Short Interest in ACV Auctions Inc. (NASDAQ:ACVA) Declines By 9.0%

ACV Auctions Inc. (NASDAQ:ACVA) saw a large decrease in short interest in March. As of March 31st, there was short interest totalling 9,000,000 shares, a decrease of 9.0% from the March 15th total of 9,890,000 shares. Based on an average daily trading volume, of 1,240,000 shares, the days-to-cover ratio is presently 7.3 days. Currently, 6.6% of the shares of the company are sold short.

Insider Activity at ACV Auctions

In other ACV Auctions news, Director Brian Hirsch sold 38,763 shares of the stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $18.24, for a total value of $707,037.12. Following the sale, the director now directly owns 378,390 shares in the company, valued at approximately $6,901,833.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Craig Eric Anderson sold 7,500 shares of the stock in a transaction on Tuesday, April 9th. The shares were sold at an average price of $18.50, for a total value of $138,750.00. Following the transaction, the insider now owns 194,525 shares of the company’s stock, valued at approximately $3,598,712.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Brian Hirsch sold 38,763 shares of the stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $18.24, for a total transaction of $707,037.12. Following the completion of the transaction, the director now directly owns 378,390 shares in the company, valued at approximately $6,901,833.60. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,475,208 shares of company stock worth $26,568,349. 13.67% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Keybank National Association OH boosted its position in ACV Auctions by 3.4% during the 3rd quarter. Keybank National Association OH now owns 22,067 shares of the company’s stock valued at $335,000 after acquiring an additional 725 shares in the last quarter. Park Place Capital Corp boosted its position in shares of ACV Auctions by 83.2% in the 3rd quarter. Park Place Capital Corp now owns 2,180 shares of the company’s stock worth $33,000 after purchasing an additional 990 shares in the last quarter. John G Ullman & Associates Inc. lifted its position in ACV Auctions by 1.5% in the 4th quarter. John G Ullman & Associates Inc. now owns 66,284 shares of the company’s stock valued at $1,004,000 after acquiring an additional 1,000 shares in the last quarter. Ameritas Investment Partners Inc. lifted its position in ACV Auctions by 11.3% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 10,499 shares of the company’s stock valued at $181,000 after acquiring an additional 1,069 shares in the last quarter. Finally, Moneta Group Investment Advisors LLC lifted its position in ACV Auctions by 4.5% in the 3rd quarter. Moneta Group Investment Advisors LLC now owns 27,248 shares of the company’s stock valued at $414,000 after acquiring an additional 1,168 shares in the last quarter. Hedge funds and other institutional investors own 88.55% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on ACVA. JMP Securities decreased their price target on shares of ACV Auctions from $20.00 to $19.00 and set a “market outperform” rating on the stock in a report on Tuesday, January 16th. Northcoast Research raised shares of ACV Auctions from a “neutral” rating to a “buy” rating and set a $22.00 target price on the stock in a report on Wednesday, January 10th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $23.00 target price on shares of ACV Auctions in a report on Thursday, February 22nd. Two investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $20.21.

ACV Auctions Stock Performance

Shares of NASDAQ:ACVA opened at $16.96 on Tuesday. The company has a current ratio of 2.12, a quick ratio of 2.12 and a debt-to-equity ratio of 0.25. The company has a market cap of $2.78 billion, a price-to-earnings ratio of -36.87 and a beta of 1.57. ACV Auctions has a 12 month low of $11.58 and a 12 month high of $19.54. The company has a 50-day moving average price of $17.14 and a 200-day moving average price of $15.39.

ACV Auctions (NASDAQ:ACVA) last announced its quarterly earnings results on Wednesday, February 21st. The company reported ($0.12) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.01. ACV Auctions had a negative return on equity of 13.97% and a negative net margin of 15.64%. The company had revenue of $118.38 million for the quarter, compared to the consensus estimate of $117.62 million. As a group, equities analysts anticipate that ACV Auctions will post -0.29 EPS for the current 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.