|Bid||0.00 x 900|
|Ask||0.00 x 1100|
|Day's Range||7.49 - 9.08|
|52 Week Range||6.10 - 23.21|
|Beta (5Y Monthly)||N/A|
|PE Ratio (TTM)||N/A|
|Earnings Date||Nov 08, 2022 - Nov 14, 2022|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||16.65|
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Shares of ACV Auctions (NASDAQ: ACVA) were moving higher today after the online vehicle-wholesale marketplace posted better-than-expected results in its second-quarter earnings report. Management said the e-commerce stock gained market share in the quarter, and though its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) loss widened from $4 million in the quarter a year ago to $14 million, its EBITDA margin improved 500 basis points from the first quarter.
ACV Auctions beat its internal revenue target for the second quarter, posting $115 million in revenue, up 18% from this time last year. The Buffalo-based automotive software company is seeing slower than expected sales on its flagship marketplace, decreasing 3% from the same period last year. CEO George Chamoun said supply chain challenges facing the entire automotive industry are softening the overall demand for used vehicles.
ACV Auctions Inc. (ACVA) delivered earnings and revenue surprises of 47.37% and 4.03%, respectively, for the quarter ended June 2022. Do the numbers hold clues to what lies ahead for the stock?