|Bid||9.01 x 1400|
|Ask||9.97 x 1000|
|Day's Range||8.69 - 9.38|
|52 Week Range||6.10 - 22.82|
|Beta (5Y Monthly)||N/A|
|PE Ratio (TTM)||N/A|
|Earnings Date||Nov 10, 2021|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||17.77|
The Buffalo-based company is lowering its projected expenses this year as it waits for headwinds to become tailwinds.
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.