Why ACV Auctions Stock Blasted Higher This Week
A solid quarterly earnings report was the fuel driving shares of secondhand auto sales specialist ACV Auctions (NASDAQ: ACVA) higher this week. Several analysts' price target raises added a bit of turbo to that drive. Ultimately ACV's share price motored ahead by more than 20% during the week, according to data compiled by S&P Global Market Intelligence.
On Wednesday, ACV lifted the hood on its fourth-quarter and full-year results. The used car auctioneer suffered a slight decline in revenue on a year-over-year basis, which actually wasn't a bad showing given how weak the used vehicle market has been lately.
And although its top-line figure came in under the average analyst estimate, the company posted a narrower-than-expected GAAP net loss.
Source Fool.com
