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

ACV Auctions Inc. (NASDAQ:ACVA)’s stock price gapped up before the market opened 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 Analyst Weigh In

Several brokerages recently issued reports on ACVA. Stephens upgraded ACV Auctions to a “hold” rating in a report on Saturday, February 1st. Bank of America upgraded ACV Auctions from a “neutral” rating to a “buy” rating and cut their price objective for the stock from $22.00 to $20.00 in a report on Wednesday, March 12th. Piper Sandler upgraded ACV Auctions from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from $18.00 to $20.00 in a report on Thursday. Needham & Company LLC reiterated a “buy” rating and set a $25.00 price objective on shares of ACV Auctions in a report on Wednesday, March 12th. Finally, Citigroup raised their target price on ACV Auctions from $22.00 to $27.00 and gave the company a “buy” rating in a report on Wednesday, November 27th. Two analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $23.23.

ACV Auctions Stock Down 2.4 %

The company has a debt-to-equity ratio of 0.28, a current ratio of 1.56 and a quick ratio of 1.56. The business has a 50 day moving average price of $18.65 and a 200 day moving average price of $19.70. The firm has a market capitalization of $2.58 billion, a P/E ratio of -31.24 and a beta of 1.73.

ACV Auctions (NASDAQ:ACVA) last posted its quarterly earnings data on Wednesday, February 19th. The company reported ($0.14) EPS for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.01. ACV Auctions had a negative return on equity of 12.94% and a negative net margin of 12.51%. The business had revenue of $159.51 million for the quarter, compared to analyst estimates of $156.77 million. On average, analysts predict that ACV Auctions Inc. will post -0.07 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Michael Waterman sold 30,162 shares of ACV Auctions stock in a transaction dated Tuesday, January 7th. The stock was sold at an average price of $20.53, for a total transaction of $619,225.86. Following the sale, the insider now directly owns 314,738 shares of the company’s stock, valued at $6,461,571.14. This trade represents a 8.75 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO George Chamoun sold 348,249 shares of ACV Auctions stock in a transaction that occurred on Thursday, March 20th. The shares were sold at an average price of $15.34, for a total value of $5,342,139.66. Following the sale, the chief executive officer now directly owns 2,821,193 shares in the company, valued at $43,277,100.62. The trade was a 10.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 455,911 shares of company stock valued at $7,480,541 over the last three months. 8.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On ACV Auctions

A number of institutional investors have recently added to or reduced their stakes in the stock. California State Teachers Retirement System boosted its holdings in ACV Auctions by 1.4% during the fourth quarter. California State Teachers Retirement System now owns 141,873 shares of the company’s stock valued at $3,064,000 after purchasing an additional 1,906 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in ACV Auctions during the fourth quarter valued at approximately $4,026,000. Integrated Advisors Network LLC acquired a new stake in ACV Auctions during the fourth quarter valued at approximately $200,000. Mackenzie Financial Corp acquired a new stake in ACV Auctions during the fourth quarter valued at approximately $206,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in ACV Auctions by 27.5% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 269,394 shares of the company’s stock valued at $5,819,000 after purchasing an additional 58,138 shares in the last quarter. 88.55% of the stock is owned by institutional investors and hedge funds.

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.