Brokers Issue Forecasts for ACV Auctions Inc.’s FY2022 Earnings (NASDAQ:ACVA)

ACV Auctions Inc. (NASDAQ:ACVAGet Rating) – Jefferies Financial Group raised their FY2022 earnings estimates for ACV Auctions in a research note issued on Monday, November 14th. Jefferies Financial Group analyst J. Colantuoni now anticipates that the company will post earnings per share of ($0.69) for the year, up from their prior forecast of ($0.72). Jefferies Financial Group has a “Buy” rating and a $15.00 price target on the stock. The consensus estimate for ACV Auctions’ current full-year earnings is ($0.69) per share. Jefferies Financial Group also issued estimates for ACV Auctions’ Q4 2022 earnings at ($0.19) EPS, Q1 2023 earnings at ($0.16) EPS, Q2 2023 earnings at ($0.13) EPS, Q3 2023 earnings at ($0.13) EPS, Q4 2023 earnings at ($0.13) EPS, FY2023 earnings at ($0.55) EPS, Q1 2024 earnings at ($0.10) EPS, Q2 2024 earnings at ($0.06) EPS, Q3 2024 earnings at ($0.03) EPS and FY2024 earnings at ($0.23) EPS.

Other research analysts have also recently issued reports about the stock. Guggenheim dropped their target price on shares of ACV Auctions to $15.00 in a report on Tuesday. Needham & Company LLC increased their target price on shares of ACV Auctions from $9.00 to $12.00 and gave the company a “buy” rating in a report on Wednesday, September 7th. Canaccord Genuity Group dropped their target price on shares of ACV Auctions from $18.00 to $12.00 in a report on Thursday, November 10th. The Goldman Sachs Group dropped their target price on shares of ACV Auctions to $12.00 in a report on Wednesday. Finally, Citigroup dropped their price objective on shares of ACV Auctions from $13.00 to $11.00 in a research note on Thursday, November 10th. Nine research 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 $15.67.

ACV Auctions Price Performance

Shares of NASDAQ:ACVA opened at $8.61 on Wednesday. The company has a quick ratio of 2.29, a current ratio of 2.29 and a debt-to-equity ratio of 0.14. The company has a market cap of $1.36 billion, a P/E ratio of -12.93 and a beta of 1.49. ACV Auctions has a 52 week low of $6.10 and a 52 week high of $22.82. The company has a 50-day moving average price of $8.48 and a 200 day moving average price of $8.16.

Insider Buying and Selling

In other news, CEO George Chamoun sold 82,070 shares of the business’s stock in a transaction on Friday, October 28th. The shares were sold at an average price of $8.90, for a total transaction of $730,423.00. Following the completion of the sale, the chief executive officer now directly owns 220,559 shares of the company’s stock, valued at approximately $1,962,975.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 11.64% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ACVA. New York State Common Retirement Fund boosted its holdings in ACV Auctions by 218.2% in the first quarter. New York State Common Retirement Fund now owns 11,490,618 shares of the company’s stock valued at $170,176,000 after acquiring an additional 7,878,928 shares during the last quarter. Iridian Asset Management LLC CT lifted its stake in shares of ACV Auctions by 136.3% during the first quarter. Iridian Asset Management LLC CT now owns 3,870,295 shares of the company’s stock worth $57,319,000 after purchasing an additional 2,232,560 shares in the last quarter. State Street Corp lifted its stake in shares of ACV Auctions by 304.6% during the second quarter. State Street Corp now owns 2,098,423 shares of the company’s stock worth $13,724,000 after purchasing an additional 1,579,823 shares in the last quarter. Vanguard Group Inc. lifted its stake in shares of ACV Auctions by 14.6% during the first quarter. Vanguard Group Inc. now owns 9,143,646 shares of the company’s stock worth $135,417,000 after purchasing an additional 1,166,390 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its stake in shares of ACV Auctions by 29.2% during the first quarter. JPMorgan Chase & Co. now owns 4,639,145 shares of the company’s stock worth $68,705,000 after purchasing an additional 1,047,520 shares in the last quarter. Institutional investors and hedge funds own 66.01% of the company’s stock.

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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