PNC Financial Services Group Inc. Sells 5,995 Shares of ACV Auctions Inc. (NASDAQ:ACVA)

PNC Financial Services Group Inc. decreased its position in ACV Auctions Inc. (NASDAQ:ACVA) by 5.4% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 105,366 shares of the company’s stock after selling 5,995 shares during the quarter. PNC Financial Services Group Inc. owned 0.06% of ACV Auctions worth $2,276,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the company. Blue Trust Inc. grew its holdings in shares of ACV Auctions by 65.8% in the 4th quarter. Blue Trust Inc. now owns 2,352 shares of the company’s stock worth $48,000 after purchasing an additional 933 shares during the last quarter. Icon Wealth Advisors LLC grew its holdings in shares of ACV Auctions by 13.5% in the 3rd quarter. Icon Wealth Advisors LLC now owns 11,048 shares of the company’s stock worth $225,000 after purchasing an additional 1,317 shares during the last quarter. Arizona State Retirement System grew its holdings in ACV Auctions by 3.6% during the 4th quarter. Arizona State Retirement System now owns 44,126 shares of the company’s stock worth $953,000 after acquiring an additional 1,520 shares during the last quarter. Los Angeles Capital Management LLC grew its holdings in ACV Auctions by 6.6% during the 3rd quarter. Los Angeles Capital Management LLC now owns 26,958 shares of the company’s stock worth $548,000 after acquiring an additional 1,670 shares during the last quarter. Finally, Franklin Resources Inc. grew its holdings in ACV Auctions by 5.3% during the 3rd quarter. Franklin Resources Inc. now owns 40,935 shares of the company’s stock worth $768,000 after acquiring an additional 2,057 shares during the last quarter. Institutional investors own 88.55% of the company’s stock.

Wall Street Analyst Weigh In

ACVA has been the topic of a number of research analyst reports. Needham & Company LLC reissued a “buy” rating and set a $25.00 price objective on shares of ACV Auctions in a report on Wednesday. B. Riley increased their price objective on shares of ACV Auctions from $24.00 to $27.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. Bank of America raised shares of ACV Auctions from a “neutral” rating to a “buy” rating and decreased their price objective for the stock from $22.00 to $20.00 in a report on Wednesday. JMP Securities reissued a “market outperform” rating and set a $25.00 price objective on shares of ACV Auctions in a report on Monday, December 16th. Finally, Citigroup increased their price objective on shares of ACV Auctions from $22.00 to $27.00 and gave the stock a “buy” rating in a report on Wednesday, November 27th. Three equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $23.05.

Insiders Place Their Bets

In other ACV Auctions news, CFO William Zerella sold 32,500 shares of the firm’s stock in a transaction that occurred on Monday, December 30th. The shares were sold at an average price of $21.65, for a total transaction of $703,625.00. Following the sale, the chief financial officer now directly owns 490,482 shares in the company, valued at approximately $10,618,935.30. This trade represents a 6.21 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Michael Waterman sold 15,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 4th. The stock was sold at an average price of $20.27, for a total transaction of $304,050.00. Following the sale, the insider now owns 311,354 shares in the company, valued at $6,311,145.58. This trade represents a 4.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 107,662 shares of company stock worth $2,138,401. Company insiders own 8.50% of the company’s stock.

ACV Auctions Stock Performance

Shares of NASDAQ:ACVA opened at $14.31 on Friday. The company has a market capitalization of $2.42 billion, a price-to-earnings ratio of -29.20 and a beta of 1.73. The firm’s 50 day simple moving average is $19.25 and its 200 day simple moving average is $19.82. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.56 and a quick ratio of 1.56. ACV Auctions Inc. has a fifty-two week low of $12.77 and a fifty-two week high of $23.46.

ACV Auctions (NASDAQ:ACVA) last announced 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 firm had revenue of $159.51 million for the quarter, compared to the consensus estimate of $156.77 million. ACV Auctions had a negative net margin of 12.51% and a negative return on equity of 12.94%. As a group, sell-side analysts forecast that ACV Auctions Inc. will post -0.07 earnings per share for the current year.

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.