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

ACV Auctions Inc. (NASDAQ:ACVA) was the recipient of a significant decline in short interest during the month of September. As of September 15th, there was short interest totalling 7,860,000 shares, a decline of 5.5% from the August 31st total of 8,320,000 shares. Based on an average daily volume of 1,410,000 shares, the short-interest ratio is currently 5.6 days. Currently, 5.4% of the shares of the company are short sold.

Insider Buying and Selling at ACV Auctions

In related news, VP Andrew Peer sold 1,795 shares of ACV Auctions stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $21.00, for a total transaction of $37,695.00. Following the completion of the sale, the vice president now owns 62,956 shares of the company’s stock, valued at approximately $1,322,076. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, CFO William Zerella sold 32,500 shares of ACV Auctions stock in a transaction that occurred on Tuesday, July 9th. The shares were sold at an average price of $17.51, for a total value of $569,075.00. Following the completion of the sale, the chief financial officer now directly owns 503,077 shares in the company, valued at $8,808,878.27. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP Andrew Peer sold 1,795 shares of ACV Auctions stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $21.00, for a total value of $37,695.00. Following the completion of the transaction, the vice president now directly owns 62,956 shares of the company’s stock, valued at $1,322,076. The disclosure for this sale can be found here. Insiders have sold a total of 734,163 shares of company stock worth $14,045,915 over the last ninety days. Insiders own 8.50% of the company’s stock.

Hedge Funds Weigh In On ACV Auctions

Several institutional investors and hedge funds have recently bought and sold shares of the company. Amalgamated Bank raised its stake in ACV Auctions by 18.0% in the 2nd quarter. Amalgamated Bank now owns 5,120 shares of the company’s stock valued at $93,000 after acquiring an additional 782 shares during the period. UMB Bank n.a. purchased a new position in shares of ACV Auctions in the first quarter worth about $114,000. Penn Mutual Asset Management LLC purchased a new position in shares of ACV Auctions in the fourth quarter worth about $153,000. Public Employees Retirement Association of Colorado bought a new stake in shares of ACV Auctions in the second quarter valued at approximately $225,000. Finally, Blair William & Co. IL lifted its stake in shares of ACV Auctions by 14.7% during the 1st quarter. Blair William & Co. IL now owns 12,691 shares of the company’s stock valued at $238,000 after buying an additional 1,626 shares in the last quarter. 88.55% of the stock is owned by institutional investors.

Analysts Set New Price Targets

ACVA has been the subject of several research analyst reports. Raymond James started coverage on ACV Auctions in a research note on Friday, September 27th. They set a “market perform” rating and a $22.00 target price for the company. JMP Securities upped their price objective on shares of ACV Auctions from $21.00 to $24.00 and gave the stock a “market outperform” rating in a research report on Tuesday, September 17th. Barrington Research restated an “outperform” rating and issued a $23.00 target price on shares of ACV Auctions in a research report on Friday, August 16th. Finally, JPMorgan Chase & Co. raised shares of ACV Auctions from a “neutral” rating to an “overweight” rating and set a $21.00 target price on the stock in a research note on Monday, June 10th. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, ACV Auctions currently has a consensus rating of “Moderate Buy” and a consensus price target of $21.57.

ACV Auctions Stock Down 2.8 %

ACVA stock opened at $19.77 on Wednesday. The firm has a market capitalization of $3.26 billion, a PE ratio of -41.19 and a beta of 1.55. The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 0.24. ACV Auctions has a twelve month low of $12.84 and a twelve month high of $21.10. The stock’s 50 day moving average is $18.61 and its 200-day moving average is $18.26.

ACV Auctions (NASDAQ:ACVA) last issued its quarterly earnings data on Wednesday, August 7th. The company reported ($0.07) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.02. ACV Auctions had a negative net margin of 14.53% and a negative return on equity of 13.20%. The business had revenue of $160.62 million during the quarter, compared to the consensus estimate of $156.33 million. Sell-side analysts expect that ACV Auctions will post -0.36 EPS 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.