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

ACV Auctions Inc. (NYSE:ACVA)’s stock price 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 trading hands.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on ACVA shares. Wall Street Zen upgraded ACV Auctions from a “sell” rating to a “hold” rating in a report on Sunday, February 1st. Barclays decreased their target price on ACV Auctions from $8.00 to $7.00 and set an “equal weight” rating for the company in a report on Monday, March 2nd. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of ACV Auctions in a report on Friday, March 27th. Royal Bank Of Canada raised ACV Auctions to an “outperform” rating in a report on Tuesday, February 24th. Finally, Barrington Research raised ACV Auctions from a “market perform” rating to an “outperform” rating in a report on Tuesday, February 24th. Two investment analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $10.45.

ACV Auctions Price Performance

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

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

Insider Buying and Selling at ACV Auctions

In other news, CEO George Chamoun bought 24,272 shares of ACV Auctions stock in a transaction dated Monday, March 9th. The stock was acquired at an average cost of $5.05 per share, with a total value of $122,573.60. Following the acquisition, the chief executive officer owned 2,952,977 shares of the company’s stock, valued at approximately $14,912,533.85. This trade represents a 0.83% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 2.90% of the company’s stock.

Institutional Trading of ACV Auctions

Several institutional investors and hedge funds have recently made changes to their positions in ACVA. Iridian Asset Management LLC CT raised its stake in shares of ACV Auctions by 58.9% during the fourth quarter. Iridian Asset Management LLC CT now owns 2,989,152 shares of the company’s stock worth $23,973,000 after purchasing an additional 1,108,301 shares during the last quarter. CenterBook Partners LP lifted its holdings in shares of ACV Auctions by 827.8% during the third quarter. CenterBook Partners LP now owns 567,799 shares of the company’s stock worth $5,627,000 after purchasing an additional 506,600 shares during the period. William Blair Investment Management LLC grew its position in ACV Auctions by 3.3% in the 3rd quarter. William Blair Investment Management LLC now owns 11,471,709 shares of the company’s stock valued at $113,685,000 after buying an additional 362,003 shares during the last quarter. Campbell & CO Investment Adviser LLC increased its stake in ACV Auctions by 1,030.4% in the 3rd quarter. Campbell & CO Investment Adviser LLC now owns 131,203 shares of the company’s stock valued at $1,300,000 after buying an additional 119,596 shares during the period. Finally, Royce & Associates LP lifted its stake in shares of ACV Auctions by 62.6% in the 3rd quarter. Royce & Associates LP now owns 718,392 shares of the company’s stock worth $7,119,000 after acquiring an additional 276,591 shares during the period. 88.55% of the stock is owned by hedge funds and other institutional investors.

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.