ACV Auctions Inc. (NASDAQ:ACVA) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. decreased its position in shares of ACV Auctions Inc. (NASDAQ:ACVA - Free Report) by 73.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund 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 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of ACVA. Driehaus Capital Management LLC raised its holdings in ACV Auctions by 128.5% in the 4th quarter. Driehaus Capital Management LLC now owns 2,837,165 shares of the company's stock valued at $61,283,000 after buying an additional 1,595,657 shares during the period. Franklin Resources Inc. increased its stake in ACV Auctions by 2,346.2% during the fourth quarter. Franklin Resources Inc. now owns 1,001,365 shares of the company's stock worth $21,629,000 after purchasing an additional 960,430 shares during the period. Frontier Capital Management Co. LLC increased its stake in ACV Auctions by 59.7% during the fourth quarter. Frontier Capital Management Co. LLC now owns 2,061,028 shares of the company's stock worth $44,518,000 after purchasing an additional 770,828 shares during the period. Vanguard Group Inc. increased its stake in ACV Auctions by 5.5% during the fourth quarter. Vanguard Group Inc. now owns 14,245,915 shares of the company's stock worth $307,712,000 after purchasing an additional 738,391 shares during the period. Finally, Wellington Management Group LLP increased its stake in ACV Auctions by 61.3% during the fourth quarter. Wellington Management Group LLP now owns 1,708,551 shares of the company's stock worth $36,905,000 after purchasing an additional 649,039 shares during the period. 88.55% of the stock is currently owned by hedge funds and other institutional investors.

ACV Auctions Stock Down 1.8%

ACVA stock opened at $15.09 on Monday. The company's 50 day moving average price is $16.28 and its 200 day moving average price is $16.88. 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 Inc. has a fifty-two week low of $11.88 and a fifty-two week high of $23.46. The firm has a market capitalization of $2.58 billion, a price-to-earnings ratio of -30.79 and a beta of 1.71.

ACV Auctions (NASDAQ:ACVA - Get Free Report) last released 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%. ACV Auctions's quarterly revenue was up 25.4% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.13) EPS. On average, equities research analysts anticipate that ACV Auctions Inc. will post -0.07 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

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

Insider Transactions at ACV Auctions

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 value of $3,796,610.00. Following the completion of the transaction, the insider directly owned 466,548 shares of the company's stock, valued at $7,931,316. This represents a 32.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 2.90% of the stock is owned by company 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.

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