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

Rivermont Capital Management LP reduced its stake in ACV Auctions Inc. (NASDAQ:ACVA) by 14.6% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 799,177 shares of the company’s stock after selling 136,382 shares during the period. ACV Auctions comprises approximately 6.5% of Rivermont Capital Management LP’s investment portfolio, making the stock its 5th largest position. Rivermont Capital Management LP’s holdings in ACV Auctions were worth $17,262,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in ACVA. Raymond James Financial Inc. bought a new position in ACV Auctions in the 4th quarter valued at approximately $4,704,000. Intech Investment Management LLC lifted its stake in shares of ACV Auctions by 55.7% in the 4th quarter. Intech Investment Management LLC now owns 62,395 shares of the company’s stock valued at $1,348,000 after acquiring an additional 22,310 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of ACV Auctions by 3.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,289,362 shares of the company’s stock valued at $27,850,000 after acquiring an additional 48,021 shares during the last quarter. TimesSquare Capital Management LLC boosted its holdings in shares of ACV Auctions by 6.7% during the 4th quarter. TimesSquare Capital Management LLC now owns 1,891,627 shares of the company’s stock valued at $40,859,000 after acquiring an additional 118,421 shares in the last quarter. Finally, Vanguard Group Inc. grew its position in 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 acquiring an additional 738,391 shares during the last quarter. 88.55% of the stock is owned by institutional investors.

ACV Auctions Price Performance

Shares of ACVA opened at $16.83 on Thursday. The company has a market capitalization of $2.84 billion, a price-to-earnings ratio of -34.35 and a beta of 1.72. The business has a 50-day moving average of $14.71 and a 200-day moving average of $18.45. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.56 and a quick ratio of 1.56. ACV Auctions Inc. has a 1 year low of $11.88 and a 1 year high of $23.46.

ACV Auctions (NASDAQ:ACVA) last announced 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 return on equity of 12.94% and a negative net margin of 12.51%. The firm’s revenue for the quarter was up 25.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.13) EPS. As a group, equities research analysts anticipate that ACV Auctions Inc. will post -0.07 earnings per share for the current year.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. JMP Securities lowered their target price on ACV Auctions from $22.00 to $18.00 and set a “market outperform” rating for the company in a report on Wednesday, April 9th. Piper Sandler raised ACV Auctions from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $18.00 to $20.00 in a research note on Thursday, March 20th. Needham & Company LLC reiterated a “buy” rating and issued a $25.00 price objective on shares of ACV Auctions in a report on Thursday, May 8th. JPMorgan Chase & Co. cut their target price on shares of ACV Auctions from $24.00 to $20.00 and set an “overweight” rating on the stock in a research report on Thursday, March 27th. Finally, Stephens raised shares of ACV Auctions to a “hold” rating in a report on Saturday, February 1st. Two research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, ACV Auctions presently has an average rating of “Moderate Buy” and an average target price of $22.50.

Insider Activity

In other ACV Auctions news, CFO William Zerella sold 15,000 shares of the 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 approximately $10,367,578.98. This represents a 1.92% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO George Chamoun sold 348,249 shares of ACV Auctions stock in a transaction on Thursday, March 20th. The shares were sold at an average price of $15.34, for a total transaction of $5,342,139.66. Following the completion of the sale, the chief executive officer now owns 2,821,193 shares of the company’s stock, valued at $43,277,100.62. This represents a 10.99% decrease in their position. The disclosure for this sale can be found here. 8.50% of the stock is owned by company insiders.

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.