ACV Auctions Inc. (NASDAQ:ACVA – Get Rating) saw a large drop in short interest in the month of May. As of May 15th, there was short interest totalling 8,260,000 shares, a drop of 8.5% from the April 30th total of 9,030,000 shares. Based on an average daily volume of 1,340,000 shares, the days-to-cover ratio is presently 6.2 days. Currently, 6.6% of the company’s stock are short sold.
Wall Street Analyst Weigh In
A number of analysts have commented on the company. Needham & Company LLC reissued a “buy” rating and issued a $14.00 target price on shares of ACV Auctions in a report on Thursday, February 23rd. Piper Jaffray Companies lowered ACV Auctions to a “neutral” rating and set a $11.00 target price for the company. in a report on Thursday, February 16th. Barrington Research lifted their target price on ACV Auctions from $14.00 to $18.00 in a report on Wednesday, May 17th. Piper Sandler downgraded ACV Auctions from an “overweight” rating to a “neutral” rating and set a $11.00 price target on the stock. in a research note on Thursday, February 16th. They noted that the move was a valuation call. Finally, JMP Securities raised their price target on ACV Auctions from $14.00 to $18.00 in a research note on Thursday, May 11th. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, ACV Auctions has an average rating of “Moderate Buy” and a consensus target price of $14.80.
Insider Activity
In other news, Director Kirsten Castillo sold 36,583 shares of the firm’s stock in a transaction that occurred on Wednesday, May 24th. The stock was sold at an average price of $17.34, for a total value of $634,349.22. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CFO William Zerella sold 67,500 shares of the firm’s stock in a transaction that occurred on Tuesday, May 16th. The stock was sold at an average price of $16.25, for a total transaction of $1,096,875.00. Following the completion of the transaction, the chief financial officer now owns 333,567 shares of the company’s stock, valued at approximately $5,420,463.75. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Kirsten Castillo sold 36,583 shares of the firm’s stock in a transaction that occurred on Wednesday, May 24th. The shares were sold at an average price of $17.34, for a total value of $634,349.22. The disclosure for this sale can be found here. Insiders sold a total of 3,666,266 shares of company stock worth $57,581,208 in the last quarter. 11.64% of the stock is owned by company insiders.
Hedge Funds Weigh In On ACV Auctions
Several large investors have recently made changes to their positions in ACVA. Envestnet Asset Management Inc. purchased a new position in shares of ACV Auctions in the first quarter valued at about $181,000. Advisor Group Holdings Inc. lifted its position in shares of ACV Auctions by 18.6% in the first quarter. Advisor Group Holdings Inc. now owns 10,397 shares of the company’s stock valued at $153,000 after acquiring an additional 1,627 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of ACV Auctions by 3.2% in the first quarter. Bank of New York Mellon Corp now owns 49,679 shares of the company’s stock valued at $736,000 after acquiring an additional 1,547 shares in the last quarter. Citigroup Inc. lifted its position in shares of ACV Auctions by 359.1% in the first quarter. Citigroup Inc. now owns 3,641 shares of the company’s stock valued at $54,000 after acquiring an additional 2,848 shares in the last quarter. Finally, Bank of Montreal Can purchased a new position in shares of ACV Auctions in the first quarter valued at about $2,195,000. 69.75% of the stock is currently owned by hedge funds and other institutional investors.
ACV Auctions Price Performance
NASDAQ ACVA opened at $16.91 on Monday. The company has a market capitalization of $2.70 billion, a PE ratio of -29.16 and a beta of 1.41. The company has a debt-to-equity ratio of 0.20, a quick ratio of 2.01 and a current ratio of 2.01. The business’s fifty day moving average is $13.65 and its 200 day moving average is $11.06. ACV Auctions has a fifty-two week low of $6.10 and a fifty-two week high of $18.02.
ACV Auctions Company Profile
ACV Auctions Inc operates a digital marketplace that connects buyers and sellers for the online auction of wholesale vehicles. It also provides data services that offer insights into the condition and value of used vehicles, as well as offers customer financing services. ACV Auctions Inc was incorporated in 2014 and is headquartered in Buffalo, New York.