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

ACV Auctions Inc. (NASDAQ:ACVA) was the target of a large decline in short interest during the month of August. As of August 15th, there was short interest totalling 9,470,000 shares, a decline of 5.5% from the July 31st total of 10,020,000 shares. Based on an average trading volume of 1,180,000 shares, the days-to-cover ratio is currently 8.0 days. Currently, 6.5% of the shares of the stock are short sold.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on ACVA. JPMorgan Chase & Co. upgraded ACV Auctions from a “neutral” rating to an “overweight” rating and set a $21.00 target price on the stock in a report on Monday, June 10th. Piper Sandler lifted their target price on shares of ACV Auctions from $15.00 to $16.00 and gave the company a “neutral” rating in a research note on Thursday, May 9th. Barrington Research reaffirmed an “outperform” rating and issued a $23.00 price target on shares of ACV Auctions in a research note on Friday, August 16th. JMP Securities reissued a “market outperform” rating and set a $21.00 price objective on shares of ACV Auctions in a research report on Wednesday, July 10th. Finally, Needham & Company LLC restated a “buy” rating and issued a $23.00 target price on shares of ACV Auctions in a research note on Monday, June 3rd. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $21.00.

ACV Auctions Stock Up 2.4 %

ACV Auctions stock opened at $18.71 on Monday. The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 0.24. ACV Auctions has a 1-year low of $12.84 and a 1-year high of $19.86. The firm’s fifty day simple moving average is $17.83 and its 200-day simple moving average is $17.81. The company has a market capitalization of $3.09 billion, a P/E ratio of -38.98 and a beta of 1.54.

ACV Auctions (NASDAQ:ACVA) last posted its earnings results on Wednesday, August 7th. The company reported ($0.07) earnings per share for the quarter, beating the consensus estimate of ($0.09) by $0.02. ACV Auctions had a negative return on equity of 13.20% and a negative net margin of 14.53%. The company had revenue of $160.62 million for the quarter, compared to analyst estimates of $156.33 million. Sell-side analysts forecast that ACV Auctions will post -0.36 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO William Zerella sold 32,500 shares of the stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $15.19, for a total value of $493,675.00. Following the completion of the transaction, the chief financial officer now owns 503,077 shares in the company, valued at approximately $7,641,739.63. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, COO Vikas Mehta sold 145,928 shares of the firm’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $18.71, for a total value of $2,730,312.88. Following the completion of the sale, the chief operating officer now owns 468,505 shares of the company’s stock, valued at $8,765,728.55. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO William Zerella sold 32,500 shares of the company’s stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $15.19, for a total value of $493,675.00. Following the transaction, the chief financial officer now directly owns 503,077 shares in the company, valued at $7,641,739.63. The disclosure for this sale can be found here. Insiders have sold 873,411 shares of company stock worth $15,729,930 in the last three months. 8.50% of the stock is currently owned by insiders.

Institutional Investors Weigh In On ACV Auctions

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Amalgamated Bank lifted its stake in shares of ACV Auctions by 18.0% in the second quarter. Amalgamated Bank now owns 5,120 shares of the company’s stock worth $93,000 after buying an additional 782 shares during the last quarter. UMB Bank n.a. bought a new stake in ACV Auctions during the first quarter valued at about $114,000. Penn Mutual Asset Management LLC bought a new stake in ACV Auctions during the fourth quarter valued at about $153,000. Public Employees Retirement Association of Colorado acquired a new stake in shares of ACV Auctions in the second quarter valued at about $225,000. Finally, Blair William & Co. IL increased its stake in shares of ACV Auctions by 14.7% in the first quarter. Blair William & Co. IL now owns 12,691 shares of the company’s stock worth $238,000 after purchasing an additional 1,626 shares during the period. 88.55% of the stock is currently owned by institutional investors and hedge funds.

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.