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

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

Insider Transactions at ACV Auctions

In other news, insider Craig Eric Anderson sold 7,500 shares of ACV Auctions stock in a transaction on Tuesday, April 9th. The stock was sold at an average price of $18.50, for a total transaction of $138,750.00. Following the completion of the transaction, the insider now owns 194,525 shares of the company’s stock, valued at approximately $3,598,712.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, Director Brian Hirsch sold 38,763 shares of ACV Auctions stock in a transaction dated 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 sale, the director now owns 378,390 shares in the company, valued at approximately $6,901,833.60. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Craig Eric Anderson sold 7,500 shares of ACV Auctions stock in a transaction dated Tuesday, April 9th. The stock was sold at an average price of $18.50, for a total value of $138,750.00. Following the sale, the insider now owns 194,525 shares of the company’s stock, valued at approximately $3,598,712.50. The disclosure for this sale can be found here. Insiders sold 1,475,208 shares of company stock valued at $26,568,349 in the last 90 days. 13.67% of the stock is currently owned by insiders.

Institutional Trading of ACV Auctions

A number of institutional investors have recently modified their holdings of the company. Congress Asset Management Co. MA grew its holdings in shares of ACV Auctions by 21.8% during the 1st quarter. Congress Asset Management Co. MA now owns 482,881 shares of the company’s stock worth $9,064,000 after purchasing an additional 86,525 shares during the period. Los Angeles Capital Management LLC lifted its position in ACV Auctions by 95.8% during the 1st quarter. Los Angeles Capital Management LLC now owns 43,380 shares of the company’s stock worth $814,000 after acquiring an additional 21,230 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in ACV Auctions by 4.9% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 72,926 shares of the company’s stock worth $1,105,000 after acquiring an additional 3,427 shares in the last quarter. GSA Capital Partners LLP acquired a new position in ACV Auctions during the 4th quarter worth approximately $479,000. Finally, Legal & General Group Plc lifted its position in ACV Auctions by 7.9% during the 4th quarter. Legal & General Group Plc now owns 130,640 shares of the company’s stock worth $1,979,000 after acquiring an additional 9,617 shares in the last quarter. Hedge funds and other institutional investors own 88.55% of the company’s stock.

ACV Auctions Trading Down 3.0 %

Shares of NASDAQ:ACVA opened at $17.70 on Monday. The company has a current ratio of 2.12, a quick ratio of 2.12 and a debt-to-equity ratio of 0.25. ACV Auctions has a 1 year low of $11.58 and a 1 year high of $19.54. The stock has a 50-day simple moving average of $17.08 and a 200-day simple moving average of $15.38.

ACV Auctions (NASDAQ:ACVA) last issued its earnings results on Wednesday, February 21st. The company reported ($0.12) earnings per share (EPS) for the quarter, topping 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 business had revenue of $118.38 million during the quarter, compared to analysts’ expectations of $117.62 million. As a group, sell-side analysts forecast that ACV Auctions will post -0.29 EPS for the current year.

Wall Street Analyst Weigh In

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

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.