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

Shares of ACV Auctions Inc. (NASDAQ:ACVA - Get Free Report) gapped up prior to trading on Wednesday . The stock had previously closed at $13.78, but opened at $14.66. ACV Auctions shares last traded at $14.21, with a volume of 398,163 shares trading hands.

Analyst Ratings Changes

Several equities analysts have recently commented on ACVA shares. JMP Securities restated a "market outperform" rating and set a $25.00 price target on shares of ACV Auctions in a research report on Monday, December 16th. Needham & Company LLC restated a "buy" rating and issued a $25.00 target price on shares of ACV Auctions in a research report on Wednesday. Stephens upgraded shares of ACV Auctions to a "hold" rating in a research note on Saturday, February 1st. Citigroup boosted their price objective on ACV Auctions from $22.00 to $27.00 and gave the stock a "buy" rating in a research report on Wednesday, November 27th. Finally, Bank of America upgraded ACV Auctions from a "neutral" rating to a "buy" rating and lowered their target price for the company from $22.00 to $20.00 in a research report on Wednesday. Three research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $23.05.

ACV Auctions Stock Up 2.2 %

The firm has a market cap of $2.42 billion, a PE ratio of -29.20 and a beta of 1.73. 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 fifty day moving average price of $19.25 and a two-hundred day moving average price of $19.84.

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ACV Auctions (NASDAQ:ACVA - Get Free Report) last posted its quarterly 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 business had revenue of $159.51 million for 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, analysts anticipate that ACV Auctions Inc. will post -0.07 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CFO William Zerella sold 32,500 shares of the firm's stock in a transaction dated Monday, December 30th. The stock was sold at an average price of $21.65, for a total value of $703,625.00. Following the sale, the chief financial officer now directly owns 490,482 shares of the company's stock, valued at approximately $10,618,935.30. This trade represents a 6.21 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Michael Waterman sold 15,000 shares of the business's stock in a transaction on Tuesday, February 4th. The stock was sold at an average price of $20.27, for a total transaction of $304,050.00. Following the transaction, the insider now directly owns 311,354 shares in the company, valued at $6,311,145.58. This trade represents a 4.60 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 107,662 shares of company stock valued at $2,138,401 over the last 90 days. 8.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On ACV Auctions

A number of hedge funds have recently made changes to their positions in ACVA. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of ACV Auctions in the 4th quarter valued at $4,026,000. Integrated Advisors Network LLC acquired a new position in ACV Auctions in the fourth quarter valued at about $200,000. Mackenzie Financial Corp acquired a new position in ACV Auctions during the fourth quarter valued at approximately $206,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of 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 valued at $5,819,000 after buying an additional 58,138 shares during the period. Finally, Spyglass Capital Management LLC increased its holdings in shares of ACV Auctions by 11.6% in the fourth quarter. Spyglass Capital Management LLC now owns 2,916,586 shares of the company's stock worth $62,998,000 after acquiring an additional 302,341 shares in the last quarter. Institutional investors and hedge funds own 88.55% of the company's stock.

About ACV Auctions

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.