ACVA - Why ACV Auctions Stock Popped Today
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.
As a result, the stock was up 13.1% as of 1:05 p.m. ET.
Revenue in the quarter rose 18% to $115.1 million, which was ahead of analyst estimates at $111.4 million, as well as the company's own guidance. Marketplace gross merchandise volume (GMV), the core driver of its business, was up 27% to $2.7 billion. However, that increase was entirely due to higher prices on vehicles as units sold fell 3% to 148,047.
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Why ACV Auctions Stock Popped Today