The trading price of ACV Auctions Inc. (NASDAQ:ACVA) closed lower on Tuesday, May 23, closing at $17.66, -0.79% lower than its previous close.
Traders who pay close attention to intraday price movement should know that it fluctuated between $17.295 and $18.02. In examining the 52-week price action we see that the stock hit a 52-week high of $17.97 and a 52-week low of $6.10. Over the past month, the stock has gained 43.34% in value.
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ACV Auctions Inc., whose market valuation is $2.78 billion at the time of this writing, is expected to release its quarterly earnings report Aug 08, 2023 – Aug 14, 2023. Investors’ optimism about the company’s current quarter earnings report is understandable. Analysts have predicted the quarterly earnings per share to grow by -$0.14 per share this quarter, however they have predicted annual earnings per share of -$0.54 for 2023 and -$0.27 for 2024. It means analysts are expecting annual earnings per share growth of 16.90% this year and 50.00% next year.
Analysts have forecast the company to bring in revenue of $119.34 million for the current quarter, with the likely lows of $116 million and highs of $123.82 million. The average estimate suggests sales will likely up by 3.70% this quarter compared to what was recorded in the comparable quarter last year. From the analysts’ viewpoint, the consensus estimate for the company’s annual revenue in 2023 is $485.15 million. The company’s revenue is forecast to grow by 15.10% over what it did in 2023.
A company’s earnings reviews provide a brief indication of a stock’s direction in the short term, where in the case of ACV Auctions Inc. 2 upward and no downward comments were posted in the last 7 days. On the technical side, indicators suggest ACVA has a 100% Buy on average for the short term. According to the data of the stock’s medium term indicators, the stock is currently averaging as a 100% Buy, while an average of long term indicators suggests that the stock is currently 100% Buy.
Here is the average analyst rating on the stock as represented by 1.00 to 5.00, with the extremes of 1.00 and 5.00 suggesting the stock should be considered as either strong buy or strong sell respectively. The number of analysts that have assigned ACVA a recommendation rating is 15. Out of them, 3 rate it a Hold, while 12 recommend Buy, whereas 0 assign an Overweight rating. 0 analyst(s) have tagged ACV Auctions Inc. (ACVA) as Underweight, while 0 advise Sell. Analysts have rated the stock Buy, likely urging investors to take advantage of the opportunity to add to their holdings of the company’s shares.
A quick review shows that ACVA’s price is currently 20.34% off the SMA20 and 32.83% off the SMA50. The RSI metric on the 14-day chart is currently showing 76.56, and weekly volatility stands at 3.81%. When measured over the past 30 days, the indicator reaches 5.03%. ACV Auctions Inc. (NASDAQ:ACVA)’s beta value is currently sitting at 0, while the Average True Range indicator is currently displaying 0.72. With analysts defining $14.00-$20.00 as the low and high price targets, we arrive at a consensus price target of $17.58 for the trailing 12-month period. The current price is about 20.72% off the estimated low and -13.25% off the forecast high, based on this estimate. Investors will be thrilled if ACVA’s share price rises to $18.00, which is the median consensus price. At that level, ACVA’s share price would be -1.93% below current price.
To see how ACV Auctions Inc. stock has been performing in comparison to its peers in the industry, here are the numbers: ACVA stock’s performance was -0.79% in the latest trading, and 117.49% in the past year, while Copart Inc. (CPRT) has traded -2.95% on the day and positioned 54.37% higher than it was a year ago. Another comparable company eBay Inc. (EBAY) saw its stock close -0.77% lower in the most recent trading session but was down -1.20% in a year. Also in last trading session, the S&P 500 Index has plunged -1.12%, while the Dow Jones Industrial also saw a negative session, down -0.69% on the day.
An evaluation of the daily trading volume of ACV Auctions Inc. (NASDAQ:ACVA) indicates that the 3-month average is 1.34 million. However, this figure has increased over the past 10 days to an average of 2.5 million.
Currently, records show that 158.69 million of the company’s shares remain outstanding. The insiders hold 1.00% of outstanding shares, whereas institutions hold 94.50%. The stats also highlight that short interest as of Apr 27, 2023, stood at 9.03 million shares, resulting in a short ratio of 10.48 at that time. From this, we can conclude that short interest is 5.67% of the company’s total outstanding shares. It is noteworthy that short shares in April were down slightly from the previous month’s figure, which was 9.58 million. However, since the stock’s price has seen 115.10% year-to-date, investors’ interest is likely to be reignited due to its potential to move even higher.