ACV Auctions Inc. (NASDAQ:ACVA) Sees Significant Growth in Short Interest

ACV Auctions Inc. (NASDAQ:ACVAGet Rating) was the recipient of a large growth in short interest in the month of February. As of February 28th, there was short interest totalling 9,480,000 shares, a growth of 7.2% from the February 13th total of 8,840,000 shares. Based on an average trading volume of 1,140,000 shares, the short-interest ratio is currently 8.3 days. Approximately 7.7% of the shares of the company are sold short.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on ACVA shares. Needham & Company LLC restated a “buy” rating and issued a $14.00 price target on shares of ACV Auctions in a report on Thursday, February 23rd. JMP Securities restated a “market outperform” rating and issued a $14.00 price target on shares of ACV Auctions in a report on Friday, March 3rd. Piper Sandler cut ACV Auctions from an “overweight” rating to a “neutral” rating and set a $11.00 price target on the stock. in a report on Thursday, February 16th. They noted that the move was a valuation call. The Goldman Sachs Group lowered their price target on ACV Auctions to $12.00 in a report on Wednesday, November 16th. Finally, Barrington Research upped their price target on ACV Auctions from $14.00 to $16.00 in a report on Friday, February 24th. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $13.55.

Insider Activity at ACV Auctions

In related news, insider Michael Waterman sold 56,161 shares of the business’s stock in a transaction dated Tuesday, December 27th. The stock was sold at an average price of $7.52, for a total value of $422,330.72. Following the transaction, the insider now owns 57,537 shares in the company, valued at approximately $432,678.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other ACV Auctions news, insider Michael Waterman sold 56,161 shares of the business’s stock in a transaction that occurred on Tuesday, December 27th. The stock was sold at an average price of $7.52, for a total transaction of $422,330.72. Following the transaction, the insider now owns 57,537 shares in the company, valued at approximately $432,678.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO George Chamoun sold 57,604 shares of the business’s stock in a transaction that occurred on Tuesday, January 10th. The stock was sold at an average price of $8.43, for a total value of $485,601.72. Following the transaction, the chief executive officer now owns 210,303 shares in the company, valued at approximately $1,772,854.29. The disclosure for this sale can be found here. Insiders have sold 2,186,636 shares of company stock worth $26,005,734 in the last quarter. Company insiders own 11.64% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Citigroup Inc. lifted its stake in shares of ACV Auctions by 359.1% during the 1st quarter. Citigroup Inc. now owns 3,641 shares of the company’s stock worth $54,000 after purchasing an additional 2,848 shares during the period. UBS Group AG lifted its stake in shares of ACV Auctions by 47.5% during the 4th quarter. UBS Group AG now owns 3,725 shares of the company’s stock worth $31,000 after purchasing an additional 1,200 shares during the period. First Horizon Advisors Inc. lifted its stake in shares of ACV Auctions by 46.0% during the 3rd quarter. First Horizon Advisors Inc. now owns 6,145 shares of the company’s stock worth $44,000 after purchasing an additional 1,937 shares during the period. Ensign Peak Advisors Inc purchased a new position in shares of ACV Auctions during the 1st quarter worth $94,000. Finally, Lazard Asset Management LLC purchased a new position in shares of ACV Auctions during the 4th quarter worth $53,000. Hedge funds and other institutional investors own 69.75% of the company’s stock.

ACV Auctions Price Performance

ACVA stock opened at $12.74 on Wednesday. ACV Auctions has a 1 year low of $6.10 and a 1 year high of $15.70. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.17 and a current ratio of 2.17. The stock’s 50 day moving average price is $10.52 and its 200 day moving average price is $9.15. The firm has a market cap of $2.02 billion, a P/E ratio of -19.30 and a beta of 1.39.

ACV Auctions Company Profile

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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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