ACV Auctions Inc. $ACVA Shares Sold by Riverbridge Partners LLC

Key Points

• Riverbridge Partners LLC has reduced its stake in ACV Auctions Inc. by 11.1%, holding approximately 3,006,737 shares valued at around $48.8 million after selling 375,180 shares in the 2nd quarter.
• Multiple research analysts have adjusted their target prices for ACV Auctions, with decreases ranging from $1.00 to $11.00, while maintaining "buy" ratings from several firms, indicating a ongoing confidence in the stock despite the cuts.
• Insiders at ACV Auctions have sold a total of 51,089 shares worth approximately $794,433 in the last quarter, suggesting increased selling activity among executives, with 2.90% of the stock currently held by insiders.

Riverbridge Partners LLC trimmed its position in ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 11.1% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 3,006,737 shares of the company's stock after selling 375,180 shares during the period. Riverbridge Partners LLC owned about 1.76% of ACV Auctions worth $48,769,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of ACVA. Versant Capital Management Inc boosted its holdings in ACV Auctions by 464.4% in the 1st quarter. Versant Capital Management Inc now owns 2,201 shares of the company's stock worth $31,000 after buying an additional 1,811 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in ACV Auctions in the 1st quarter worth about $35,000. GAMMA Investing LLC boosted its holdings in shares of ACV Auctions by 3,005.8% during the 1st quarter. GAMMA Investing LLC now owns 5,932 shares of the company's stock worth $84,000 after purchasing an additional 5,741 shares during the last quarter. AlphaQuest LLC boosted its holdings in shares of ACV Auctions by 2,640.6% during the 1st quarter. AlphaQuest LLC now owns 6,687 shares of the company's stock worth $94,000 after purchasing an additional 6,443 shares during the last quarter. Finally, Bessemer Group Inc. boosted its holdings in shares of ACV Auctions by 14.5% during the 1st quarter. Bessemer Group Inc. now owns 9,911 shares of the company's stock worth $140,000 after purchasing an additional 1,257 shares during the last quarter. 88.55% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the company. Needham & Company LLC lowered their target price on ACV Auctions from $25.00 to $16.00 and set a "buy" rating on the stock in a report on Tuesday, August 12th. Citigroup lowered their target price on ACV Auctions from $21.00 to $17.00 and set a "buy" rating on the stock in a report on Tuesday, August 12th. Bank of America lowered their target price on ACV Auctions from $20.00 to $16.50 and set a "buy" rating on the stock in a report on Tuesday, August 12th. The Goldman Sachs Group lowered their target price on ACV Auctions from $26.00 to $21.00 and set a "buy" rating on the stock in a report on Tuesday, August 12th. Finally, JMP Securities lowered their target price on ACV Auctions from $20.00 to $18.00 and set a "market outperform" rating on the stock in a report on Tuesday, August 12th. Ten research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $19.67.

ACV Auctions Trading Up 0.4%

ACVA opened at $10.18 on Thursday. ACV Auctions Inc. has a one year low of $9.85 and a one year high of $23.46. The stock has a market capitalization of $1.75 billion, a PE ratio of -20.77 and a beta of 1.68. The business's 50 day moving average price is $12.26 and its 200 day moving average price is $14.35. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.56 and a current ratio of 1.56.

Insider Buying and Selling

In other ACV Auctions news, insider Craig Eric Anderson sold 15,000 shares of the business's stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $15.04, for a total value of $225,600.00. Following the sale, the insider owned 340,799 shares of the company's stock, valued at $5,125,616.96. The trade was a 4.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Michael Waterman sold 34,339 shares of the business's stock in a transaction that occurred on Tuesday, July 8th. The shares were sold at an average price of $16.05, for a total value of $551,140.95. Following the completion of the sale, the insider directly owned 379,957 shares in the company, valued at approximately $6,098,309.85. The trade was a 8.29% decrease in their position. The disclosure for this sale can be found here. Insiders sold 51,089 shares of company stock worth $794,433 over the last quarter. 2.90% of the stock is currently owned by insiders.

ACV Auctions Company Profile

ACV Auctions Inc operates a digital marketplace that connects buyers and sellers for the online auction of wholesale vehicles. The company's marketplace platform includes digital marketplace, which connects buyers and sellers by providing online auction, which facilitates real-time transactions of wholesale vehicles; Run List for pre-filtering and pre-screening of vehicles up to 24 hours prior to an auction taking place; ACV transportation service to enable the buyers to see real-time transportation quotes and status reports of the vehicle; ACV capital, a short-term inventory financing services for buyers to purchase vehicles; and Go Green's seller assurance service for against claims related to defects in the vehicle.

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