Principal Financial Group Inc. Raises Stake in ACV Auctions Inc. (NASDAQ:ACVA)

Principal Financial Group Inc. increased its position in shares of ACV Auctions Inc. (NASDAQ:ACVA) by 4.9% during the third quarter, Holdings Channel reports. The fund owned 64,925 shares of the company’s stock after acquiring an additional 3,022 shares during the quarter. Principal Financial Group Inc.’s holdings in ACV Auctions were worth $1,320,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Blue Trust Inc. increased its position in ACV Auctions by 165.2% during the third quarter. Blue Trust Inc. now owns 1,419 shares of the company’s stock worth $29,000 after purchasing an additional 884 shares during the last quarter. MCF Advisors LLC raised its position in shares of ACV Auctions by 107.0% in the 3rd quarter. MCF Advisors LLC now owns 1,480 shares of the company’s stock worth $30,000 after buying an additional 765 shares during the period. Park Place Capital Corp boosted its holdings in ACV Auctions by 34.1% in the third quarter. Park Place Capital Corp now owns 2,779 shares of the company’s stock valued at $56,000 after acquiring an additional 706 shares during the last quarter. Amalgamated Bank grew its position in ACV Auctions by 18.0% during the second quarter. Amalgamated Bank now owns 5,120 shares of the company’s stock valued at $93,000 after acquiring an additional 782 shares during the period. Finally, Public Employees Retirement Association of Colorado acquired a new stake in ACV Auctions during the second quarter worth about $225,000. 88.55% of the stock is owned by hedge funds and other institutional investors.

ACV Auctions Stock Performance

ACV Auctions stock opened at $21.97 on Friday. ACV Auctions Inc. has a 12-month low of $12.84 and a 12-month high of $22.23. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.51 and a quick ratio of 1.51. The company has a market capitalization of $3.68 billion, a price-to-earnings ratio of -46.74 and a beta of 1.59. The firm’s fifty day moving average price is $19.50 and its 200 day moving average price is $18.55.

Insider Activity

In related news, VP Andrew Peer sold 1,795 shares of ACV Auctions stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $21.00, for a total value of $37,695.00. Following the completion of the sale, the vice president now owns 62,956 shares in the company, valued at approximately $1,322,076. The trade was a 2.77 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Vikas Mehta sold 8,395 shares of the stock in a transaction on Monday, August 26th. The shares were sold at an average price of $19.21, for a total transaction of $161,267.95. Following the transaction, the chief operating officer now owns 467,090 shares in the company, valued at $8,972,798.90. This trade represents a 1.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 501,832 shares of company stock worth $9,912,940 over the last ninety days. Corporate insiders own 8.50% of the company’s stock.

Wall Street Analyst Weigh In

ACVA has been the subject of a number of research reports. Jefferies Financial Group boosted their target price on ACV Auctions from $22.00 to $25.00 and gave the stock a “buy” rating in a report on Tuesday, October 22nd. Piper Sandler boosted their price objective on shares of ACV Auctions from $16.00 to $18.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. JMP Securities increased their price objective on shares of ACV Auctions from $21.00 to $24.00 and gave the stock a “market outperform” rating in a research report on Tuesday, September 17th. Raymond James began coverage on shares of ACV Auctions in a report on Friday, September 27th. They set a “market perform” rating and a $22.00 target price on the stock. Finally, Barrington Research reiterated an “outperform” rating and issued a $23.00 price target on shares of ACV Auctions in a report on Monday, November 4th. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, ACV Auctions presently has an average rating of “Moderate Buy” and a consensus price target of $22.63.

ACV Auctions 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.