Short Interest in ACV Auctions Inc. (NASDAQ:ACVA) Declines By 9.0%

ACV Auctions Inc. (NASDAQ:ACVA - Get Free Report) was the recipient of a large decrease in short interest in the month of March. As of March 31st, there was short interest totalling 9,000,000 shares, a decrease of 9.0% from the March 15th total of 9,890,000 shares. Currently, 6.6% of the shares of the company are sold short. Based on an average trading volume of 1,240,000 shares, the short-interest ratio is currently 7.3 days.

ACV Auctions Stock Down 4.2 %

ACVA stock traded down $0.74 during trading on Monday, reaching $16.96. 632,897 shares of the company were exchanged, compared to its average volume of 1,229,912. The company has a quick ratio of 2.12, a current ratio of 2.12 and a debt-to-equity ratio of 0.25. The stock's 50 day moving average price is $17.08 and its 200 day moving average price is $15.38. ACV Auctions has a 52-week low of $11.58 and a 52-week high of $19.54.

ACV Auctions (NASDAQ:ACVA - Get Free Report) last announced its quarterly earnings results on Wednesday, February 21st. The company reported ($0.12) EPS for the quarter, topping the consensus estimate of ($0.13) by $0.01. ACV Auctions had a negative return on equity of 13.97% and a negative net margin of 15.64%. The business had revenue of $118.38 million for the quarter, compared to analyst estimates of $117.62 million. As a group, equities research analysts forecast that ACV Auctions will post -0.29 EPS for the current year.

Insider Activity at ACV Auctions

In other ACV Auctions news, CEO George Chamoun sold 120,062 shares of the stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $19.14, for a total transaction of $2,297,986.68. Following the completion of the transaction, the chief executive officer now owns 597,921 shares of the company's stock, valued at $11,444,207.94. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CEO George Chamoun sold 120,062 shares of the business's stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $19.14, for a total transaction of $2,297,986.68. Following the completion of the transaction, the chief executive officer now owns 597,921 shares in the company, valued at $11,444,207.94. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Brian Hirsch sold 38,763 shares of the firm's stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $18.24, for a total value of $707,037.12. Following the completion of the sale, the director now owns 378,390 shares in the company, valued at $6,901,833.60. The disclosure for this sale can be found here. Insiders have sold a total of 1,475,208 shares of company stock valued at $26,568,349 in the last ninety days. Company insiders own 13.67% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in ACVA. UBS Group AG grew its stake in ACV Auctions by 47.5% in the 4th quarter. UBS Group AG now owns 3,725 shares of the company's stock valued at $31,000 after acquiring an additional 1,200 shares during the last quarter. Park Place Capital Corp increased its stake in shares of ACV Auctions by 83.2% during the 3rd quarter. Park Place Capital Corp now owns 2,180 shares of the company's stock worth $33,000 after purchasing an additional 990 shares in the last quarter. Neo Ivy Capital Management acquired a new position in shares of ACV Auctions during the 2nd quarter worth approximately $36,000. KBC Group NV purchased a new stake in ACV Auctions in the 4th quarter valued at approximately $43,000. Finally, Lazard Asset Management LLC acquired a new stake in ACV Auctions during the 4th quarter valued at $53,000. Hedge funds and other institutional investors own 88.55% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have commented on ACVA. Needham & Company LLC reaffirmed a "buy" rating and set a $23.00 price objective on shares of ACV Auctions in a research note on Thursday, February 22nd. Northcoast Research raised shares of ACV Auctions from a "neutral" rating to a "buy" rating and set a $22.00 price objective on the stock in a research note on Wednesday, January 10th. Finally, JMP Securities reduced their target price on shares of ACV Auctions from $20.00 to $19.00 and set a "market outperform" rating for the company in a research note on Tuesday, January 16th. Two equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $20.21.

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.