ACV Auctions (NASDAQ:ACVA) Announces Quarterly Earnings Results

ACV Auctions (NASDAQ:ACVA – Get Rating) posted its quarterly earnings data on Wednesday. The company reported ($0.19) EPS for the quarter, meeting analysts’ consensus estimates of ($0.19), MarketWatch Earnings reports. ACV Auctions had a negative net margin of 21.89% and a negative return on equity of 13.47%. During the same period last year, the firm earned ($0.51) EPS. ACV Auctions updated its FY 2022 guidance to EPS and its Q2 2022 guidance to EPS.

Shares of ACVA stock traded up $0.84 during trading hours on Friday, reaching $9.09. The company had a trading volume of 28,397 shares, compared to its average volume of 1,003,860. ACV Auctions has a 1-year low of $7.52 and a 1-year high of $31.97. The firm has a market cap of $1.42 billion, a price-to-earnings ratio of -15.66 and a beta of 1.16. The company has a 50 day moving average of $13.50 and a 200 day moving average of $15.87.

In other news, insider Michael Waterman sold 2,931 shares of the business’s stock in a transaction on Monday, May 2nd. The shares were sold at an average price of $12.75, for a total value of $37,370.25. Following the sale, the insider now owns 66,964 shares of the company’s stock, valued at $853,791. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Institutional investors have recently bought and sold shares of the company. Morgan Stanley bought a new position in ACV Auctions in the 1st quarter valued at approximately $40,000. Royal Bank of Canada lifted its holdings in shares of ACV Auctions by 443.3% in the 2nd quarter. Royal Bank of Canada now owns 1,630 shares of the company’s stock worth $42,000 after purchasing an additional 1,330 shares in the last quarter. Citigroup Inc. grew its holdings in shares of ACV Auctions by 359.1% during the first quarter. Citigroup Inc. now owns 3,641 shares of the company’s stock valued at $54,000 after buying an additional 2,848 shares during the last quarter. Advisor Group Holdings Inc. boosted its position in shares of ACV Auctions by 18.6% during the first quarter. Advisor Group Holdings Inc. now owns 10,397 shares of the company’s stock valued at $153,000 after buying an additional 1,627 shares during the last quarter. Finally, Envestnet Asset Management Inc. bought a new position in shares of ACV Auctions during the first quarter valued at about $181,000. 75.75% of the stock is owned by institutional investors.

ACVA has been the topic of a number of research analyst reports. Stephens raised shares of ACV Auctions from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $17.00 to $19.00 in a report on Wednesday, March 2nd. Piper Sandler reduced their target price on shares of ACV Auctions from $25.00 to $21.00 and set an “overweight” rating on the stock in a report on Wednesday, March 30th. Citigroup reiterated a “buy” rating and issued a $20.00 price target on shares of ACV Auctions in a report on Wednesday, April 20th. Needham & Company LLC lowered their price target on ACV Auctions from $20.00 to $14.00 in a report on Thursday. Finally, Canaccord Genuity Group decreased their price target on shares of ACV Auctions from $25.00 to $22.00 in a report on Thursday. Twelve analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, ACV Auctions currently has an average rating of “Buy” and an average price target of $24.17.

ACV Auctions Company Profile (Get Rating)

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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