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

ACV Auctions Inc. (NASDAQ:ACVA) was the recipient of a large decrease in short interest during the month of August. As of August 31st, there was short interest totalling 8,320,000 shares, a decrease of 12.1% from the August 15th total of 9,470,000 shares. Based on an average trading volume of 1,330,000 shares, the short-interest ratio is presently 6.3 days. Approximately 5.7% of the shares of the company are sold short.

ACV Auctions Trading Up 2.0 %

Shares of ACV Auctions stock opened at $20.35 on Wednesday. ACV Auctions has a fifty-two week low of $12.84 and a fifty-two week high of $20.79. The firm has a market cap of $3.36 billion, a PE ratio of -42.40 and a beta of 1.55. The business’s fifty day moving average is $18.13 and its two-hundred day moving average is $18.08. The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 0.24.

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

Wall Street Analyst Weigh In

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

Insider Buying and Selling at ACV Auctions

In other ACV Auctions news, COO Vikas Mehta sold 154,324 shares of the company’s stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $19.19, for a total transaction of $2,961,477.56. Following the completion of the sale, the chief operating officer now directly owns 432,457 shares of the company’s stock, valued at approximately $8,298,849.83. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other ACV Auctions news, CFO William Zerella sold 32,500 shares of the business’s stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $15.19, for a total transaction of $493,675.00. Following the transaction, the chief financial officer now owns 503,077 shares in the company, valued at approximately $7,641,739.63. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Vikas Mehta sold 154,324 shares of the business’s stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $19.19, for a total value of $2,961,477.56. Following the transaction, the chief operating officer now owns 432,457 shares in the company, valued at approximately $8,298,849.83. The disclosure for this sale can be found here. Insiders sold a total of 608,129 shares of company stock valued at $11,126,042 in the last ninety days. Insiders own 8.50% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in ACVA. Charles Schwab Investment Management Inc. raised its position in shares of ACV Auctions by 1.8% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,044,415 shares of the company’s stock worth $15,823,000 after buying an additional 18,626 shares during the period. Dimensional Fund Advisors LP raised its position in shares of ACV Auctions by 21.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,846,726 shares of the company’s stock worth $27,979,000 after buying an additional 329,854 shares during the period. Ieq Capital LLC purchased a new position in shares of ACV Auctions in the 4th quarter worth $249,000. FineMark National Bank & Trust purchased a new position in shares of ACV Auctions in the 4th quarter worth $381,000. Finally, Axiom Investors LLC DE raised its position in ACV Auctions by 172.5% in the fourth quarter. Axiom Investors LLC DE now owns 364,280 shares of the company’s stock valued at $5,519,000 after purchasing an additional 230,580 shares during the period. 88.55% of the stock is owned by hedge funds and other institutional investors.

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.