Riverbridge Partners LLC Decreases Holdings in ACV Auctions Inc. (NASDAQ:ACVA)

Riverbridge Partners LLC cut its position in shares of ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 7.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,802,404 shares of the company's stock after selling 284,318 shares during the period. Riverbridge Partners LLC owned 2.27% of ACV Auctions worth $82,132,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Blue Trust Inc. grew its stake in ACV Auctions by 165.2% in the 3rd quarter. Blue Trust Inc. now owns 1,419 shares of the company's stock valued at $29,000 after buying an additional 884 shares during the last quarter. MCF Advisors LLC lifted its holdings in shares of ACV Auctions by 107.0% during the 3rd quarter. MCF Advisors LLC now owns 1,480 shares of the company's stock worth $30,000 after acquiring an additional 765 shares during the period. Park Place Capital Corp lifted its holdings in shares of ACV Auctions by 34.1% during the 3rd quarter. Park Place Capital Corp now owns 2,779 shares of the company's stock worth $56,000 after acquiring an additional 706 shares during the period. Amalgamated Bank lifted its stake in ACV Auctions by 18.0% in the 2nd quarter. Amalgamated Bank now owns 5,120 shares of the company's stock valued at $93,000 after purchasing an additional 782 shares during the last quarter. Finally, Verdence Capital Advisors LLC bought a new position in ACV Auctions in the 3rd quarter valued at approximately $206,000. 88.55% of the stock is currently owned by institutional investors and hedge funds.

ACV Auctions Trading Up 2.7 %

Shares of ACVA traded up $0.58 during trading hours on Thursday, hitting $22.02. 994,163 shares of the stock were exchanged, compared to its average volume of 1,124,339. ACV Auctions Inc. has a fifty-two week low of $12.84 and a fifty-two week high of $23.46. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.51 and a quick ratio of 1.51. The business has a 50-day moving average of $21.57 and a 200-day moving average of $19.62. The firm has a market capitalization of $3.69 billion, a P/E ratio of -46.73 and a beta of 1.69.

Insiders Place Their Bets

In other ACV Auctions news, CFO William Zerella sold 32,500 shares of the firm's stock in a transaction on Monday, December 30th. The shares were sold at an average price of $21.65, for a total value of $703,625.00. Following the transaction, the chief financial officer now directly owns 490,482 shares of the company's stock, valued at approximately $10,618,935.30. This trade represents a 6.21 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Michael Waterman sold 30,162 shares of the firm's stock in a transaction on Tuesday, January 7th. The shares were sold at an average price of $20.53, for a total transaction of $619,225.86. Following the completion of the transaction, the insider now directly owns 314,738 shares in the company, valued at $6,461,571.14. This trade represents a 8.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 110,162 shares of company stock worth $2,359,726. 8.50% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. B. Riley increased their price objective on shares of ACV Auctions from $24.00 to $27.00 and gave the company a "buy" rating in a research note on Tuesday, November 26th. Jefferies Financial Group increased their price objective on shares of ACV Auctions from $22.00 to $25.00 and gave the company a "buy" rating in a research note on Tuesday, October 22nd. JMP Securities reissued a "market outperform" rating and issued a $25.00 price objective on shares of ACV Auctions in a research note on Monday, December 16th. Citigroup upped their price target on shares of ACV Auctions from $22.00 to $27.00 and gave the company a "buy" rating in a research report on Wednesday, November 27th. Finally, Stephens began coverage on shares of ACV Auctions in a research report on Wednesday. They issued an "equal weight" rating and a $20.50 price target for the company. Three investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $23.65.

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.