Riverbridge Partners LLC Sells 420,487 Shares of ACV Auctions Inc. (NASDAQ:ACVA)

Riverbridge Partners LLC reduced its stake in shares of ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 11.1% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,381,917 shares of the company's stock after selling 420,487 shares during the period. Riverbridge Partners LLC owned 2.00% of ACV Auctions worth $47,651,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the stock. Blue Trust Inc. lifted its position in shares of ACV Auctions by 65.8% during the 4th quarter. Blue Trust Inc. now owns 2,352 shares of the company's stock valued at $48,000 after buying an additional 933 shares in the last quarter. Arizona State Retirement System lifted its position in shares of ACV Auctions by 3.6% during the 4th quarter. Arizona State Retirement System now owns 44,126 shares of the company's stock valued at $953,000 after buying an additional 1,520 shares in the last quarter. Versant Capital Management Inc lifted its position in shares of ACV Auctions by 464.4% during the 1st quarter. Versant Capital Management Inc now owns 2,201 shares of the company's stock valued at $31,000 after buying an additional 1,811 shares in the last quarter. California State Teachers Retirement System lifted its position in shares of ACV Auctions by 1.4% during the 4th quarter. California State Teachers Retirement System now owns 141,873 shares of the company's stock valued at $3,064,000 after buying an additional 1,906 shares in the last quarter. Finally, Handelsbanken Fonder AB lifted its position in shares of ACV Auctions by 6.0% during the 4th quarter. Handelsbanken Fonder AB now owns 44,000 shares of the company's stock valued at $950,000 after buying an additional 2,500 shares in the last quarter. 88.55% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. Piper Sandler raised ACV Auctions from a "neutral" rating to an "overweight" rating and lifted their price objective for the company from $18.00 to $20.00 in a research report on Thursday, March 20th. Needham & Company LLC reissued a "buy" rating and issued a $25.00 price target on shares of ACV Auctions in a report on Thursday, May 8th. Bank of America raised ACV Auctions from a "neutral" rating to a "buy" rating and lowered their price target for the stock from $22.00 to $20.00 in a report on Wednesday, March 12th. JMP Securities lowered their price target on ACV Auctions from $22.00 to $18.00 and set a "market outperform" rating on the stock in a report on Wednesday, April 9th. Finally, JPMorgan Chase & Co. lowered their price target on ACV Auctions from $24.00 to $20.00 and set an "overweight" rating on the stock in a report on Thursday, March 27th. Two investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $22.50.

ACV Auctions Price Performance

NASDAQ:ACVA traded up $0.21 during trading hours on Monday, reaching $15.86. The stock had a trading volume of 911,723 shares, compared to its average volume of 1,698,734. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.56 and a current ratio of 1.56. ACV Auctions Inc. has a 52 week low of $11.88 and a 52 week high of $23.46. The company has a 50 day moving average price of $15.83 and a two-hundred day moving average price of $17.58. The stock has a market capitalization of $2.71 billion, a PE ratio of -32.38 and a beta of 1.74.

ACV Auctions (NASDAQ:ACVA - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The company reported ($0.09) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.04 by ($0.13). ACV Auctions had a negative return on equity of 12.94% and a negative net margin of 12.51%. During the same period in the prior year, the company posted ($0.13) earnings per share. The company's revenue was up 25.4% compared to the same quarter last year. As a group, sell-side analysts anticipate that ACV Auctions Inc. will post -0.07 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Michael Waterman sold 223,330 shares of the business's stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $17.00, for a total transaction of $3,796,610.00. Following the transaction, the insider now owns 466,548 shares of the company's stock, valued at approximately $7,931,316. The trade was a 32.37% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 2.90% of the company's stock.

ACV Auctions 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.