ACV Auctions Inc. $ACVA is Rivermont Capital Management LP's 8th Largest Position

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

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. SG Americas Securities LLC acquired a new position in shares of ACV Auctions in the 1st quarter valued at $364,000. Tempus Wealth Planning LLC purchased a new position in ACV Auctions in the first quarter valued at $277,000. Vanguard Group Inc. increased its stake in shares of ACV Auctions by 7.4% in the 1st quarter. Vanguard Group Inc. now owns 15,301,225 shares of the company's stock valued at $215,594,000 after purchasing an additional 1,055,310 shares in the last quarter. Jump Financial LLC raised its stake in shares of ACV Auctions by 233.3% during the 1st quarter. Jump Financial LLC now owns 92,996 shares of the company's stock worth $1,310,000 after buying an additional 65,096 shares during the period. Finally, Caption Management LLC purchased a new position in ACV Auctions during the first quarter valued at $564,000. Institutional investors and hedge funds own 88.55% of the company's stock.

Wall Street Analyst Weigh In

ACVA has been the subject of a number of research reports. JMP Securities cut their target price on shares of ACV Auctions from $20.00 to $18.00 and set a "market outperform" rating for the company in a research note on Tuesday, August 12th. Needham & Company LLC reduced their target price on ACV Auctions from $25.00 to $16.00 and set a "buy" rating for the company in a report on Tuesday, August 12th. Bank of America decreased their target price on 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 reduced their price objective on ACV Auctions from $26.00 to $21.00 and set a "buy" rating for the company in a research note on Tuesday, August 12th. Finally, Stephens reduced their target price on shares of ACV Auctions from $16.00 to $11.50 and set an "equal weight" rating for the company in a research 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 presently has an average rating of "Moderate Buy" and a consensus price target of $19.67.

ACV Auctions Trading Down 2.8%

NASDAQ ACVA traded down $0.29 during trading on Friday, hitting $10.05. The stock had a trading volume of 3,196,568 shares, compared to its average volume of 2,239,847. ACV Auctions Inc. has a twelve month low of $9.99 and a twelve month high of $23.46. The firm has a 50 day moving average price of $13.20 and a 200 day moving average price of $14.63. The company has a market capitalization of $1.73 billion, a PE ratio of -20.50 and a beta of 1.68. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.28.

Insiders Place Their Bets

In related news, insider Craig Eric Anderson sold 15,000 shares of the stock in a transaction 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 transaction, the insider owned 340,799 shares of the company's stock, valued at $5,125,616.96. This represents a 4.22% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Michael Waterman sold 34,339 shares of the stock in a transaction dated 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 transaction, the insider 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 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.