2024-02-24 09:16:20 ET
Summary
- ACV Auctions' actual EBITDA loss for the recent quarter was narrower than both its management guidance and the consensus estimate.
- ACVA expects its top line to expand by +28.5% to $617.5 million in 2024, which is +7% better than the sell side's consensus forecast.
- I change my rating for ACVA from a Hold to a Buy, after assessing its recent quarterly performance and its financial prospects.
Elevator Pitch
I rate ACV Auctions Inc. (ACVA) stock as a Buy.
In my previous September 12, 2023, write-up , my focus was on ACVA's growing market share, the stock's valuations as compared to peers, and the change in consensus estimates for the company. I touch on ACV Auctions' Q4 2023 results and fiscal 2024 guidance in this latest article....
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ACV Auctions: Positive On EBITDA Beat And Above-Expectations Revenue Guidance (Rating Upgrade)