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

ACV Auctions Inc. (NASDAQ:ACVA - Get Free Report) was the target of a significant increase in short interest in 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 trading volume of 1,380,000 shares, the days-to-cover ratio is currently 6.7 days.

Insiders Place Their Bets

In other news, insider Michael Waterman sold 30,162 shares of the business's stock in a transaction dated 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 sale, the insider now owns 314,738 shares of the company's stock, valued at $6,461,571.14. The trade was a 8.75 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO William Zerella sold 32,500 shares of the stock in a transaction on Monday, December 30th. The shares were sold at an average price of $21.65, for a total value of $703,625.00. Following the completion of the transaction, the chief financial officer now directly owns 490,482 shares of the company's stock, valued at approximately $10,618,935.30. This represents a 6.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 110,162 shares of company stock valued at $2,359,726. 8.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Moody National Bank Trust Division boosted its stake 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 acquiring an additional 31,094 shares during the last quarter. Quadrature Capital Ltd acquired a new position in ACV Auctions in the third quarter worth about $566,000. JPMorgan Chase & Co. increased its holdings in ACV Auctions by 10.9% in the third quarter. JPMorgan Chase & Co. now owns 3,167,615 shares of the company's stock valued at $64,398,000 after buying an additional 311,465 shares during the last quarter. Quantbot Technologies LP acquired a new stake in ACV Auctions during the third quarter valued at approximately $2,035,000. Finally, State Street Corp lifted its stake in ACV Auctions by 3.7% during the third quarter. State Street Corp now owns 3,242,388 shares of the company's stock worth $65,918,000 after purchasing an additional 115,700 shares during the last quarter. Hedge funds and other institutional investors own 88.55% of the company's stock.

ACV Auctions Stock Up 0.7 %

ACV Auctions stock traded up $0.16 during midday trading on Friday, hitting $21.53. 1,157,551 shares of the stock were exchanged, compared to its average volume of 1,104,952. ACV Auctions has a 1 year low of $12.84 and a 1 year high of $23.46. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.51 and a current ratio of 1.51. The company has a 50 day moving average price of $21.51 and a two-hundred day moving average price of $19.54.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on ACVA. Barrington Research restated an "outperform" rating and issued a $23.00 price objective on shares of ACV Auctions in a report on Monday, November 4th. Citigroup boosted their target price on shares of ACV Auctions from $22.00 to $27.00 and gave the stock a "buy" rating in a research note on Wednesday, November 27th. Piper Sandler upped their target price on ACV Auctions from $16.00 to $18.00 and gave the company a "neutral" rating in a research report on Friday, November 8th. B. Riley lifted their price objective on shares of ACV Auctions from $24.00 to $27.00 and gave the company a "buy" rating in a research note on Tuesday, November 26th. Finally, Needham & Company LLC reiterated a "buy" rating and issued a $28.00 price objective (up from $26.00) on shares of ACV Auctions in a research report on Thursday, December 26th. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, ACV Auctions presently has an average rating of "Moderate Buy" and an average target price of $24.00.

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.