Rivermont Capital Management LP Has $17.26 Million Stock Holdings in ACV Auctions Inc. (NASDAQ:ACVA)

Rivermont Capital Management LP lessened its holdings in shares of ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 14.6% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 799,177 shares of the company's stock after selling 136,382 shares during the quarter. ACV Auctions makes up approximately 6.5% of Rivermont Capital Management LP's portfolio, making the stock its 5th largest holding. Rivermont Capital Management LP owned 0.48% of ACV Auctions worth $17,262,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in shares of ACV Auctions by 5.5% during the 4th quarter. Vanguard Group Inc. now owns 14,245,915 shares of the company's stock worth $307,712,000 after buying an additional 738,391 shares during the period. William Blair Investment Management LLC boosted its stake in shares of ACV Auctions by 43.2% during the 4th quarter. William Blair Investment Management LLC now owns 12,099,686 shares of the company's stock worth $261,353,000 after acquiring an additional 3,652,871 shares during the period. Alliancebernstein L.P. grew its stake in ACV Auctions by 5.3% in the 4th quarter. Alliancebernstein L.P. now owns 5,622,255 shares of the company's stock valued at $121,441,000 after buying an additional 284,880 shares during the last quarter. Jennison Associates LLC grew its stake in shares of ACV Auctions by 17.2% in the fourth quarter. Jennison Associates LLC now owns 4,980,354 shares of the company's stock valued at $107,576,000 after acquiring an additional 732,422 shares in the last quarter. Finally, Geode Capital Management LLC lifted its position in shares of ACV Auctions by 1.7% during the 4th quarter. Geode Capital Management LLC now owns 3,575,347 shares of the company's stock valued at $77,246,000 after acquiring an additional 58,259 shares during the period. 88.55% of the stock is currently owned by institutional investors and hedge funds.

ACV Auctions Stock Performance

Shares of ACV Auctions stock traded down $0.05 during mid-day trading on Tuesday, hitting $16.82. 580,991 shares of the stock were exchanged, compared to its average volume of 2,210,826. 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 has a market capitalization of $2.88 billion, a P/E ratio of -34.35 and a beta of 1.72. The company has a 50-day simple moving average of $14.91 and a 200 day simple moving average of $18.45. ACV Auctions Inc. has a 12 month low of $11.88 and a 12 month high of $23.46.

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

Insider Activity

In other news, CEO George Chamoun sold 348,249 shares of the stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $15.34, for a total transaction of $5,342,139.66. Following the transaction, the chief executive officer now directly owns 2,821,193 shares in the company, valued at approximately $43,277,100.62. This represents a 10.99% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO William Zerella sold 15,000 shares of ACV Auctions stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $13.53, for a total transaction of $202,950.00. Following the transaction, the chief financial officer now directly owns 766,266 shares in the company, valued at $10,367,578.98. This trade represents a 1.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 586,579 shares of company stock valued at $9,341,700 over the last quarter. Company insiders own 8.50% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. Stephens upgraded ACV Auctions to a "hold" rating in a research report on Saturday, February 1st. JMP Securities decreased their price target on ACV Auctions from $22.00 to $18.00 and set a "market outperform" rating for the company in a research note on Wednesday, April 9th. Piper Sandler raised shares of ACV Auctions from a "neutral" rating to an "overweight" rating and lifted their target price for the stock from $18.00 to $20.00 in a research note on Thursday, March 20th. JPMorgan Chase & Co. cut 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. Finally, Bank of America raised ACV Auctions from a "neutral" rating to a "buy" rating and decreased their target price for the company from $22.00 to $20.00 in a research report on Wednesday, March 12th. Two analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $22.50.

About ACV Auctions

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.