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

ACV Auctions Inc. (NASDAQ:ACVAGet Rating) was the target of a large increase in short interest in May. As of May 15th, there was short interest totalling 3,690,000 shares, an increase of 49.4% from the April 30th total of 2,470,000 shares. Currently, 3.6% of the company’s stock are sold short. Based on an average daily volume of 1,320,000 shares, the days-to-cover ratio is currently 2.8 days.

Several equities research analysts recently weighed in on ACVA shares. Piper Sandler decreased their target price on shares of ACV Auctions from $25.00 to $21.00 and set an “overweight” rating for the company in a research report on Wednesday, March 30th. JMP Securities decreased their target price on shares of ACV Auctions from $32.00 to $20.00 in a research report on Wednesday, May 18th. Canaccord Genuity Group decreased their target price on shares of ACV Auctions from $25.00 to $22.00 in a research report on Thursday, May 12th. Needham & Company LLC decreased their target price on shares of ACV Auctions from $20.00 to $14.00 in a research report on Thursday, May 12th. Finally, Stephens upgraded shares of ACV Auctions from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $17.00 to $19.00 in a research report on Wednesday, March 2nd. One investment analyst has rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $23.25.

ACVA stock opened at $8.69 on Friday. ACV Auctions has a 12 month low of $7.45 and a 12 month high of $27.00. The firm has a market cap of $1.36 billion, a PE ratio of -14.98 and a beta of 1.16. The firm has a 50 day simple moving average of $12.37 and a 200 day simple moving average of $14.90. The company has a debt-to-equity ratio of 0.11, a current ratio of 2.07 and a quick ratio of 2.07.

ACV Auctions (NASDAQ:ACVAGet Rating) last issued its quarterly earnings results on Wednesday, May 11th. The company reported ($0.19) EPS for the quarter, meeting the consensus estimate of ($0.19). The business had revenue of $103.07 million during the quarter, compared to the consensus estimate of $101.44 million. ACV Auctions had a negative net margin of 23.08% and a negative return on equity of 16.00%. During the same quarter in the prior year, the firm earned ($0.51) EPS. As a group, sell-side analysts expect that ACV Auctions will post -0.71 earnings per share for the current year.

In related news, insider Michael Waterman sold 2,931 shares of the stock in a transaction dated Monday, May 2nd. The shares were sold at an average price of $12.75, for a total transaction of $37,370.25. Following the sale, the insider now owns 66,964 shares in the company, valued at $853,791. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.

Several large investors have recently modified their holdings of the stock. Walleye Capital LLC purchased a new stake in shares of ACV Auctions in the 1st quarter valued at approximately $1,462,000. Royal Bank of Canada lifted its position in shares of ACV Auctions by 453.3% in the 1st quarter. Royal Bank of Canada now owns 34,731 shares of the company’s stock valued at $514,000 after acquiring an additional 28,454 shares in the last quarter. Ensign Peak Advisors Inc purchased a new stake in ACV Auctions in the 1st quarter worth approximately $94,000. California State Teachers Retirement System lifted its position in ACV Auctions by 106.1% in the 1st quarter. California State Teachers Retirement System now owns 75,342 shares of the company’s stock worth $1,116,000 after buying an additional 38,783 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its position in ACV Auctions by 1,021.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 399,505 shares of the company’s stock worth $5,917,000 after buying an additional 363,876 shares in the last quarter. Institutional investors and hedge funds own 75.75% of the company’s stock.

About ACV Auctions (Get Rating)

ACV Auctions Inc operates a digital marketplace that connects buyers and sellers for the online auction of wholesale vehicles. It also provides data services that offer insights into the condition and value of used vehicles, as well as offers customer financing services. ACV Auctions Inc was incorporated in 2014 and is headquartered in Buffalo, New York.

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