Short Interest in ACV Auctions Inc. (NASDAQ:ACVA) Decreases By 7.0%

ACV Auctions Inc. (NASDAQ:ACVA - Get Free Report) saw a significant drop in short interest in November. As of November 30th, there was short interest totalling 8,060,000 shares, a drop of 7.0% from the November 15th total of 8,670,000 shares. Currently, 5.3% of the company's stock are short sold. Based on an average daily volume of 1,400,000 shares, the days-to-cover ratio is currently 5.8 days.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. B. Riley increased their price target on ACV Auctions from $24.00 to $27.00 and gave the stock a "buy" rating in a report on Tuesday, November 26th. Raymond James initiated coverage on shares of ACV Auctions in a research note on Friday, September 27th. They issued a "market perform" rating and a $22.00 target price for the company. Jefferies Financial Group boosted their price target on shares of ACV Auctions from $22.00 to $25.00 and gave the stock a "buy" rating in a research note on Tuesday, October 22nd. Citigroup raised their price objective on shares of 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 boosted their target price on ACV Auctions from $16.00 to $18.00 and gave the stock a "neutral" rating in a research report on Friday, November 8th. Two research analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $23.60.

Insiders Place Their Bets

In other ACV Auctions news, VP Andrew Peer sold 1,795 shares of the company's stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $21.00, for a total transaction of $37,695.00. Following the completion of the sale, the vice president now directly owns 62,956 shares of the company's stock, valued at $1,322,076. This represents a 2.77 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO George Chamoun sold 111,363 shares of ACV Auctions stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $20.27, for a total value of $2,257,328.01. Following the completion of the transaction, the chief executive officer now owns 928,166 shares in the company, valued at $18,813,924.82. This trade represents a 10.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 364,113 shares of company stock valued at $7,368,519. 8.50% of the stock is owned by corporate 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 ACVA. Bank of New York Mellon Corp increased its stake in shares of ACV Auctions by 217.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,391,070 shares of the company's stock worth $25,387,000 after purchasing an additional 952,929 shares in the last quarter. Allspring Global Investments Holdings LLC purchased a new stake in shares of ACV Auctions in the second quarter valued at $8,567,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of ACV Auctions by 21.9% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 26,478 shares of the company's stock valued at $483,000 after acquiring an additional 4,752 shares in the last quarter. Principal Financial Group Inc. boosted its stake in shares of ACV Auctions by 33.1% during the second quarter. Principal Financial Group Inc. now owns 61,903 shares of the company's stock valued at $1,130,000 after acquiring an additional 15,390 shares during the last quarter. Finally, Rhumbline Advisers increased its position in ACV Auctions by 17.0% during the 2nd quarter. Rhumbline Advisers now owns 209,976 shares of the company's stock worth $3,832,000 after purchasing an additional 30,450 shares in the last quarter. Institutional investors and hedge funds own 88.55% of the company's stock.

ACV Auctions Price Performance

ACV Auctions stock traded up $0.93 during trading hours on Monday, hitting $21.23. The stock had a trading volume of 1,045,535 shares, compared to its average volume of 1,257,560. The stock has a market capitalization of $3.56 billion, a price-to-earnings ratio of -43.19 and a beta of 1.70. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.51 and a quick ratio of 1.51. ACV Auctions has a 1-year low of $12.84 and a 1-year high of $23.46. The stock's fifty day moving average is $20.08 and its two-hundred day moving average is $18.96.

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.