ACV Auctions (NYSE:ACVA) Shares Gap Up – Here’s What Happened

ACV Auctions Inc. (NYSE:ACVA) shares gapped up prior to trading on Thursday . The stock had previously closed at $5.65, but opened at $5.94. ACV Auctions shares last traded at $5.8140, with a volume of 371,443 shares.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on ACVA. Needham & Company LLC restated a “buy” rating and issued a $9.00 target price on shares of ACV Auctions in a research note on Tuesday, February 24th. Weiss Ratings restated a “sell (e+)” rating on shares of ACV Auctions in a research note on Friday, March 27th. Wall Street Zen upgraded ACV Auctions from a “sell” rating to a “hold” rating in a research note on Sunday, February 1st. Citigroup downgraded ACV Auctions from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $13.00 to $7.00 in a research note on Tuesday, February 24th. Finally, The Goldman Sachs Group lowered their target price on ACV Auctions from $13.00 to $10.00 and set a “buy” rating on the stock in a research note on Tuesday, February 24th. Two research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, five have given a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $10.45.

ACV Auctions Trading Up 2.4%

The company has a 50 day simple moving average of $4.95 and a 200 day simple moving average of $6.66. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.47 and a current ratio of 1.47. The company has a market capitalization of $1.01 billion, a PE ratio of -16.47 and a beta of 1.78.

ACV Auctions (NYSE:ACVA) last announced its earnings results on Monday, February 23rd. The company reported ($0.11) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.01) by ($0.10). The business had revenue of $183.65 million for the quarter, compared to analyst estimates of $181.96 million. ACV Auctions had a negative return on equity of 5.52% and a negative net margin of 7.97%.The company’s revenue for the quarter was up 15.2% compared to the same quarter last year. During the same period last year, the firm earned ($0.16) EPS. Analysts anticipate that ACV Auctions Inc. will post -0.19 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO George Chamoun acquired 24,272 shares of the stock in a transaction on Monday, March 9th. The shares were bought at an average price of $5.05 per share, with a total value of $122,573.60. Following the completion of the purchase, the chief executive officer owned 2,952,977 shares of the company’s stock, valued at approximately $14,912,533.85. This represents a 0.83% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 2.90% of the company’s stock.

Institutional Investors Weigh In On ACV Auctions

Several hedge funds and other institutional investors have recently bought and sold shares of ACVA. PNC Financial Services Group Inc. boosted its holdings in ACV Auctions by 107.9% in the 1st quarter. PNC Financial Services Group Inc. now owns 17,619 shares of the company’s stock valued at $75,000 after purchasing an additional 9,145 shares during the last quarter. True North Advisors LLC purchased a new position in ACV Auctions in the first quarter valued at $743,000. Principal Financial Group Inc. purchased a new position in ACV Auctions in the first quarter valued at $52,000. Chicago Partners Investment Group LLC purchased a new position in ACV Auctions in the first quarter valued at $52,000. Finally, Fifth Third Bancorp boosted its holdings in ACV Auctions by 3,753.7% in the first quarter. Fifth Third Bancorp now owns 130,370 shares of the company’s stock valued at $553,000 after purchasing an additional 126,987 shares during the period. 88.55% of the stock is currently owned by institutional investors and hedge funds.

About ACV Auctions

ACV Auctions operates a digital marketplace designed to streamline the wholesale used-vehicle auction process for independent dealerships and larger automotive groups. The platform enables dealers to participate in live, online auctions, submit real-time bids, and access guaranteed-sale programs that reduce the risk of inventory moving. By replicating the dynamics of in-lane bidding in a virtual environment, ACV Auctions connects sellers and buyers across a broad geographic footprint without the need for physical auction attendance.

In addition to its core marketplace, ACV Auctions offers a suite of software tools and data-driven services aimed at improving transparency and decision-making in the remarketing process.