ACV Auctions Inc. (NASDAQ:ACVA) Sees Significant Drop in Short Interest

ACV Auctions Inc. (NASDAQ:ACVA) saw a significant drop in short interest in the month of August. As of August 31st, there was short interest totalling 8,320,000 shares, a drop of 12.1% from the August 15th total of 9,470,000 shares. Currently, 5.7% of the company’s stock are sold short. Based on an average daily volume of 1,330,000 shares, the days-to-cover ratio is presently 6.3 days.

Insider Buying and Selling at ACV Auctions

In other news, insider Craig Eric Anderson sold 7,500 shares of the firm’s stock in a transaction dated Tuesday, July 2nd. The stock was sold at an average price of $17.81, for a total transaction of $133,575.00. Following the completion of the sale, the insider now directly owns 328,167 shares in the company, valued at $5,844,654.27. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CFO William Zerella sold 32,500 shares of the firm’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $15.19, for a total transaction of $493,675.00. Following the completion of the sale, the chief financial officer now directly owns 503,077 shares in the company, valued at $7,641,739.63. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Craig Eric Anderson sold 7,500 shares of the firm’s stock in a transaction dated Tuesday, July 2nd. The shares were sold at an average price of $17.81, for a total value of $133,575.00. Following the sale, the insider now owns 328,167 shares of the company’s stock, valued at $5,844,654.27. The disclosure for this sale can be found here. Insiders have sold 608,129 shares of company stock valued at $11,126,042 over the last three months. 8.50% of the stock is owned by company insiders.

Institutional Investors Weigh In On ACV Auctions

A number of hedge funds have recently made changes to their positions in ACVA. Massachusetts Financial Services Co. MA raised its holdings in shares of ACV Auctions by 47.6% during the second quarter. Massachusetts Financial Services Co. MA now owns 7,758,163 shares of the company’s stock valued at $141,586,000 after buying an additional 2,502,064 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in shares of ACV Auctions by 217.5% during the second quarter. Bank of New York Mellon Corp now owns 1,391,070 shares of the company’s stock valued at $25,387,000 after buying an additional 952,929 shares during the last quarter. Swedbank AB bought a new stake in shares of ACV Auctions during the first quarter valued at approximately $15,016,000. TimesSquare Capital Management LLC raised its holdings in shares of ACV Auctions by 45.6% during the first quarter. TimesSquare Capital Management LLC now owns 1,765,822 shares of the company’s stock valued at $33,144,000 after buying an additional 552,719 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC bought a new stake in shares of ACV Auctions during the second quarter valued at approximately $8,567,000. Institutional investors own 88.55% of the company’s stock.

ACV Auctions Stock Performance

Shares of NASDAQ ACVA opened at $20.35 on Wednesday. The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 0.24. The firm’s 50-day moving average price is $18.13 and its two-hundred day moving average price is $18.08. ACV Auctions has a 52-week low of $12.84 and a 52-week high of $20.79. The stock has a market capitalization of $3.36 billion, a P/E ratio of -42.40 and a beta of 1.55.

ACV Auctions (NASDAQ:ACVA) last issued its earnings results on Wednesday, August 7th. The company reported ($0.07) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.02. ACV Auctions had a negative net margin of 14.53% and a negative return on equity of 13.20%. The firm had revenue of $160.62 million for the quarter, compared to analysts’ expectations of $156.33 million. As a group, sell-side analysts forecast that ACV Auctions will post -0.36 earnings per share for the current year.

Analysts Set New Price Targets

A number of research firms recently commented on ACVA. Barrington Research reiterated an “outperform” rating and issued a $23.00 price target on shares of ACV Auctions in a research note on Friday, August 16th. JMP Securities lifted their price target on ACV Auctions from $21.00 to $24.00 and gave the stock a “market outperform” rating in a research note on Tuesday. JPMorgan Chase & Co. upgraded ACV Auctions from a “neutral” rating to an “overweight” rating and set a $21.00 price target for the company in a research note on Monday, June 10th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $23.00 price target on shares of ACV Auctions in a research note on Monday, June 3rd. One research analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $21.50.

ACV Auctions Company Profile

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.