ACV Auctions Inc. (NASDAQ:ACVA - Get Free Report) was the recipient of a significant growth in short interest during the month of December. As of December 31st, there was short interest totalling 9,260,000 shares, a growth of 9.1% from the December 15th total of 8,490,000 shares. Currently, 6.0% of the company's stock are short sold. Based on an average daily trading volume, of 1,380,000 shares, the days-to-cover ratio is presently 6.7 days.
A number of equities research analysts recently commented on the stock. Raymond James assumed coverage on shares of ACV Auctions in a research report on Friday, September 27th. They issued a "market perform" rating and a $22.00 price objective for the company. Piper Sandler raised their price objective on shares of ACV Auctions from $16.00 to $18.00 and gave the stock a "neutral" rating in a research note on Friday, November 8th. Citigroup raised their price objective on shares of ACV Auctions from $22.00 to $27.00 and gave the stock a "buy" rating in a research note on Wednesday, November 27th. Needham & Company LLC reaffirmed a "buy" rating and issued a $28.00 target price (up from $26.00) on shares of ACV Auctions in a research note on Thursday, December 26th. Finally, B. Riley lifted their target price on shares of ACV Auctions from $24.00 to $27.00 and gave the stock a "buy" rating in a research note on Tuesday, November 26th. Two analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, ACV Auctions has a consensus rating of "Moderate Buy" and an average target price of $24.00.
Check Out Our Latest Stock Analysis on ACVA
In other news, insider Michael Waterman sold 30,162 shares of the stock in a transaction dated Tuesday, January 7th. The shares were sold at an average price of $20.53, for a total transaction of $619,225.86. Following the completion of the sale, the insider now owns 314,738 shares in the company, valued at approximately $6,461,571.14. This represents a 8.75 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO William Zerella sold 32,500 shares of the stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $22.41, for a total transaction of $728,325.00. Following the sale, the chief financial officer now owns 490,482 shares of the company's stock, valued at $10,991,701.62. This trade represents a 6.21 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 110,162 shares of company stock valued at $2,359,726 over the last quarter. 8.50% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the business. Moody National Bank Trust Division lifted its holdings in shares of ACV Auctions by 64.6% during the 4th quarter. Moody National Bank Trust Division now owns 79,199 shares of the company's stock valued at $1,711,000 after acquiring an additional 31,094 shares in the last quarter. Quadrature Capital Ltd purchased a new stake in ACV Auctions during the 3rd quarter worth $566,000. JPMorgan Chase & Co. increased its stake in ACV Auctions by 10.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 3,167,615 shares of the company's stock worth $64,398,000 after buying an additional 311,465 shares during the period. Quantbot Technologies LP purchased a new stake in ACV Auctions during the 3rd quarter worth $2,035,000. Finally, State Street Corp increased its stake in ACV Auctions by 3.7% during the 3rd quarter. State Street Corp now owns 3,242,388 shares of the company's stock worth $65,918,000 after buying an additional 115,700 shares during the period. Institutional investors and hedge funds own 88.55% of the company's stock.
Shares of ACVA traded up $0.16 during mid-day trading on Friday, reaching $21.53. The company had a trading volume of 1,157,551 shares, compared to its average volume of 1,104,952. The firm has a fifty day simple moving average of $21.51 and a 200-day simple moving average of $19.54. ACV Auctions has a fifty-two week low of $12.84 and a fifty-two week high of $23.46. The company has a quick ratio of 1.51, a current ratio of 1.51 and a debt-to-equity ratio of 0.25.
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.
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