ACV Auctions (NYSE:ACVA) Posts Quarterly Earnings Results, Beats Estimates By $0.02 EPS

Key Points

• ACV Auctions reported a quarterly earnings per share (EPS) of ($0.02), surpassing estimates by $0.02.
• Despite the earnings beat, ACV Auctions shares fell $0.31 to $13.31, with a market capitalization of $2.28 billion.
• Wall Street Zen downgraded ACV Auctions from a "buy" to a "hold" rating, reflecting a shift in analyst sentiment.

ACV Auctions (NYSE:ACVA - Get Free Report) released its earnings results on Monday. The company reported ($0.02) EPS for the quarter, beating the consensus estimate of ($0.04) by $0.02, Zacks reports. ACV Auctions had a negative net margin of 10.98% and a negative return on equity of 12.06%.

ACV Auctions Price Performance

Shares of ACVA stock traded down $0.31 on Monday, hitting $13.31. 2,069,419 shares of the company's stock traded hands, compared to its average volume of 2,041,489. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.50 and a current ratio of 1.50. ACV Auctions has a one year low of $11.88 and a one year high of $23.46. The firm has a market cap of $2.28 billion, a P/E ratio of -29.58 and a beta of 1.69.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen lowered shares of ACV Auctions from a "buy" rating to a "hold" rating in a report on Friday, July 18th.

ACV Auctions Company Profile

ACV Auctions Inc operates a digital marketplace that connects buyers and sellers for the online auction of wholesale vehicles. It also provides data services that offer insights into the condition and value of used vehicles, as well as offers customer financing services. ACV Auctions Inc was incorporated in 2014 and is headquartered in Buffalo, New York.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.