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

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

Other large investors have also modified their holdings of the company. Versant Capital Management Inc raised its stake in shares of ACV Auctions by 464.4% in the first 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. Blue Trust Inc. raised its stake in shares of ACV Auctions by 65.8% in the fourth quarter. Blue Trust Inc. now owns 2,352 shares of the company’s stock valued at $48,000 after purchasing an additional 933 shares in the last quarter. GAMMA Investing LLC raised its stake in shares of ACV Auctions by 3,005.8% in the first quarter. GAMMA Investing LLC now owns 5,932 shares of the company’s stock valued at $84,000 after purchasing an additional 5,741 shares in the last quarter. Integrated Advisors Network LLC acquired a new position in shares of ACV Auctions in the fourth quarter valued at $200,000. Finally, Mackenzie Financial Corp acquired a new position in shares of ACV Auctions in the fourth quarter valued at $206,000. 88.55% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at ACV Auctions

In related news, insider Michael Waterman sold 223,330 shares of the firm’s stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $17.00, for a total value of $3,796,610.00. Following the transaction, the insider now owns 466,548 shares in the company, valued at $7,931,316. This trade represents a 32.37% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 2.90% of the stock is owned by company insiders.

ACV Auctions Stock Performance

Shares of ACV Auctions stock opened at $15.53 on Friday. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.56 and a quick ratio of 1.56. The firm has a market cap of $2.66 billion, a P/E ratio of -31.68 and a beta of 1.74. The firm has a 50 day simple moving average of $15.78 and a 200 day simple moving average of $17.74. ACV Auctions Inc. has a fifty-two week low of $11.88 and a fifty-two week high of $23.46.

ACV Auctions (NASDAQ:ACVA) last issued its quarterly 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%. The firm’s revenue for the quarter was up 25.4% compared to the same quarter last year. During the same quarter last year, the business posted ($0.13) earnings per share. Sell-side analysts predict that ACV Auctions Inc. will post -0.07 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

ACVA has been the subject of a number of recent research reports. Needham & Company LLC restated a “buy” rating and issued a $25.00 target price on shares of ACV Auctions in a research note on Thursday, May 8th. Piper Sandler upgraded shares of ACV Auctions from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $18.00 to $20.00 in a research note on Thursday, March 20th. JPMorgan Chase & Co. dropped their target price on shares of ACV Auctions from $24.00 to $20.00 and set an “overweight” rating for the company in a research report on Thursday, March 27th. Bank of America upgraded shares of ACV Auctions from a “neutral” rating to a “buy” rating and reduced their price target for the company from $22.00 to $20.00 in a research report on Wednesday, March 12th. Finally, JMP Securities decreased their price objective on shares of ACV Auctions from $22.00 to $18.00 and set a “market outperform” rating on the stock in a research note on Wednesday, April 9th. Two analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, ACV Auctions presently has an average rating of “Moderate Buy” and a consensus target price of $22.50.

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.