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

ACV Auctions Inc. (NASDAQ:ACVA) saw a significant decrease in short interest during the month of May. As of May 15th, there was short interest totalling 11,860,000 shares, a decrease of 12.2% from the April 30th total of 13,510,000 shares. Approximately 7.3% of the shares of the company are short sold. Based on an average daily volume of 2,560,000 shares, the days-to-cover ratio is currently 4.6 days.

ACV Auctions Trading Up 1.3%

Shares of ACVA opened at $16.37 on Wednesday. The firm’s fifty day moving average is $15.25 and its two-hundred day moving average is $18.22. The stock has a market cap of $2.80 billion, a PE ratio of -33.41 and a beta of 1.72. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.28. ACV Auctions has a 52-week low of $11.88 and a 52-week high of $23.46.

ACV Auctions (NASDAQ:ACVA) last posted its quarterly earnings results on Wednesday, May 7th. The company reported ($0.09) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.13). ACV Auctions had a negative net margin of 12.51% and a negative return on equity of 12.94%. The firm’s quarterly revenue was up 25.4% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.13) earnings per share. Research analysts forecast that ACV Auctions will post -0.07 earnings per share for the current fiscal year.

Insider Buying and Selling at ACV Auctions

In other news, CFO William Zerella sold 15,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $13.53, for a total transaction of $202,950.00. Following the sale, the chief financial officer now owns 766,266 shares of the company’s stock, valued at $10,367,578.98. This trade represents a 1.92% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO George Chamoun sold 348,249 shares of the business’s stock in a transaction on Thursday, March 20th. The shares were sold at an average price of $15.34, for a total transaction of $5,342,139.66. Following the completion of the transaction, the chief executive officer now owns 2,821,193 shares of the company’s stock, valued at approximately $43,277,100.62. This represents a 10.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 586,579 shares of company stock valued at $9,341,700. 2.90% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of ACVA. Rhumbline Advisers raised its stake in ACV Auctions by 4.1% during the first quarter. Rhumbline Advisers now owns 214,763 shares of the company’s stock worth $3,026,000 after purchasing an additional 8,368 shares during the period. Intech Investment Management LLC grew its stake in shares of ACV Auctions by 54.8% in the 1st quarter. Intech Investment Management LLC now owns 96,559 shares of the company’s stock valued at $1,361,000 after buying an additional 34,164 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of ACV Auctions by 19.4% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 321,732 shares of the company’s stock worth $4,533,000 after buying an additional 52,338 shares during the last quarter. Rivermont Capital Management LP raised its position in shares of ACV Auctions by 16.8% during the 1st quarter. Rivermont Capital Management LP now owns 933,113 shares of the company’s stock valued at $13,148,000 after buying an additional 133,936 shares during the period. Finally, Dynamic Technology Lab Private Ltd purchased a new position in ACV Auctions in the first quarter worth approximately $405,000. Institutional investors and hedge funds own 88.55% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on ACVA shares. Bank of America raised shares of ACV Auctions from a “neutral” rating to a “buy” rating and lowered their target price for the stock from $22.00 to $20.00 in a research note on Wednesday, March 12th. Piper Sandler upgraded ACV Auctions from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $18.00 to $20.00 in a research report on Thursday, March 20th. JMP Securities cut their price objective on ACV Auctions from $22.00 to $18.00 and set a “market outperform” rating for the company in a research report on Wednesday, April 9th. Needham & Company LLC reaffirmed a “buy” rating and set a $25.00 target price on shares of ACV Auctions in a research note on Thursday, May 8th. Finally, JPMorgan Chase & Co. decreased their target price on ACV Auctions from $24.00 to $20.00 and set an “overweight” rating on the stock in a research report on Thursday, March 27th. Two analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $22.50.

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.