ACV Auctions (NASDAQ:ACVA) Shares Gap Up – Here’s Why

ACV Auctions Inc. (NASDAQ:ACVA) shares gapped up prior to trading on Thursday . The stock had previously closed at $14.61, but opened at $15.14. ACV Auctions shares last traded at $15.30, with a volume of 511,193 shares traded.

Wall Street Analysts Forecast Growth

ACVA has been the topic of several recent analyst reports. B. Riley boosted their target price on ACV Auctions from $24.00 to $27.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. Bank of America raised ACV Auctions from a “neutral” rating to a “buy” rating and reduced their target price for the stock from $22.00 to $20.00 in a report on Wednesday, March 12th. Stephens raised ACV Auctions to a “hold” rating in a report on Saturday, February 1st. Piper Sandler upgraded shares of ACV Auctions from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $18.00 to $20.00 in a research report on Thursday. Finally, JMP Securities restated a “market outperform” rating and issued a $25.00 price objective on shares of ACV Auctions in a research report on Monday, December 16th. Two equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, ACV Auctions currently has a consensus rating of “Moderate Buy” and a consensus target price of $23.23.

ACV Auctions Stock Down 2.4 %

The firm’s 50-day simple moving average is $18.65 and its 200 day simple moving average is $19.70. The company has a market cap of $2.58 billion, a P/E ratio of -31.24 and a beta of 1.73. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.56 and a current ratio of 1.56.

ACV Auctions (NASDAQ:ACVA) last issued its earnings results on Wednesday, February 19th. The company reported ($0.14) EPS for the quarter, beating the consensus estimate of ($0.15) by $0.01. The company had revenue of $159.51 million during the quarter, compared to analysts’ expectations of $156.77 million. ACV Auctions had a negative net margin of 12.51% and a negative return on equity of 12.94%. On average, research analysts forecast that ACV Auctions Inc. will post -0.07 earnings per share for the current fiscal year.

Insider Buying and Selling at ACV Auctions

In other news, insider Michael Waterman sold 30,162 shares of the business’s stock in a transaction on Tuesday, January 7th. The shares were sold at an average price of $20.53, for a total value of $619,225.86. Following the completion of the transaction, the insider now owns 314,738 shares of the company’s stock, valued at $6,461,571.14. The trade was a 8.75 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO William Zerella sold 32,500 shares of the business’s stock in a transaction on Monday, December 30th. The shares were sold at an average price of $21.65, for a total transaction of $703,625.00. Following the completion of the transaction, the chief financial officer now directly owns 490,482 shares of the company’s stock, valued at $10,618,935.30. This trade represents a 6.21 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 455,911 shares of company stock worth $7,480,541. Insiders own 8.50% of the company’s stock.

Hedge Funds Weigh In On ACV Auctions

Several institutional investors and hedge funds have recently made changes to their positions in the company. California State Teachers Retirement System grew its holdings in shares of ACV Auctions by 1.4% in the 4th quarter. California State Teachers Retirement System now owns 141,873 shares of the company’s stock valued at $3,064,000 after buying an additional 1,906 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in shares of ACV Auctions in the 4th quarter valued at $4,026,000. Integrated Advisors Network LLC acquired a new position in shares of ACV Auctions in the 4th quarter valued at $200,000. Mackenzie Financial Corp acquired a new position in ACV Auctions in the 4th quarter worth $206,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in ACV Auctions by 27.5% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 269,394 shares of the company’s stock worth $5,819,000 after purchasing an additional 58,138 shares during the period. Institutional investors and hedge funds own 88.55% of the company’s stock.

ACV Auctions Company Profile

ACV Auctions Inc operates a digital marketplace that connects buyers and sellers for the online auction of wholesale vehicles. The company’s marketplace platform includes digital marketplace, which connects buyers and sellers by providing online auction, which facilitates real-time transactions of wholesale vehicles; Run List for pre-filtering and pre-screening of vehicles up to 24 hours prior to an auction taking place; ACV transportation service to enable the buyers to see real-time transportation quotes and status reports of the vehicle; ACV capital, a short-term inventory financing services for buyers to purchase vehicles; and Go Green’s seller assurance service for against claims related to defects in the vehicle.