Rivermont Capital Management LP Buys 133,936 Shares of ACV Auctions Inc. $ACVA

Key Points

• Rivermont Capital Management LP has increased its holdings in ACV Auctions by 16.8%, now owning 933,113 shares, making it the firm's 8th largest holding, valued at approximately $13.1 million.
• Institutional ownership of ACV Auctions is high, with hedge funds owning 88.55% of the stock, reflecting significant investor confidence.
• ACV Auctions stock has a current price of $11.21, with a market capitalization of $1.93 billion and an average analyst rating of "Moderate Buy" with a target price of $19.67.

Rivermont Capital Management LP grew its stake in ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 16.8% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 933,113 shares of the company's stock after purchasing an additional 133,936 shares during the period. ACV Auctions comprises approximately 5.5% of Rivermont Capital Management LP's investment portfolio, making the stock its 8th largest position. Rivermont Capital Management LP owned 0.55% of ACV Auctions worth $13,148,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in ACVA. Versant Capital Management Inc boosted its stake in shares of ACV Auctions by 464.4% in the 1st quarter. Versant Capital Management Inc now owns 2,201 shares of the company's stock valued at $31,000 after purchasing an additional 1,811 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in shares of ACV Auctions in the 1st quarter valued at approximately $35,000. GAMMA Investing LLC boosted its position in 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 buying an additional 5,741 shares during the period. AlphaQuest LLC boosted its position in 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 buying an additional 6,443 shares during the period. Finally, Bessemer Group Inc. boosted its position in 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 buying an additional 1,257 shares during the period. 88.55% of the stock is currently owned by institutional investors and hedge funds.

ACV Auctions Trading Down 2.8%

Shares of NASDAQ ACVA traded down $0.29 during midday trading on Friday, reaching $10.05. The stock had a trading volume of 3,196,568 shares, compared to its average volume of 2,239,847. The firm has a market cap of $1.73 billion, a price-to-earnings ratio of -20.50 and a beta of 1.68. ACV Auctions Inc. has a twelve month low of $9.99 and a twelve month high of $23.46. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.56 and a current ratio of 1.56. The company's 50 day moving average price is $13.20 and its 200 day moving average price is $14.61.

Insiders Place Their Bets

In related news, insider Michael Waterman sold 34,339 shares of the business's stock in a transaction on Tuesday, July 8th. The shares were sold at an average price of $16.05, for a total transaction of $551,140.95. Following the transaction, the insider owned 379,957 shares in the company, valued at $6,098,309.85. The trade was a 8.29% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Craig Eric Anderson sold 15,000 shares of the business's stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $15.04, for a total transaction of $225,600.00. Following the transaction, the insider owned 340,799 shares in the company, valued at $5,125,616.96. The trade was a 4.22% decrease in their position. The disclosure for this sale can be found here. 2.90% of the stock is owned by insiders.

Wall Street Analyst Weigh In

ACVA has been the topic of several recent research reports. Bank of America cut their target price on shares of ACV Auctions from $20.00 to $16.50 and set a "buy" rating on the stock in a research report on Tuesday, August 12th. The Goldman Sachs Group cut their target price on shares of ACV Auctions from $26.00 to $21.00 and set a "buy" rating on the stock in a research report on Tuesday, August 12th. JMP Securities cut their target price on shares of ACV Auctions from $20.00 to $18.00 and set a "market outperform" rating on the stock in a research report on Tuesday, August 12th. Citigroup dropped their price target on shares of ACV Auctions from $21.00 to $17.00 and set a "buy" rating on the stock in a research report on Tuesday, August 12th. Finally, JPMorgan Chase & Co. dropped their price target on shares of ACV Auctions from $20.00 to $19.00 and set an "overweight" rating on the stock in a research report on Thursday, July 17th. Ten analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $19.67.

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.