Short Interest in ACV Auctions Inc. (NASDAQ:ACVA) Increases By 9.1%

ACV Auctions Inc. (NASDAQ:ACVA) was the target of a significant increase in short interest in the month of December. As of December 31st, there was short interest totalling 9,260,000 shares, an increase of 9.1% from the December 15th total of 8,490,000 shares. Approximately 6.0% of the company’s stock are sold short. Based on an average daily volume of 1,380,000 shares, the days-to-cover ratio is presently 6.7 days.

ACV Auctions Price Performance

Shares of NASDAQ:ACVA opened at $21.53 on Monday. ACV Auctions has a one year low of $12.84 and a one year high of $23.46. The stock has a market capitalization of $3.61 billion, a price-to-earnings ratio of -45.81 and a beta of 1.69. The company has a 50-day simple moving average of $21.51 and a 200-day simple moving average of $19.55. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.51 and a current ratio of 1.51.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on ACVA. Needham & Company LLC restated a “buy” rating and issued a $28.00 price objective (up from $26.00) on shares of ACV Auctions in a report on Thursday, December 26th. Raymond James started coverage on ACV Auctions in a report on Friday, September 27th. They set a “market perform” rating and a $22.00 price target for the company. B. Riley raised their price objective on shares of ACV Auctions from $24.00 to $27.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. Citigroup upped their target price on shares of ACV Auctions from $22.00 to $27.00 and gave the company a “buy” rating in a report on Wednesday, November 27th. Finally, Piper Sandler boosted their price target on shares of ACV Auctions from $16.00 to $18.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, ACV Auctions currently has a consensus rating of “Moderate Buy” and a consensus price target of $24.00.

Insider Activity

In related news, insider Michael Waterman sold 30,162 shares of the business’s stock in a transaction on Tuesday, January 7th. The stock was 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 of the company’s stock, valued at $6,461,571.14. The trade was a 8.75 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO William Zerella sold 32,500 shares of ACV Auctions stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $22.41, for a total value of $728,325.00. Following the completion of the transaction, the chief financial officer now owns 490,482 shares of the company’s stock, valued at $10,991,701.62. The trade was a 6.21 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 110,162 shares of company stock valued at $2,359,726. 8.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On ACV Auctions

Large investors have recently modified their holdings of the stock. Blue Trust Inc. raised its position in ACV Auctions by 165.2% during the 3rd quarter. Blue Trust Inc. now owns 1,419 shares of the company’s stock worth $29,000 after buying an additional 884 shares during the last quarter. MCF Advisors LLC increased its stake in shares of ACV Auctions by 107.0% during the third quarter. MCF Advisors LLC now owns 1,480 shares of the company’s stock worth $30,000 after acquiring an additional 765 shares during the period. Park Place Capital Corp raised its holdings in ACV Auctions by 34.1% during the third quarter. Park Place Capital Corp now owns 2,779 shares of the company’s stock worth $56,000 after purchasing an additional 706 shares in the last quarter. Amalgamated Bank lifted its position in ACV Auctions by 18.0% in the second quarter. Amalgamated Bank now owns 5,120 shares of the company’s stock valued at $93,000 after purchasing an additional 782 shares during the period. Finally, Verdence Capital Advisors LLC purchased a new stake in ACV Auctions in the 3rd quarter valued at approximately $206,000. Hedge funds and other institutional investors 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.