Hsbc Holdings PLC grew its stake in shares of Carvana Co. (NYSE:CVNA – Free Report) by 6.3% in the first quarter, Holdings Channel reports. The firm owned 235,769 shares of the company’s stock after acquiring an additional 14,042 shares during the period. Hsbc Holdings PLC’s holdings in Carvana were worth $73,820,000 at the end of the most recent quarter.
Other hedge funds have also recently made changes to their positions in the company. Thurston Springer Miller Herd & Titak Inc. purchased a new position in Carvana in the 4th quarter worth about $29,000. Farmers & Merchants Investments Inc. purchased a new stake in Carvana in the 4th quarter valued at about $29,000. Motiv8 Investments LLC bought a new position in Carvana in the 4th quarter worth about $33,000. Ascentis Independent Advisors bought a new position in Carvana in the 1st quarter worth about $26,000. Finally, Salomon & Ludwin LLC increased its position in shares of Carvana by 112.5% during the fourth quarter. Salomon & Ludwin LLC now owns 85 shares of the company’s stock worth $37,000 after acquiring an additional 45 shares during the period. 56.71% of the stock is currently owned by institutional investors.
Carvana Stock Performance
Shares of Carvana stock opened at $67.50 on Monday. The company has a market capitalization of $74.04 billion, a PE ratio of 41.06, a P/E/G ratio of 11.34 and a beta of 3.46. The company has a 50-day simple moving average of $67.86 and a two-hundred day simple moving average of $72.29. Carvana Co. has a one year low of $54.46 and a one year high of $97.38. The company has a debt-to-equity ratio of 1.05, a quick ratio of 2.57 and a current ratio of 4.09.
Analyst Ratings Changes
Several analysts have recently weighed in on CVNA shares. BTIG Research reaffirmed a “buy” rating and set a $97.00 price target on shares of Carvana in a research note on Friday, June 5th. Royal Bank Of Canada restated an “outperform” rating and set a $92.00 price objective on shares of Carvana in a report on Friday, June 12th. Stephens upped their target price on Carvana from $86.00 to $97.00 in a report on Thursday, April 30th. Needham & Company LLC reissued a “buy” rating and set a $120.00 price target on shares of Carvana in a research report on Friday, June 5th. Finally, Evercore raised their price target on Carvana from $78.00 to $80.00 in a research note on Tuesday, April 28th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $92.92.
Check Out Our Latest Analysis on Carvana
Insider Activity
In related news, COO Benjamin E. Huston sold 50,000 shares of the stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $76.99, for a total transaction of $3,849,600.00. Following the completion of the sale, the chief operating officer owned 529,810 shares of the company’s stock, valued at $40,791,131.52. This represents a 8.62% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director J Danforth Quayle sold 14,525 shares of the firm’s stock in a transaction that occurred on Wednesday, June 10th. The shares were sold at an average price of $70.00, for a total transaction of $1,016,750.00. Following the completion of the sale, the director owned 214,960 shares of the company’s stock, valued at approximately $15,047,200. This trade represents a 6.33% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 396,962 shares of company stock worth $28,525,088 over the last 90 days. 15.19% of the stock is currently owned by insiders.
About Carvana
Carvana Co is an online-only retailer of used vehicles that operates a consumer-facing e-commerce platform for buying and selling cars. The company markets and sells inspected, reconditioned pre-owned vehicles through its website, where shoppers can browse inventory, view detailed 360-degree photos and vehicle history reports, finance purchases, and arrange delivery or pickup. Carvana’s model is built around a digital end-to-end car buying experience that aims to simplify vehicle transactions compared with traditional dealerships.
Its products and services include direct retail sales of used cars, trade-in and purchase offers for consumer vehicles, vehicle financing and related protection products, and a seven-day return policy that allows customers to test a vehicle in everyday use.
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