Riverbridge Partners LLC Has $35.35 Million Stock Holdings in ACV Auctions Inc. $ACVA

Riverbridge Partners LLC lifted its holdings in shares of ACV Auctions Inc. (NASDAQ:ACVA) by 18.6% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,567,434 shares of the company’s stock after acquiring an additional 560,697 shares during the period. Riverbridge Partners LLC owned approximately 2.07% of ACV Auctions worth $35,353,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the business. Brighton Jones LLC raised its stake in shares of ACV Auctions by 2.1% in the second quarter. Brighton Jones LLC now owns 40,703 shares of the company’s stock worth $660,000 after purchasing an additional 823 shares during the last quarter. Verdence Capital Advisors LLC grew its stake in shares of ACV Auctions by 6.4% in the 2nd quarter. Verdence Capital Advisors LLC now owns 15,845 shares of the company’s stock worth $257,000 after acquiring an additional 960 shares in the last quarter. SG Americas Securities LLC raised its holdings in shares of ACV Auctions by 5.7% in the second quarter. SG Americas Securities LLC now owns 27,302 shares of the company’s stock valued at $443,000 after purchasing an additional 1,467 shares during the last quarter. Bank of Montreal Can lifted its position in shares of ACV Auctions by 13.8% during the second quarter. Bank of Montreal Can now owns 14,384 shares of the company’s stock valued at $233,000 after purchasing an additional 1,746 shares in the last quarter. Finally, CWM LLC boosted its holdings in ACV Auctions by 77.4% during the second quarter. CWM LLC now owns 4,642 shares of the company’s stock worth $75,000 after purchasing an additional 2,026 shares during the last quarter. Institutional investors own 88.55% of the company’s stock.

ACV Auctions Stock Down 1.7%

ACVA stock opened at $7.80 on Monday. ACV Auctions Inc. has a fifty-two week low of $4.95 and a fifty-two week high of $22.47. The stock has a fifty day moving average of $7.84 and a 200-day moving average of $11.29. The company has a market capitalization of $1.34 billion, a price-to-earnings ratio of -15.91 and a beta of 1.64. 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 (NASDAQ:ACVA) last issued its earnings results on Wednesday, November 5th. The company reported $0.07 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.07. ACV Auctions had a negative net margin of 12.51% and a negative return on equity of 12.94%. The firm had revenue of $199.56 million during the quarter, compared to analyst estimates of $200.26 million. During the same quarter last year, the business earned $0.04 earnings per share. The company’s quarterly revenue was up 16.5% on a year-over-year basis. As a group, equities research analysts predict that ACV Auctions Inc. will post -0.07 earnings per share for the current year.

Analysts Set New Price Targets

ACVA has been the subject of several analyst reports. Citigroup decreased their price objective on shares of ACV Auctions from $17.00 to $13.00 and set a “buy” rating for the company in a research note on Friday, November 21st. Jefferies Financial Group lowered ACV Auctions from a “buy” rating to a “hold” rating and set a $9.00 price target on the stock. in a report on Thursday, December 11th. Barrington Research lowered ACV Auctions from an “outperform” rating to a “market perform” rating in a research report on Thursday, November 6th. Needham & Company LLC lowered their target price on ACV Auctions from $14.00 to $9.00 and set a “buy” rating on the stock in a research note on Thursday, November 6th. Finally, The Goldman Sachs Group reduced their price target on shares of ACV Auctions from $21.00 to $13.00 and set a “buy” rating for the company in a research report on Friday, November 7th. Six equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $11.75.

Insiders Place Their Bets

In other news, Director Robert P. Goodman purchased 912,408 shares of the business’s stock in a transaction on Monday, November 10th. The stock was purchased at an average cost of $5.61 per share, with a total value of $5,118,608.88. Following the acquisition, the director directly owned 912,408 shares in the company, valued at approximately $5,118,608.88. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO George Chamoun bought 31,172 shares of the company’s stock in a transaction that occurred on Monday, December 15th. The stock was purchased at an average price of $7.97 per share, with a total value of $248,440.84. Following the transaction, the chief executive officer directly owned 2,618,714 shares in the company, valued at $20,871,150.58. The trade was a 1.20% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have purchased a total of 1,024,151 shares of company stock worth $5,867,396 over the last 90 days. Corporate insiders own 2.90% of the company’s stock.

ACV Auctions Profile

ACV Auctions operates a digital marketplace that connects automotive dealers through a mobile-first platform for wholesale vehicle auctions. The company’s software enables dealers to list, inspect and bid on used vehicles in real time, leveraging smartphone-based condition reporting, high-resolution imagery and data analytics to streamline the buying and selling process. ACV Auctions also offers subscription-based access to its auction platform, supplemental reconditioning services and financing tools designed to help dealers optimize inventory turn and reduce risk.

Since its founding in 2014, ACV Auctions has expanded its technology offerings beyond core auction services to include dealer management integrations, transportation logistics coordination and title management solutions.