ACV Auctions (NASDAQ:ACVA) Shares Gap Up – Here’s What Happened

ACV Auctions Inc. (NASDAQ:ACVA)’s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $13.78, but opened at $14.66. ACV Auctions shares last traded at $14.21, with a volume of 398,163 shares.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on ACVA shares. Bank of America upgraded shares of ACV Auctions from a “neutral” rating to a “buy” rating and dropped their target price for the company from $22.00 to $20.00 in a research report on Wednesday. B. Riley raised their target price on ACV Auctions from $24.00 to $27.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th. Stephens raised ACV Auctions to a “hold” rating in a research note on Saturday, February 1st. JMP Securities reaffirmed a “market outperform” rating and set a $25.00 target price on shares of ACV Auctions in a research note on Monday, December 16th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $25.00 target price on shares of ACV Auctions in a research report on Wednesday. Three research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $23.05.

ACV Auctions Stock Down 2.0 %

The stock has a market capitalization of $2.36 billion, a price-to-earnings ratio of -28.57 and a beta of 1.73. The business has a 50-day moving average of $19.39 and a 200-day moving average of $19.86. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.56 and a current ratio of 1.56.

ACV Auctions (NASDAQ:ACVA) last released its quarterly earnings results on Wednesday, February 19th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.01. The business had revenue of $159.51 million for the quarter, compared to the consensus estimate of $156.77 million. ACV Auctions had a negative net margin of 12.51% and a negative return on equity of 12.94%. On average, sell-side analysts expect that ACV Auctions Inc. will post -0.07 EPS for the current year.

Insider Activity at ACV Auctions

In other news, insider Michael Waterman sold 15,000 shares of the firm’s stock in a transaction on Tuesday, February 4th. The shares were sold at an average price of $20.27, for a total value of $304,050.00. Following the sale, the insider now directly owns 311,354 shares in the company, valued at approximately $6,311,145.58. This trade represents a 4.60 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO William Zerella sold 32,500 shares of the stock in a transaction on Monday, December 30th. The shares were sold at an average price of $21.65, for a total value of $703,625.00. Following the completion of the transaction, the chief financial officer now directly owns 490,482 shares in the company, valued at $10,618,935.30. This trade represents a 6.21 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 107,662 shares of company stock worth $2,138,401. 8.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On ACV Auctions

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Blue Trust Inc. increased its stake in ACV Auctions by 65.8% in the fourth quarter. Blue Trust Inc. now owns 2,352 shares of the company’s stock valued at $48,000 after purchasing an additional 933 shares during the period. KBC Group NV grew its position in ACV Auctions by 80.4% during the fourth quarter. KBC Group NV now owns 7,406 shares of the company’s stock worth $160,000 after buying an additional 3,300 shares during the period. Integrated Advisors Network LLC purchased a new position in ACV Auctions in the 4th quarter valued at approximately $200,000. Mackenzie Financial Corp acquired a new position in shares of ACV Auctions during the 4th quarter worth $206,000. Finally, Icon Wealth Advisors LLC raised its position in ACV Auctions by 13.5% during the third quarter. Icon Wealth Advisors LLC now owns 11,048 shares of the company’s stock worth $225,000 after acquiring an additional 1,317 shares during the last quarter. 88.55% of the stock is owned by institutional investors and hedge funds.

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.