William Zerella sold 32,500 shares of the company’s stock in a transaction on Tuesday, November 26th. The stock was 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Michael Waterman sold 30,162 shares of the company’s stock in a transaction on Tuesday, January 7th. The stock was sold at an average price of $20.53, for a total value of $619,225.86. Following the sale, the insider now directly owns 314,738 shares in the company, valued at $6,461,571.14. This represents a 8.75 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 125,162 shares of company stock worth $2,663,776. Insiders own 8.50% of the company’s stock.

Hedge Funds Weigh In On ACV Auctions

Several large investors have recently bought and sold shares of ACVA. Vanguard Group Inc. boosted its stake in shares of ACV Auctions by 5.5% during the fourth quarter. Vanguard Group Inc. now owns 14,245,915 shares of the company’s stock worth $307,712,000 after buying an additional 738,391 shares during the period. William Blair Investment Management LLC boosted its stake in shares of ACV Auctions by 43.2% during the fourth quarter. William Blair Investment Management LLC now owns 12,099,686 shares of the company’s stock worth $261,353,000 after buying an additional 3,652,871 shares during the period. Massachusetts Financial Services Co. MA boosted its stake in shares of ACV Auctions by 11.6% during the third quarter. Massachusetts Financial Services Co. MA now owns 8,655,640 shares of the company’s stock worth $175,969,000 after buying an additional 897,477 shares during the period. Alliancebernstein L.P. boosted its stake in shares of ACV Auctions by 5.3% during the fourth quarter. Alliancebernstein L.P. now owns 5,622,255 shares of the company’s stock worth $121,441,000 after buying an additional 284,880 shares during the period. Finally, Jennison Associates LLC boosted its stake in shares of ACV Auctions by 17.2% during the fourth quarter. Jennison Associates LLC now owns 4,980,354 shares of the company’s stock worth $107,576,000 after buying an additional 732,422 shares during the period. Institutional investors and hedge funds own 88.55% of the company’s stock.

ACV Auctions Stock Performance

NASDAQ ACVA opened at $20.99 on Wednesday. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.51 and a quick ratio of 1.51. ACV Auctions has a 1 year low of $13.66 and a 1 year high of $23.46. The company has a market capitalization of $3.52 billion, a PE ratio of -44.66 and a beta of 1.69. The company has a fifty day moving average of $21.29 and a two-hundred day moving average of $20.12.

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.