ACV Auctions Inc. (NASDAQ:ACVA) Short Interest Up 9.1% in January

ACV Auctions Inc. (NASDAQ:ACVA) was the target of a significant increase in short interest in January. As of January 15th, there was short interest totalling 9,260,000 shares, an increase of 9.1% from the December 31st total of 8,490,000 shares. Based on an average trading volume of 1,380,000 shares, the short-interest ratio is presently 6.7 days. Currently, 6.0% of the shares of the company are sold short.

ACV Auctions Stock Performance

Shares of NASDAQ ACVA opened at $20.46 on Tuesday. The company has a market cap of $3.43 billion, a PE ratio of -43.53 and a beta of 1.69. The company has a current ratio of 1.51, a quick ratio of 1.51 and a debt-to-equity ratio of 0.25. ACV Auctions has a 12-month low of $13.37 and a 12-month high of $23.46. The stock has a 50 day simple moving average of $21.54 and a 200-day simple moving average of $19.83.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on ACVA shares. Jefferies Financial Group lifted their price target on shares of ACV Auctions from $22.00 to $25.00 and gave the company a “buy” rating in a report on Tuesday, October 22nd. B. Riley lifted their price target on shares of ACV Auctions from $24.00 to $27.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th. JMP Securities reissued a “market outperform” rating and issued a $25.00 price objective on shares of ACV Auctions in a research report on Monday, December 16th. Barrington Research restated an “outperform” rating and set a $23.00 target price on shares of ACV Auctions in a report on Monday, November 4th. Finally, Citigroup increased their price target on ACV Auctions from $22.00 to $27.00 and gave the company a “buy” rating in a report on Wednesday, November 27th. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $23.65.

Insider Activity

In related news, insider Michael Waterman sold 30,162 shares of the stock in a transaction on Tuesday, January 7th. The stock was sold at an average price of $20.53, for a total transaction of $619,225.86. Following the sale, the insider now owns 314,738 shares of the company’s stock, valued at $6,461,571.14. This trade represents a 8.75 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO William Zerella sold 32,500 shares of the company’s stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $22.41, for a total transaction of $728,325.00. Following the transaction, the chief financial officer now directly owns 490,482 shares in the company, valued at $10,991,701.62. The trade was a 6.21 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 110,162 shares of company stock valued at $2,359,726 over the last quarter. Corporate insiders own 8.50% of the company’s stock.

Institutional Trading of ACV Auctions

Hedge funds and other institutional investors have recently modified their holdings of the company. Handelsbanken Fonder AB raised its position in ACV Auctions by 6.0% in the fourth quarter. Handelsbanken Fonder AB now owns 44,000 shares of the company’s stock worth $950,000 after acquiring an additional 2,500 shares in the last quarter. TimesSquare Capital Management LLC increased its position in shares of ACV Auctions by 6.7% in the fourth quarter. TimesSquare Capital Management LLC now owns 1,891,627 shares of the company’s stock worth $40,859,000 after acquiring an additional 118,421 shares in the last quarter. New York State Common Retirement Fund raised its holdings in shares of ACV Auctions by 100.0% during the fourth quarter. New York State Common Retirement Fund now owns 753,296 shares of the company’s stock valued at $16,271,000 after acquiring an additional 376,557 shares during the period. Rhumbline Advisers lifted its position in shares of ACV Auctions by 2.1% in the 4th quarter. Rhumbline Advisers now owns 206,395 shares of the company’s stock valued at $4,458,000 after acquiring an additional 4,212 shares in the last quarter. Finally, Blue Trust Inc. grew its position in ACV Auctions by 65.8% during the 4th quarter. Blue Trust Inc. now owns 2,352 shares of the company’s stock worth $48,000 after purchasing an additional 933 shares in the last quarter. Institutional investors own 88.55% of the company’s stock.

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.