Principal Financial Group Inc. Cuts Stock Position in ACV Auctions Inc. (NASDAQ:ACVA)

Principal Financial Group Inc. decreased its holdings in shares of ACV Auctions Inc. (NASDAQ:ACVA) by 31.9% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 44,230 shares of the company’s stock after selling 20,695 shares during the quarter. Principal Financial Group Inc.’s holdings in ACV Auctions were worth $955,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in ACVA. Blue Trust Inc. lifted its stake in shares of ACV Auctions by 65.8% during the fourth quarter. Blue Trust Inc. now owns 2,352 shares of the company’s stock worth $48,000 after purchasing an additional 933 shares in the last quarter. KBC Group NV grew its stake in shares of ACV Auctions by 80.4% in the fourth quarter. KBC Group NV now owns 7,406 shares of the company’s stock valued at $160,000 after buying an additional 3,300 shares in the last quarter. Verdence Capital Advisors LLC purchased a new stake in shares of ACV Auctions during the 3rd quarter valued at about $206,000. Icon Wealth Advisors LLC lifted its position in ACV Auctions by 13.5% during the 3rd quarter. Icon Wealth Advisors LLC now owns 11,048 shares of the company’s stock worth $225,000 after acquiring an additional 1,317 shares in the last quarter. Finally, Aigen Investment Management LP purchased a new position in ACV Auctions in the 3rd quarter worth approximately $287,000. 88.55% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on ACVA shares. Needham & Company LLC dropped their price objective on shares of ACV Auctions from $28.00 to $25.00 and set a “buy” rating on the stock in a research note on Thursday, February 20th. B. Riley lifted their price target on shares of ACV Auctions from $24.00 to $27.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. Stephens raised shares of ACV Auctions to a “hold” rating in a research report on Saturday, February 1st. Piper Sandler raised their target price on ACV Auctions from $16.00 to $18.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. Finally, JMP Securities reiterated a “market outperform” rating and issued a $25.00 price target on shares of ACV Auctions in a research note on Monday, December 16th. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $23.35.

Insider Buying and Selling at ACV Auctions

In other ACV Auctions news, CFO William Zerella sold 32,500 shares of the firm’s stock in a transaction dated 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 owns 490,482 shares of the company’s stock, valued at $10,618,935.30. This trade represents a 6.21 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Michael Waterman sold 15,000 shares of ACV Auctions stock in a transaction that occurred on Tuesday, February 4th. The shares were sold at an average price of $20.27, for a total value of $304,050.00. Following the completion of the transaction, the insider now owns 311,354 shares of the company’s stock, valued at approximately $6,311,145.58. The trade was a 4.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 92,662 shares of company stock worth $1,935,451 over the last 90 days. Insiders own 8.50% of the company’s stock.

ACV Auctions Stock Down 6.8 %

NASDAQ:ACVA opened at $14.17 on Friday. The stock has a 50-day simple moving average of $20.16 and a 200 day simple moving average of $20.03. ACV Auctions Inc. has a one year low of $14.03 and a one year high of $23.46. The company has a market capitalization of $2.39 billion, a price-to-earnings ratio of -28.92 and a beta of 1.73. 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, February 19th. The company reported ($0.14) EPS for the quarter, topping the consensus estimate of ($0.15) by $0.01. The company had revenue of $159.51 million during the quarter, compared to analyst estimates of $156.77 million. ACV Auctions had a negative return on equity of 12.94% and a negative net margin of 12.51%. Sell-side analysts predict that ACV Auctions Inc. will post -0.07 EPS for the current fiscal year.

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.