ACV Auctions (NYSE:ACVA) Upgraded by Zacks Research to "Strong-Buy" Rating

Key Points

• Zacks Research has upgraded ACV Auctions from a "hold" to a "strong-buy" rating, indicating increased optimism about the company's future performance.
• ACV Auctions reported earnings of ($0.02) per share for the last quarter, surpassing analysts' expectations, although the revenue fell short of estimates at $193.70 million.
• The company operates a digital marketplace for online auctions of wholesale vehicles and offers related data and financing services, having a market capitalization of $1.62 billion.

ACV Auctions (NYSE:ACVA - Get Free Report) was upgraded by investment analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a report issued on Wednesday,Zacks.com reports.

A number of other research analysts have also issued reports on ACVA. Weiss Ratings restated a "sell (e+)" rating on shares of ACV Auctions in a research note on Tuesday, October 14th. Wall Street Zen downgraded ACV Auctions from a "buy" rating to a "hold" rating in a research report on Friday, July 18th. One investment analyst has rated the stock with a Strong Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, ACV Auctions presently has an average rating of "Moderate Buy".

ACV Auctions Stock Performance

Shares of NYSE ACVA opened at $9.39 on Wednesday. ACV Auctions has a fifty-two week low of $8.33 and a fifty-two week high of $23.46. The firm has a market capitalization of $1.62 billion, a P/E ratio of -24.08 and a beta of 1.64. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.59 and a current ratio of 1.60. The business has a 50-day simple moving average of $10.33.

ACV Auctions (NYSE:ACVA - Get Free Report) last posted its quarterly earnings data on Monday, August 11th. The company reported ($0.02) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.04) by $0.02. The firm had revenue of $193.70 million for the quarter, compared to the consensus estimate of $196.09 million. ACV Auctions had a negative net margin of 9.09% and a negative return on equity of 10.21%.

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.

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