ACV Auctions Inc. (NASDAQ:ACVA) Short Interest Up 9.1% in January

ACV Auctions Inc. (NASDAQ:ACVA - Get Free Report) saw a significant growth in short interest in January. As of January 15th, there was short interest totalling 9,260,000 shares, a growth of 9.1% from the December 31st total of 8,490,000 shares. Based on an average daily trading volume, of 1,380,000 shares, the days-to-cover ratio is currently 6.7 days. Approximately 6.0% of the shares of the company are sold short.

ACV Auctions Trading Down 0.2 %

ACVA stock traded down $0.04 during trading on Wednesday, hitting $20.82. The company had a trading volume of 925,211 shares, compared to its average volume of 1,144,568. The business has a 50-day moving average of $21.51 and a 200-day moving average of $19.84. ACV Auctions has a one year low of $13.52 and a one year high of $23.46. The stock has a market cap of $3.49 billion, a PE ratio of -44.29 and a beta of 1.69. The company has a current ratio of 1.51, a quick ratio of 1.51 and a debt-to-equity ratio of 0.25.

Insider Transactions at ACV Auctions

In related news, CFO William Zerella sold 32,500 shares of the business's stock in a transaction dated Monday, December 30th. The stock was 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 owns 490,482 shares of the company's stock, valued at $10,618,935.30. The trade was a 6.21 % decrease in their ownership of the stock. The transaction 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 dated Tuesday, January 7th. The shares were sold at an average price of $20.53, for a total value 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 approximately $6,461,571.14. This trade represents a 8.75 % decrease in their position. 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.

Hedge Funds Weigh In On ACV Auctions

Several institutional investors have recently added to or reduced their stakes in ACVA. Blue Trust Inc. lifted its stake in ACV Auctions by 165.2% in the third quarter. Blue Trust Inc. now owns 1,419 shares of the company's stock valued at $29,000 after buying an additional 884 shares during the period. MCF Advisors LLC grew its stake in ACV Auctions by 107.0% in the 3rd quarter. MCF Advisors LLC now owns 1,480 shares of the company's stock valued at $30,000 after purchasing an additional 765 shares during the period. Park Place Capital Corp grew its stake in ACV Auctions by 34.1% in the 3rd quarter. Park Place Capital Corp now owns 2,779 shares of the company's stock valued at $56,000 after purchasing an additional 706 shares during the period. KBC Group NV grew its stake in ACV Auctions by 80.4% in the 4th quarter. KBC Group NV now owns 7,406 shares of the company's stock valued at $160,000 after purchasing an additional 3,300 shares during the period. Finally, Verdence Capital Advisors LLC bought a new position in shares of ACV Auctions during the 3rd quarter worth $206,000. 88.55% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

ACVA has been the topic of a number of recent analyst reports. JMP Securities reiterated a "market outperform" rating and issued a $25.00 target price on shares of ACV Auctions in a research report on Monday, December 16th. Barrington Research reiterated an "outperform" rating and issued a $23.00 target price on shares of ACV Auctions in a research report on Monday, November 4th. Jefferies Financial Group lifted their target price on ACV Auctions from $22.00 to $25.00 and gave the company a "buy" rating in a research report on Tuesday, October 22nd. Citigroup lifted their target price on ACV Auctions from $22.00 to $27.00 and gave the company a "buy" rating in a research report on Wednesday, November 27th. Finally, Piper Sandler lifted 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. Three equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $23.65.

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.