Jefferies Financial Group Analysts Cut Earnings Estimates for ACV Auctions Inc. (NASDAQ:ACVA)

ACV Auctions Inc. (NASDAQ:ACVAGet Rating) – Equities research analysts at Jefferies Financial Group lowered their Q4 2022 EPS estimates for ACV Auctions in a report released on Wednesday, August 10th. Jefferies Financial Group analyst J. Colantuoni now anticipates that the company will earn ($0.20) per share for the quarter, down from their previous forecast of ($0.17). The consensus estimate for ACV Auctions’ current full-year earnings is ($0.66) per share. Jefferies Financial Group also issued estimates for ACV Auctions’ Q2 2023 earnings at ($0.12) EPS, FY2023 earnings at ($0.51) EPS, Q2 2024 earnings at ($0.04) EPS and FY2024 earnings at ($0.21) EPS.

A number of other analysts have also recently commented on ACVA. Canaccord Genuity Group dropped their price objective on ACV Auctions from $25.00 to $22.00 in a research report on Thursday, May 12th. Truist Financial reduced their price objective on ACV Auctions from $30.00 to $18.00 in a research note on Thursday, May 12th. Guggenheim reduced their price objective on ACV Auctions to $22.00 in a research note on Monday. JMP Securities reduced their price objective on ACV Auctions from $20.00 to $10.00 and set a “market outperform” rating on the stock in a research note on Thursday, June 30th. Finally, The Goldman Sachs Group reduced their price target on ACV Auctions from $20.00 to $14.00 and set a “buy” rating on the stock in a research report on Thursday, June 9th. Ten analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $19.17.

ACV Auctions Price Performance

ACV Auctions stock opened at $8.81 on Monday. ACV Auctions has a one year low of $6.10 and a one year high of $22.82. The company has a debt-to-equity ratio of 0.14, a quick ratio of 2.14 and a current ratio of 2.14. The business has a fifty day moving average of $7.23 and a two-hundred day moving average of $10.42. The company has a market cap of $1.39 billion, a P/E ratio of -12.96 and a beta of 1.50.

ACV Auctions (NASDAQ:ACVAGet Rating) last issued its quarterly earnings results on Wednesday, August 10th. The company reported ($0.16) earnings per share for the quarter, topping the consensus estimate of ($0.19) by $0.03. ACV Auctions had a negative return on equity of 17.47% and a negative net margin of 25.63%. The firm had revenue of $115.10 million during the quarter, compared to the consensus estimate of $111.10 million. During the same period last year, the company earned ($0.06) earnings per share. The company’s revenue for the quarter was up 18.2% on a year-over-year basis.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of ACVA. Ovata Capital Management Ltd bought a new stake in shares of ACV Auctions during the 1st quarter worth about $25,000. First Horizon Advisors Inc. boosted its stake in shares of ACV Auctions by 130.4% during the 2nd quarter. First Horizon Advisors Inc. now owns 4,208 shares of the company’s stock worth $27,000 after acquiring an additional 2,382 shares in the last quarter. Nisa Investment Advisors LLC bought a new stake in shares of ACV Auctions during the 2nd quarter worth about $42,000. Citigroup Inc. boosted its stake in shares of ACV Auctions by 359.1% during the 1st quarter. Citigroup Inc. now owns 3,641 shares of the company’s stock worth $54,000 after acquiring an additional 2,848 shares in the last quarter. Finally, Principal Financial Group Inc. bought a new stake in shares of ACV Auctions during the 2nd quarter worth about $76,000. 75.75% of the stock is owned by institutional investors and hedge funds.

ACV Auctions Company Profile

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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.

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Earnings History and Estimates for ACV Auctions (NASDAQ:ACVA)

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