Carvana Co. (NYSE:CVNA) Stake Lowered by Handelsbanken Fonder AB

Handelsbanken Fonder AB reduced its stake in shares of Carvana Co. (NYSE:CVNA) by 1.6% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 91,685 shares of the company’s stock after selling 1,537 shares during the period. Handelsbanken Fonder AB’s holdings in Carvana were worth $19,169,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of CVNA. Norges Bank bought a new stake in Carvana in the fourth quarter worth $179,364,000. Vanguard Group Inc. boosted its holdings in Carvana by 5.6% in the fourth quarter. Vanguard Group Inc. now owns 11,425,367 shares of the company’s stock worth $2,323,463,000 after purchasing an additional 610,234 shares in the last quarter. Castle Hook Partners LP bought a new stake in Carvana in the fourth quarter worth $116,020,000. BNP Paribas Financial Markets boosted its holdings in Carvana by 89.8% in the fourth quarter. BNP Paribas Financial Markets now owns 1,018,321 shares of the company’s stock worth $207,086,000 after purchasing an additional 481,912 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership bought a new stake in Carvana in the fourth quarter worth $86,636,000. 56.71% of the stock is currently owned by hedge funds and other institutional investors.

Carvana Stock Up 0.4%

Shares of CVNA opened at $340.00 on Thursday. The company has a 50-day simple moving average of $267.47 and a 200-day simple moving average of $240.37. The firm has a market capitalization of $72.81 billion, a P/E ratio of 216.56 and a beta of 3.65. The company has a debt-to-equity ratio of 3.82, a quick ratio of 2.12 and a current ratio of 3.64. Carvana Co. has a 52 week low of $100.05 and a 52 week high of $351.43.

Carvana (NYSE:CVNA) last posted its earnings results on Wednesday, May 7th. The company reported $1.51 earnings per share for the quarter, beating analysts’ consensus estimates of $0.75 by $0.76. The business had revenue of $4.23 billion for the quarter, compared to analysts’ expectations of $3.94 billion. Carvana had a net margin of 1.54% and a return on equity of 36.59%. The firm’s revenue for the quarter was up 38.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.23 earnings per share. On average, equities research analysts expect that Carvana Co. will post 2.85 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on CVNA shares. Citigroup boosted their target price on shares of Carvana from $280.00 to $325.00 and gave the stock a “buy” rating in a research report on Thursday, May 8th. Needham & Company LLC reissued a “buy” rating and set a $340.00 target price on shares of Carvana in a research report on Thursday, May 8th. Evercore ISI cut their target price on shares of Carvana from $250.00 to $240.00 and set an “in-line” rating for the company in a research report on Tuesday, March 11th. Robert W. Baird boosted their target price on shares of Carvana from $200.00 to $275.00 and gave the stock a “neutral” rating in a research report on Thursday, May 8th. Finally, Stephens reissued an “overweight” rating and set a $300.00 target price on shares of Carvana in a research report on Monday, March 3rd. Six equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, Carvana presently has an average rating of “Moderate Buy” and a consensus target price of $280.35.

Insider Activity at Carvana

In other Carvana news, insider Thomas Taira sold 27,593 shares of the company’s stock in a transaction dated Tuesday, March 25th. The shares were sold at an average price of $225.03, for a total transaction of $6,209,252.79. Following the sale, the insider now directly owns 179,673 shares of the company’s stock, valued at approximately $40,431,815.19. This represents a 13.31% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Ernest C. Garcia II sold 50,000 shares of the company’s stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $330.27, for a total transaction of $16,513,500.00. Following the sale, the insider now directly owns 36,992,317 shares in the company, valued at $12,217,452,535.59. This represents a 0.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,321,046 shares of company stock valued at $388,900,133 over the last quarter. 17.12% of the stock is owned by company insiders.

About Carvana

Carvana Co, together with its subsidiaries, operates an e-commerce platform for buying and selling used cars in the United States. Its platform allows customers to research and identify a vehicle; inspect it using company's 360-degree vehicle imaging technology; obtain financing and warranty coverage; purchase the vehicle; and schedule delivery or pick-up from their desktop or mobile devices.