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

ACV Auctions Inc. (NASDAQ:ACVA - Get Free Report)'s share price 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.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on ACVA. JMP Securities reissued a "market outperform" rating and set a $25.00 price objective on shares of ACV Auctions in a research note on Monday, December 16th. Stephens raised ACV Auctions to a "hold" rating in a research note on Saturday, February 1st. Piper Sandler upgraded 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 report on Thursday. Bank of America raised shares of ACV Auctions from a "neutral" rating to a "buy" rating and dropped their target price for the stock from $22.00 to $20.00 in a research report on Wednesday, March 12th. Finally, Citigroup upped their price target on shares of ACV Auctions from $22.00 to $27.00 and gave the company a "buy" rating in a research report on Wednesday, November 27th. Two investment 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 a consensus price target of $23.23.

ACV Auctions Price Performance

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 stock has a market capitalization of $2.68 billion, a P/E ratio of -32.41 and a beta of 1.73. The stock's fifty day moving average is $18.65 and its 200-day moving average is $19.72.

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ACV Auctions (NASDAQ:ACVA - Get Free Report) last released its quarterly earnings results on Wednesday, February 19th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping the consensus estimate 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 company had revenue of $159.51 million during the quarter, compared to the consensus estimate of $156.77 million. On average, equities analysts anticipate that ACV Auctions Inc. will post -0.07 earnings per share for the current year.

Insider Transactions at ACV Auctions

In other ACV Auctions news, insider Michael Waterman sold 30,162 shares of the company's stock in a transaction that occurred on Tuesday, January 7th. The stock was 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. This represents a 8.75 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO George Chamoun sold 348,249 shares of ACV Auctions stock in a transaction that occurred on Thursday, March 20th. The stock was 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 position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 455,911 shares of company stock worth $7,480,541. 8.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On ACV Auctions

Hedge funds have recently made changes to their positions in the business. Principal Financial Group Inc. grew its position in ACV Auctions by 4.9% in the third quarter. Principal Financial Group Inc. now owns 64,925 shares of the company's stock valued at $1,320,000 after acquiring an additional 3,022 shares during the period. Intech Investment Management LLC acquired a new position in shares of ACV Auctions in the 3rd quarter worth approximately $815,000. Charles Schwab Investment Management Inc. grew its position in ACV Auctions by 3.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,241,341 shares of the company's stock worth $25,236,000 after acquiring an additional 39,812 shares during the last quarter. Loomis Sayles & Co. L P increased its holdings in ACV Auctions by 10.4% during the 3rd quarter. Loomis Sayles & Co. L P now owns 2,735,055 shares of the company's stock valued at $55,603,000 after purchasing an additional 258,104 shares in the last quarter. Finally, Quantbot Technologies LP bought a new position in ACV Auctions in the 3rd quarter valued at $2,035,000. 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.