Riverbridge Partners LLC Sells 81,287 Shares of ACV Auctions Inc. $ACVA

Riverbridge Partners LLC lowered its stake in shares of ACV Auctions Inc. (NYSE:ACVA) by 4.4% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 1,758,166 shares of the company’s stock after selling 81,287 shares during the period. Riverbridge Partners LLC owned approximately 1.04% of ACV Auctions worth $18,338,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in ACVA. Renaissance Technologies LLC purchased a new position in shares of ACV Auctions during the first quarter worth $815,000. Quantinno Capital Management LP grew its stake in shares of ACV Auctions by 215.8% in the first quarter. Quantinno Capital Management LP now owns 425,494 shares of the company’s stock valued at $1,804,000 after buying an additional 290,739 shares in the last quarter. True North Advisors LLC purchased a new stake in shares of ACV Auctions in the 1st quarter valued at $743,000. Bank of New York Mellon Corp purchased a new stake in shares of ACV Auctions in the 2nd quarter valued at $3,996,000. Finally, Transmarket Holdings LP acquired a new position in ACV Auctions during the 3rd quarter worth about $2,810,000. Institutional investors and hedge funds own 88.55% of the company’s stock.

Analyst Ratings Changes

ACVA has been the subject of a number of research analyst reports. Stephens upgraded ACV Auctions from an “equal weight” rating to an “overweight” rating and set a $10.50 target price for the company in a report on Tuesday, August 11th. Wall Street Zen upgraded shares of ACV Auctions to a “hold” rating in a research note on Saturday, October 17th. Barclays lowered shares of ACV Auctions from an “equal weight” rating to an “underweight” rating and set a $8.00 price target on the stock. in a research note on Tuesday, August 11th. Bank of America reissued an “underperform” rating on shares of ACV Auctions in a research report on Tuesday, August 11th. Finally, Citizens Jmp lowered shares of ACV Auctions from an “outperform” rating to a “market perform” rating in a research note on Tuesday, August 11th. Four research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and four have issued a Sell rating to the stock. According to data from MarketBeat, ACV Auctions currently has a consensus rating of “Hold” and an average target price of $10.00.

ACV Auctions Stock Performance

NYSE:ACVA opened at $10.50 on Wednesday. The company has a fifty day simple moving average of $9.98 and a two-hundred day simple moving average of $7.21. The company has a market cap of $1.78 billion, a price-to-earnings ratio of -29.17 and a beta of 1.76. The company has a quick ratio of 1.52, a current ratio of 1.52 and a debt-to-equity ratio of 0.53. ACV Auctions Inc. has a 52 week low of $4.07 and a 52 week high of $10.51.

ACV Auctions Profile

ACV Auctions operates a digital wholesale automotive marketplace that connects vehicle dealers and other commercial sellers with buyers. Its online auction platform enables dealers to purchase and sell used vehicles through live and timed auctions. The company supplements its marketplace with services intended to support wholesale transactions, including vehicle condition reports, transportation, title processing and financing solutions. These offerings help customers evaluate vehicles and manage the steps involved in buying and selling them.