ACV Auctions (NASDAQ:ACVA) Shares Gap Up – Time to Buy?

ACV Auctions Inc. (NASDAQ:ACVA) shares gapped up before the market opened on Tuesday . The stock had previously closed at $4.89, but opened at $5.29. ACV Auctions shares last traded at $5.0870, with a volume of 918,039 shares.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on ACVA shares. Bank of America reissued an “underperform” rating and issued a $6.00 price target (down from $16.50) on shares of ACV Auctions in a report on Thursday, November 6th. Royal Bank Of Canada raised shares of ACV Auctions to an “outperform” rating in a research note on Tuesday, February 24th. JPMorgan Chase & Co. dropped their price target on ACV Auctions from $18.00 to $11.00 and set an “overweight” rating on the stock in a research note on Thursday, November 6th. B. Riley Financial dropped their target price on ACV Auctions from $17.00 to $16.00 and set a “buy” rating on the stock in a research report on Tuesday, February 24th. Finally, Jefferies Financial Group lowered ACV Auctions from a “buy” rating to a “hold” rating and set a $9.00 price target for the company. in a report on Thursday, December 11th. Eight investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, ACV Auctions presently has a consensus rating of “Moderate Buy” and an average price target of $11.32.

ACV Auctions Stock Up 8.6%

The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.28. The stock has a market capitalization of $924.32 million, a P/E ratio of -10.84 and a beta of 1.63. The company has a fifty day moving average price of $7.57 and a 200-day moving average price of $8.55.

ACV Auctions (NASDAQ:ACVA) last released its quarterly earnings results on Monday, February 23rd. The company reported ($0.11) earnings per share for the quarter, missing the consensus estimate of ($0.01) by ($0.10). The firm had revenue of $183.65 million for the quarter, compared to analysts’ expectations of $181.96 million. ACV Auctions had a negative net margin of 12.51% and a negative return on equity of 12.94%. The business’s quarterly revenue was up 15.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.16) EPS. As a group, research analysts forecast that ACV Auctions Inc. will post -0.07 EPS for the current fiscal year.

Insider Transactions at ACV Auctions

In other ACV Auctions news, CEO George Chamoun acquired 14,286 shares of the stock in a transaction on Monday, January 12th. The stock was acquired at an average price of $8.81 per share, for a total transaction of $125,859.66. Following the completion of the transaction, the chief executive officer directly owned 2,598,383 shares of the company’s stock, valued at $22,891,754.23. This trade represents a 0.55% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.90% of the stock is currently owned by insiders.

Institutional Investors Weigh In On ACV Auctions

Several institutional investors have recently modified their holdings of the stock. Fifth Third Bancorp raised its stake in shares of ACV Auctions by 72.4% during the 4th quarter. Fifth Third Bancorp now owns 3,383 shares of the company’s stock worth $27,000 after acquiring an additional 1,421 shares in the last quarter. Caitong International Asset Management Co. Ltd lifted its position in ACV Auctions by 2,573.8% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 3,770 shares of the company’s stock worth $30,000 after acquiring an additional 3,629 shares during the period. Aster Capital Management DIFC Ltd increased its holdings in shares of ACV Auctions by 298.4% in the third quarter. Aster Capital Management DIFC Ltd now owns 3,323 shares of the company’s stock valued at $33,000 after purchasing an additional 2,489 shares during the period. Larson Financial Group LLC raised its stake in shares of ACV Auctions by 38,076.9% in the fourth quarter. Larson Financial Group LLC now owns 4,963 shares of the company’s stock worth $40,000 after purchasing an additional 4,950 shares during the last quarter. Finally, Farther Finance Advisors LLC lifted its holdings in shares of ACV Auctions by 12,979.5% during the fourth quarter. Farther Finance Advisors LLC now owns 5,755 shares of the company’s stock worth $46,000 after purchasing an additional 5,711 shares during the period. 88.55% of the stock is owned by institutional investors.

About ACV Auctions

ACV Auctions operates a digital marketplace that connects automotive dealers through a mobile-first platform for wholesale vehicle auctions. The company’s software enables dealers to list, inspect and bid on used vehicles in real time, leveraging smartphone-based condition reporting, high-resolution imagery and data analytics to streamline the buying and selling process. ACV Auctions also offers subscription-based access to its auction platform, supplemental reconditioning services and financing tools designed to help dealers optimize inventory turn and reduce risk.

Since its founding in 2014, ACV Auctions has expanded its technology offerings beyond core auction services to include dealer management integrations, transportation logistics coordination and title management solutions.