ACV Auctions Inc. (NASDAQ:ACVA) Short Interest Up 20.9% in March

ACV Auctions Inc. (NASDAQ:ACVA) saw a significant increase in short interest in the month of March. As of March 15th, there was short interest totalling 12,240,000 shares, an increase of 20.9% from the February 28th total of 10,120,000 shares. Based on an average daily volume of 2,020,000 shares, the days-to-cover ratio is currently 6.1 days. Currently, 7.6% of the shares of the company are short sold.

ACV Auctions Stock Performance

Shares of ACVA stock opened at $15.17 on Thursday. The stock has a fifty day moving average price of $17.63 and a 200 day moving average price of $19.48. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.56 and a current ratio of 1.56. The stock has a market cap of $2.56 billion, a PE ratio of -30.96 and a beta of 1.73. ACV Auctions has a 1 year low of $12.77 and a 1 year high of $23.46.

ACV Auctions (NASDAQ:ACVA) last released its quarterly earnings results on Wednesday, February 19th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.15) by $0.01. ACV Auctions had a negative return on equity of 12.94% and a negative net margin of 12.51%. The business had revenue of $159.51 million during the quarter, compared to the consensus estimate of $156.77 million. Sell-side analysts forecast that ACV Auctions will post -0.07 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. JMP Securities reaffirmed a “market outperform” rating and issued a $25.00 target price on shares of ACV Auctions in a report on Monday, December 16th. Needham & Company LLC reaffirmed a “buy” rating and issued a $25.00 price objective on shares of ACV Auctions in a report on Wednesday, March 12th. Stephens raised ACV Auctions to a “hold” rating in a research note on Saturday, February 1st. Piper Sandler raised ACV Auctions from a “neutral” rating to an “overweight” rating and raised their price target for the company from $18.00 to $20.00 in a report on Thursday, March 20th. Finally, JPMorgan Chase & Co. dropped their price objective on ACV Auctions from $24.00 to $20.00 and set an “overweight” rating on the stock in a report on Thursday, March 27th. Two investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $23.14.

Insider Buying and Selling at ACV Auctions

In related news, CFO William Zerella sold 15,000 shares of the stock in a transaction on Tuesday, January 7th. The stock was sold at an average price of $20.57, for a total transaction of $308,550.00. Following the completion of the sale, the chief financial officer now directly owns 462,452 shares of the company’s stock, valued at $9,512,637.64. This trade represents a 3.14 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Michael Waterman sold 30,162 shares of the business’s stock in a transaction on Tuesday, January 7th. The shares were sold at an average price of $20.53, for a total transaction of $619,225.86. Following the completion of the transaction, the insider now directly owns 314,738 shares in the company, valued at $6,461,571.14. This represents a 8.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 423,411 shares of company stock worth $6,776,916. 8.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On ACV Auctions

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Raymond James Financial Inc. acquired a new stake in shares of ACV Auctions in the fourth quarter valued at approximately $4,704,000. Intech Investment Management LLC lifted its stake in ACV Auctions by 55.7% in the 4th quarter. Intech Investment Management LLC now owns 62,395 shares of the company’s stock valued at $1,348,000 after buying an additional 22,310 shares in the last quarter. Moody National Bank Trust Division grew its holdings in ACV Auctions by 64.6% during the 4th quarter. Moody National Bank Trust Division now owns 79,199 shares of the company’s stock valued at $1,711,000 after buying an additional 31,094 shares during the last quarter. Quadrature Capital Ltd purchased a new position in ACV Auctions during the third quarter worth $566,000. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of ACV Auctions by 3.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,289,362 shares of the company’s stock worth $27,850,000 after acquiring an additional 48,021 shares during the last quarter. Institutional investors and hedge funds own 88.55% of the company’s stock.

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.