ACV Auctions Inc. (NASDAQ:ACVA) Short Interest Update

ACV Auctions Inc. (NASDAQ:ACVA) was the target of a large drop in short interest during the month of 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 shares of the company are short sold. Based on an average trading volume of 1,400,000 shares, the days-to-cover ratio is presently 5.8 days.

Analysts Set New Price Targets

Several equities analysts have weighed in on the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $26.00 price target on shares of ACV Auctions in a report on Tuesday, November 26th. Jefferies Financial Group raised their price objective on shares of ACV Auctions from $22.00 to $25.00 and gave the company a “buy” rating in a research report on Tuesday, October 22nd. B. Riley upped their target price 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. JMP Securities reissued a “market outperform” rating and set a $25.00 price target on shares of ACV Auctions in a report on Monday. Finally, Barrington Research reaffirmed an “outperform” rating and issued a $23.00 price objective on shares of ACV Auctions in a research note on Monday, November 4th. Two analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, ACV Auctions has a consensus rating of “Moderate Buy” and an average target price of $23.60.

ACV Auctions Trading Up 4.6 %

Shares of ACV Auctions stock opened at $21.23 on Tuesday. ACV Auctions has a twelve month low of $12.84 and a twelve month high of $23.46. The company has a quick ratio of 1.51, a current ratio of 1.51 and a debt-to-equity ratio of 0.25. The business has a 50-day moving average price of $20.13 and a 200-day moving average price of $18.99. The firm has a market cap of $3.56 billion, a price-to-earnings ratio of -45.17 and a beta of 1.70.

Insider Transactions at ACV Auctions

In related news, VP Andrew Peer sold 1,795 shares of ACV Auctions stock in a transaction 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 transaction, the vice president now directly owns 62,956 shares in the company, valued at approximately $1,322,076. The trade was a 2.77 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Michael Waterman sold 16,098 shares of the business’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $19.95, for a total value of $321,155.10. Following the sale, the insider now directly owns 348,155 shares of the company’s stock, valued at $6,945,692.25. This represents a 4.42 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 100,894 shares of company stock worth $2,036,089 in the last 90 days. 8.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On ACV Auctions

Several institutional investors have recently added to or reduced their stakes in ACVA. Blue Trust Inc. raised its holdings in shares of 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 acquiring an additional 884 shares in the last quarter. MCF Advisors LLC increased its position in ACV Auctions by 107.0% in the third quarter. MCF Advisors LLC now owns 1,480 shares of the company’s stock worth $30,000 after purchasing an additional 765 shares during the last quarter. Park Place Capital Corp raised its stake in ACV Auctions by 34.1% during the third 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 in the last quarter. Amalgamated Bank lifted its position in ACV Auctions by 18.0% during 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 last quarter. Finally, Verdence Capital Advisors LLC purchased a new position in shares of ACV Auctions in the 3rd quarter worth $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.