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

ACV Auctions Inc. (NASDAQ:ACVA - Get Free Report) was the recipient of a significant increase in short interest during 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. Currently, 7.6% of the shares of the stock are short sold. Based on an average daily trading volume, of 2,020,000 shares, the short-interest ratio is presently 6.1 days.

ACV Auctions Price Performance

Shares of ACVA traded down $1.43 during mid-day trading on Thursday, hitting $13.71. 2,263,868 shares of the company were exchanged, compared to its average volume of 1,487,808. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.56 and a current ratio of 1.56. ACV Auctions has a 1-year low of $12.77 and a 1-year high of $23.46. The stock has a market cap of $2.31 billion, a price-to-earnings ratio of -27.97 and a beta of 1.73. The company has a 50 day moving average of $17.46 and a 200-day moving average of $19.44.

ACV Auctions (NASDAQ:ACVA - Get Free Report) last issued its quarterly earnings results on Wednesday, February 19th. The company reported ($0.14) 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 firm had revenue of $159.51 million during the quarter, compared to analysts' expectations of $156.77 million. Analysts expect that ACV Auctions will post -0.07 EPS for the current fiscal year.

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Insider Activity

In other news, insider Michael Waterman sold 30,162 shares of the stock in a transaction on Tuesday, January 7th. The shares were sold at an average price of $20.53, for a total value of $619,225.86. Following the sale, the insider now owns 314,738 shares of the company's stock, valued at approximately $6,461,571.14. This represents a 8.75 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO George Chamoun sold 348,249 shares of ACV Auctions stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $15.34, for a total transaction of $5,342,139.66. Following the transaction, the chief executive officer now directly owns 2,821,193 shares of the company's stock, valued at approximately $43,277,100.62. This represents a 10.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 423,411 shares of company stock worth $6,776,916 over the last quarter. Insiders own 8.50% of the company's stock.

Institutional Trading of ACV Auctions

Several large investors have recently bought and sold shares of the business. Versant Capital Management Inc grew its position in shares of ACV Auctions by 464.4% in the first quarter. Versant Capital Management Inc now owns 2,201 shares of the company's stock valued at $31,000 after purchasing an additional 1,811 shares in the last quarter. Blue Trust Inc. increased its stake in shares of ACV Auctions by 65.8% in the 4th quarter. Blue Trust Inc. now owns 2,352 shares of the company's stock worth $48,000 after acquiring an additional 933 shares during the last quarter. KBC Group NV raised its holdings in shares of ACV Auctions by 80.4% during the 4th quarter. KBC Group NV now owns 7,406 shares of the company's stock worth $160,000 after acquiring an additional 3,300 shares during the period. Integrated Advisors Network LLC acquired a new position in shares of ACV Auctions during the 4th quarter valued at about $200,000. Finally, Mackenzie Financial Corp acquired a new stake in ACV Auctions during the fourth quarter worth about $206,000. Hedge funds and other institutional investors own 88.55% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. Piper Sandler upgraded shares of ACV Auctions from a "neutral" rating to an "overweight" rating and upped their price target for the stock from $18.00 to $20.00 in a report on Thursday, March 20th. Bank of America upgraded ACV Auctions from a "neutral" rating to a "buy" rating and lowered their price target for the company from $22.00 to $20.00 in a report on Wednesday, March 12th. Needham & Company LLC restated a "buy" rating and issued a $25.00 price target on shares of ACV Auctions in a report on Wednesday, March 12th. JPMorgan Chase & Co. reduced their target price on ACV Auctions from $24.00 to $20.00 and set an "overweight" rating on the stock in a research report on Thursday, March 27th. Finally, JMP Securities reaffirmed a "market outperform" rating and issued a $25.00 price objective on shares of ACV Auctions in a research report on Monday, December 16th. Two analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $23.14.

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.