Principal Financial Group Inc. Purchases 3,022 Shares of ACV Auctions Inc. (NASDAQ:ACVA)

Principal Financial Group Inc. boosted its position in shares of ACV Auctions Inc. (NASDAQ:ACVA) by 4.9% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor 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 reporting period.

Other large investors have also recently added to or reduced their stakes in the company. William Blair Investment Management LLC raised its holdings in shares of ACV Auctions by 4.1% in the 2nd quarter. William Blair Investment Management LLC now owns 5,013,642 shares of the company’s stock valued at $91,499,000 after purchasing an additional 198,228 shares during the period. Quadrature Capital Ltd bought a new position in ACV Auctions during the third quarter worth about $566,000. Quantbot Technologies LP acquired a new position in ACV Auctions during the third quarter worth approximately $2,035,000. State Street Corp raised its stake in ACV Auctions by 3.7% in the third quarter. State Street Corp now owns 3,242,388 shares of the company’s stock valued at $65,918,000 after buying an additional 115,700 shares during the period. Finally, Harbor Capital Advisors Inc. lifted its position in shares of ACV Auctions by 383.7% in the third quarter. Harbor Capital Advisors Inc. now owns 153,050 shares of the company’s stock valued at $3,112,000 after buying an additional 121,411 shares during the last quarter. Institutional investors and hedge funds own 88.55% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on ACVA. Piper Sandler increased their price target on ACV Auctions from $16.00 to $18.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. JMP Securities reissued a “market outperform” rating and issued a $25.00 price objective on shares of ACV Auctions in a research report on Monday, December 16th. Raymond James initiated 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 for the company. Jefferies Financial Group increased their price target on shares of ACV Auctions from $22.00 to $25.00 and gave the company a “buy” rating in a report on Tuesday, October 22nd. Finally, Barrington Research restated an “outperform” rating and set a $23.00 price objective on shares of ACV Auctions in a report on Monday, November 4th. Two analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, ACV Auctions has a consensus rating of “Moderate Buy” and a consensus price target of $23.80.

ACV Auctions Stock Performance

ACVA opened at $21.02 on Friday. ACV Auctions Inc. has a 52-week low of $12.84 and a 52-week high of $23.46. The business’s fifty day moving average is $20.93 and its 200-day moving average is $19.32. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.51 and a current ratio of 1.51. The firm has a market cap of $3.52 billion, a P/E ratio of -44.72 and a beta of 1.70.

Insider Buying and Selling at ACV Auctions

In related news, insider Michael Waterman sold 18,001 shares of the company’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $18.79, for a total transaction of $338,238.79. Following the completion of the sale, the insider now directly owns 337,190 shares in the company, valued at $6,335,800.10. This represents a 5.07 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO William Zerella sold 32,500 shares of ACV Auctions stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $22.41, for a total value of $728,325.00. Following the completion of the transaction, the chief financial officer now owns 490,482 shares in the company, valued at approximately $10,991,701.62. This represents a 6.21 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 115,501 shares of company stock valued at $2,380,864 in the last ninety days. 8.50% of the stock is currently 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.