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

ACV Auctions Inc. (NASDAQ:ACVA - Get Free Report) was the recipient of a large decrease in short interest during the month of May. As of May 15th, there was short interest totalling 11,860,000 shares, a decrease of 12.2% from the April 30th total of 13,510,000 shares. Based on an average daily volume of 2,560,000 shares, the days-to-cover ratio is presently 4.6 days. Approximately 7.3% of the shares of the stock are short sold.

ACV Auctions Price Performance

ACVA stock traded down $0.10 during trading on Thursday, reaching $16.33. 897,099 shares of the company were exchanged, compared to its average volume of 2,146,235. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.56 and a current ratio of 1.56. The stock's 50 day moving average price is $15.29 and its 200 day moving average price is $18.21. ACV Auctions has a 52-week low of $11.88 and a 52-week high of $23.46. The company has a market cap of $2.79 billion, a P/E ratio of -33.32 and a beta of 1.74.

ACV Auctions (NASDAQ:ACVA - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The company reported ($0.09) earnings per share for the quarter, missing analysts' consensus estimates of $0.04 by ($0.13). ACV Auctions had a negative net margin of 12.51% and a negative return on equity of 12.94%. During the same period in the previous year, the firm posted ($0.13) earnings per share. ACV Auctions's revenue for the quarter was up 25.4% compared to the same quarter last year. As a group, analysts predict that ACV Auctions will post -0.07 earnings per share for the current fiscal year.

Insider Activity at ACV Auctions

In other news, CFO William Zerella sold 15,000 shares of the firm's stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $13.53, for a total transaction of $202,950.00. Following the transaction, the chief financial officer now directly owns 766,266 shares in the company, valued at approximately $10,367,578.98. This trade represents a 1.92% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Michael Waterman sold 223,330 shares of ACV Auctions stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $17.00, for a total transaction of $3,796,610.00. Following the completion of the transaction, the insider now owns 466,548 shares in the company, valued at approximately $7,931,316. This represents a 32.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 586,579 shares of company stock valued at $9,341,700. 2.90% of the stock is owned by insiders.

Hedge Funds Weigh In On ACV Auctions

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its stake in shares of ACV Auctions by 7.4% during the 1st quarter. Vanguard Group Inc. now owns 15,301,225 shares of the company's stock worth $215,594,000 after purchasing an additional 1,055,310 shares in the last quarter. William Blair Investment Management LLC increased its position in ACV Auctions by 43.2% during the fourth quarter. William Blair Investment Management LLC now owns 12,099,686 shares of the company's stock worth $261,353,000 after buying an additional 3,652,871 shares in the last quarter. Massachusetts Financial Services Co. MA increased its position in ACV Auctions by 6.0% during the first quarter. Massachusetts Financial Services Co. MA now owns 9,084,830 shares of the company's stock worth $128,005,000 after buying an additional 510,680 shares in the last quarter. Alliancebernstein L.P. raised its holdings in shares of ACV Auctions by 10.5% in the first quarter. Alliancebernstein L.P. now owns 6,214,362 shares of the company's stock worth $87,560,000 after acquiring an additional 592,107 shares during the last quarter. Finally, Jennison Associates LLC lifted its position in shares of ACV Auctions by 9.0% in the first quarter. Jennison Associates LLC now owns 5,427,521 shares of the company's stock valued at $76,474,000 after acquiring an additional 447,167 shares in the last quarter. Institutional investors and hedge funds own 88.55% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have commented on ACVA shares. JPMorgan Chase & Co. reduced their price objective on ACV Auctions from $24.00 to $20.00 and set an "overweight" rating for the company in a research note on Thursday, March 27th. JMP Securities decreased their price target on ACV Auctions from $22.00 to $18.00 and set a "market outperform" rating for the company in a report on Wednesday, April 9th. Bank of America raised shares of ACV Auctions from a "neutral" rating to a "buy" rating and dropped their price objective for the company from $22.00 to $20.00 in a research note on Wednesday, March 12th. Piper Sandler upgraded shares of ACV Auctions from a "neutral" rating to an "overweight" rating and raised their target price for the stock from $18.00 to $20.00 in a research note on Thursday, March 20th. Finally, Needham & Company LLC reiterated a "buy" rating and set a $25.00 price target on shares of ACV Auctions in a research note on Thursday, May 8th. Two investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $22.50.

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.