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

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

ACV Auctions Stock Performance

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

Insiders Place Their Bets

In other ACV Auctions news, major shareholder Bessemer Venture Partners Ix L sold 2,000,000 shares of the business’s stock in a transaction on Thursday, February 23rd. The shares were sold at an average price of $12.22, for a total transaction of $24,440,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other ACV Auctions news, major shareholder Bessemer Venture Partners Ix L sold 2,000,000 shares of the business’s stock in a transaction on Thursday, February 23rd. The shares were sold at an average price of $12.22, for a total transaction of $24,440,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Michael Waterman sold 56,161 shares of the business’s stock in a transaction 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 directly owns 57,537 shares of the company’s stock, valued at approximately $432,678.24. The disclosure for this sale can be found here. Insiders sold a total of 2,186,636 shares of company stock valued at $26,005,734 in the last quarter. Insiders own 11.64% of the company’s stock.

Institutional Trading of ACV Auctions

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ACVA. Envestnet Asset Management Inc. bought a new stake in ACV Auctions during the first quarter worth about $181,000. Advisor Group Holdings Inc. grew its stake in ACV Auctions by 18.6% during the first quarter. Advisor Group Holdings Inc. now owns 10,397 shares of the company’s stock worth $153,000 after buying an additional 1,627 shares during the last quarter. Bank of New York Mellon Corp grew its stake in ACV Auctions by 3.2% during the first quarter. Bank of New York Mellon Corp now owns 49,679 shares of the company’s stock worth $736,000 after buying an additional 1,547 shares during the last quarter. Citigroup Inc. grew its stake in ACV Auctions by 359.1% during the first quarter. Citigroup Inc. now owns 3,641 shares of the company’s stock worth $54,000 after buying an additional 2,848 shares during the last quarter. Finally, Bank of Montreal Can bought a new stake in ACV Auctions during the first quarter worth about $2,195,000. Institutional investors own 69.75% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. The Goldman Sachs Group cut their price objective on shares of ACV Auctions to $12.00 in a research report on Wednesday, November 16th. Guggenheim cut their price objective on shares of ACV Auctions to $15.00 in a research report on Tuesday, November 15th. JMP Securities reaffirmed a “market outperform” rating and set a $14.00 price objective on shares of ACV Auctions in a research report on Friday, March 3rd. Needham & Company LLC reaffirmed a “buy” rating and set a $14.00 price objective on shares of ACV Auctions in a research report on Thursday, February 23rd. Finally, Piper Jaffray Companies lowered shares of ACV Auctions to a “neutral” rating and set a $11.00 price objective for the company. in a research report on Thursday, February 16th. Two investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, ACV Auctions has a consensus rating of “Moderate Buy” and a consensus target price of $13.55.

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.