Q1 2023 Earnings Forecast for ACV Auctions Inc. Issued By Jefferies Financial Group (NASDAQ:ACVA)

ACV Auctions Inc. (NASDAQ:ACVA – Get Rating) – Research analysts at Jefferies Financial Group lowered their Q1 2023 EPS estimates for shares of ACV Auctions in a research report issued to clients and investors on Monday, January 9th. Jefferies Financial Group analyst J. Colantuoni now expects that the company will earn ($0.19) per share for the quarter, down from their previous estimate of ($0.15). 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 ($0.64) per share. Jefferies Financial Group also issued estimates for ACV Auctions’ Q2 2023 earnings at ($0.15) EPS, Q3 2023 earnings at ($0.14) EPS, Q4 2023 earnings at ($0.15) EPS, FY2023 earnings at ($0.62) EPS, FY2024 earnings at ($0.28) EPS and FY2025 earnings at $0.12 EPS.

ACV Auctions (NASDAQ:ACVA – Get Rating) last posted its earnings results on Wednesday, November 9th. The company reported ($0.15) EPS for the quarter, beating analysts’ consensus estimates of ($0.19) by $0.04. ACV Auctions had a negative net margin of 24.54% and a negative return on equity of 17.90%. The company had revenue of $105.42 million during the quarter, compared to analysts’ expectations of $104.36 million.

A number of other research firms have also recently commented on ACVA. Citigroup decreased their target price on shares of ACV Auctions from $13.00 to $11.00 in a research report on Thursday, November 10th. Guggenheim cut their price target on shares of ACV Auctions to $15.00 in a research note on Tuesday, November 15th. Canaccord Genuity Group cut their price target on shares of ACV Auctions from $18.00 to $12.00 in a research note on Thursday, November 10th. The Goldman Sachs Group cut their price target on shares of ACV Auctions to $12.00 in a research note on Wednesday, November 16th. Finally, Barrington Research cut their price target on shares of ACV Auctions to $14.00 in a research note on Thursday, November 17th. Eight research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $14.45.

ACV Auctions Trading Up 2.7 %

NASDAQ:ACVA opened at $9.21 on Thursday. ACV Auctions has a 52 week low of $6.10 and a 52 week high of $17.98. The firm has a 50 day moving average of $8.24 and a 200 day moving average of $8.11. 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 stock has a market capitalization of $1.46 billion, a price-to-earnings ratio of -13.75 and a beta of 1.38.

Insider Activity at ACV Auctions

In related news, Director Robert P. Goodman sold 2,000,000 shares of the firm’s stock in a transaction on Thursday, November 17th. The shares were sold at an average price of $8.25, for a total transaction of $16,500,000.00. Following the sale, the director now owns 665,193 shares in the company, valued at $5,487,842.25. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, insider Michael Waterman sold 56,161 shares of the firm’s stock in a transaction on Tuesday, December 27th. The shares were sold at an average price of $7.52, for a total transaction of $422,330.72. Following the sale, the insider now owns 57,537 shares in the company, valued at $432,678.24. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Robert P. Goodman sold 2,000,000 shares of the stock in a transaction on Thursday, November 17th. The shares were sold at an average price of $8.25, for a total transaction of $16,500,000.00. Following the transaction, the director now directly owns 665,193 shares in the company, valued at $5,487,842.25. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 3,510,707 shares of company stock worth $29,914,695. 11.64% of the stock is owned by company insiders.

Hedge Funds Weigh In On ACV Auctions

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. M&T Bank Corp lifted its holdings in ACV Auctions by 41.3% during the second quarter. M&T Bank Corp now owns 144,845 shares of the company’s stock valued at $946,000 after purchasing an additional 42,360 shares in the last quarter. Versor Investments LP lifted its stake in shares of ACV Auctions by 155.5% in the second quarter. Versor Investments LP now owns 88,029 shares of the company’s stock worth $576,000 after buying an additional 53,572 shares in the last quarter. BloombergSen Inc. lifted its stake in shares of ACV Auctions by 65.0% in the second quarter. BloombergSen Inc. now owns 16,500 shares of the company’s stock worth $108,000 after buying an additional 6,500 shares in the last quarter. Clearline Capital LP purchased a new position in shares of ACV Auctions in the second quarter worth about $952,000. Finally, Nisa Investment Advisors LLC purchased a new position in shares of ACV Auctions in the second quarter worth about $42,000. 69.75% of the stock is owned by hedge funds and other institutional investors.

About ACV Auctions

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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.