What is going on with ACVA?
ACV Auctions (ACVA) stock fell today after the digital marketplace, which supports wholesale vehicle transactions, announced positive financial results for the first quarter ending on March 31st, 2021. Shares of ACVA declined 1.27% to $28.69 as of Friday at 11:26am.
What does this mean for ACV Auctions?
ACV's strong first quarter revenue of $69.1 million led the company to provide second quarter revenue guidance of $72-75 million, which would entail a 60-67% year-over-year increase. Similarly, the company projects full year revenue for 2021 to fall between $307-313 million, an approximate increase of 50% year-over-year. Adjusted EBITDA loss would be between $79-82 million.
ACV also announced that conditions were satisfied for a partial early lock-up release that will occur at the open of trading on May 18, 2021, with the lock-up restrictions ending with respect to 25% of the securities owned by the applicable holder. The end of the lock-up agreement could push the share price down as insiders sell some of their holdings.
“2021 is off to a great start with growth driven by our highly trusted, digitally native platform that is transforming the wholesale automotive market. ACV’s full suite of data powered solutions creates a marketplace experience that is transparent and efficient, which is reflected in our strong performance in the first quarter,” said George Chamoun, CEO of ACV.
ACVA completed its initial public offering and began trading on Nasdaq on March 24, 2021. Net proceeds from the IPO were approximately $385.0 million.
ACVA has a Fundamental Rank of 53. Find out what this means to you and get the rest of the rankings on ACVA!
ACV Auctions Inc is a mobile platform for wholesale car auctions. It provides a digital marketplace for wholesale vehicle transactions and data services that offers transparent and accurate vehicle information for customers.
