Principal Financial Group Inc. Trims Stock Holdings in ACV Auctions Inc. (NASDAQ:ACVA)

Principal Financial Group Inc. decreased its holdings in shares of ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 73.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 11,814 shares of the company's stock after selling 32,416 shares during the quarter. Principal Financial Group Inc.'s holdings in ACV Auctions were worth $166,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Versant Capital Management Inc grew its holdings in shares of ACV Auctions by 464.4% during the first quarter. Versant Capital Management Inc now owns 2,201 shares of the company's stock worth $31,000 after purchasing an additional 1,811 shares in the last quarter. GAMMA Investing LLC lifted its position in ACV Auctions by 3,005.8% in the 1st quarter. GAMMA Investing LLC now owns 5,932 shares of the company's stock worth $84,000 after buying an additional 5,741 shares during the last quarter. Integrated Advisors Network LLC bought a new stake in ACV Auctions in the 4th quarter worth approximately $200,000. Mackenzie Financial Corp bought a new stake in ACV Auctions in the 4th quarter worth approximately $206,000. Finally, Bessemer Group Inc. lifted its position in ACV Auctions by 14.5% in the 1st quarter. Bessemer Group Inc. now owns 9,911 shares of the company's stock worth $140,000 after buying an additional 1,257 shares during the last quarter. Hedge funds and other institutional investors own 88.55% of the company's stock.

ACV Auctions Trading Down 3.8%

ACVA stock traded down $0.58 during midday trading on Thursday, hitting $14.66. The company had a trading volume of 1,198,290 shares, compared to its average volume of 2,018,871. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.28. ACV Auctions Inc. has a 52 week low of $11.88 and a 52 week high of $23.46. The stock's 50 day moving average price is $16.12 and its 200 day moving average price is $16.77. The stock has a market cap of $2.51 billion, a price-to-earnings ratio of -29.91 and a beta of 1.71.

ACV Auctions (NASDAQ:ACVA - Get Free Report) last announced its earnings results on Wednesday, May 7th. The company reported ($0.09) EPS for the quarter, missing analysts' consensus estimates of $0.04 by ($0.13). ACV Auctions had a negative net margin of 12.51% and a negative return on equity of 12.94%. The firm's quarterly revenue was up 25.4% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.13) EPS. As a group, equities research analysts expect that ACV Auctions Inc. will post -0.07 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of analysts recently weighed in on ACVA shares. Citigroup dropped their target price on ACV Auctions from $22.00 to $21.00 and set a "buy" rating for the company in a research report on Monday, July 7th. JPMorgan Chase & Co. dropped their target price on ACV Auctions from $20.00 to $19.00 and set an "overweight" rating for the company in a research report on Thursday, July 17th. JMP Securities boosted their target price on ACV Auctions from $18.00 to $20.00 and gave the stock a "market outperform" rating in a research report on Wednesday, July 2nd. Finally, Needham & Company LLC restated a "buy" rating and issued a $25.00 target price on shares of ACV Auctions in a research report on Thursday, May 8th. Two investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $22.05.

Insider Buying and Selling

In related news, insider Michael Waterman sold 223,330 shares of the company's stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $17.00, for a total transaction of $3,796,610.00. Following the completion of the transaction, the insider owned 466,548 shares in the company, valued at $7,931,316. This represents a 32.37% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Craig Eric Anderson sold 15,000 shares of the company's stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $15.04, for a total value of $225,600.00. Following the transaction, the insider owned 340,799 shares of the company's stock, valued at approximately $5,125,616.96. This represents a 4.22% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 272,669 shares of company stock valued at $4,573,351. 2.90% of the stock is owned by corporate insiders.

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.