Investors Buy Large Volume of Call Options on ACV Auctions (NASDAQ:ACVA)

ACV Auctions Inc. (NASDAQ:ACVA) was the recipient of unusually large options trading on Thursday. Investors acquired 1,132 call options on the company. This is an increase of approximately 1,067% compared to the typical daily volume of 97 call options.

Shares of ACVA stock opened at $24.10 on Friday. The firm’s 50 day simple moving average is $30.42. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.76 and a quick ratio of 2.76. ACV Auctions has a 12 month low of $22.66 and a 12 month high of $37.77.

ACV Auctions (NASDAQ:ACVA) last issued its earnings results on Wednesday, May 12th. The company reported ($0.51) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.83) by $0.32. The company had revenue of $69.09 million for the quarter, compared to the consensus estimate of $55.47 million. As a group, research analysts predict that ACV Auctions will post -0.83 earnings per share for the current year.

A number of brokerages have recently issued reports on ACVA. JMP Securities assumed coverage on ACV Auctions in a report on Monday, April 19th. They set an “outperform” rating and a $45.00 price objective for the company. JPMorgan Chase & Co. began coverage on shares of ACV Auctions in a report on Monday, April 19th. They set a “neutral” rating and a $30.00 price target for the company. Guggenheim assumed coverage on shares of ACV Auctions in a research report on Monday, April 19th. They set a “buy” rating and a $43.00 price target on the stock. Raymond James initiated coverage on shares of ACV Auctions in a research report on Monday, April 19th. They set a “market perform” rating on the stock. Finally, Jefferies Financial Group began coverage on shares of ACV Auctions in a research report on Monday, April 19th. They issued a “buy” rating and a $45.00 price target on the stock. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and four have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $39.50.

A number of hedge funds have recently bought and sold shares of the stock. Morgan Stanley purchased a new position in ACV Auctions during the 1st quarter valued at about $40,000. UBS Group AG bought a new stake in shares of ACV Auctions in the 1st quarter valued at about $121,000. Jane Street Group LLC acquired a new stake in ACV Auctions in the 1st quarter worth approximately $213,000. Pentwater Capital Management LP acquired a new stake in ACV Auctions in the 1st quarter worth approximately $225,000. Finally, Tudor Investment Corp Et Al acquired a new stake in ACV Auctions in the 1st quarter worth approximately $292,000. 13.34% of the stock is currently owned by institutional investors.

About ACV Auctions

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 transparent and accurate vehicle information to customers. ACV Auctions, Inc was incorporated in 2014 and is based in Buffalo, New York.

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