The Manufacturers Life Insurance Company cut its holdings in Carvana Co. (NYSE:CVNA – Free Report) by 6.0% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 391,950 shares of the company’s stock after selling 24,873 shares during the period. The Manufacturers Life Insurance Company’s holdings in Carvana were worth $123,221,000 as of its most recent filing with the SEC.
A number of other institutional investors have also modified their holdings of CVNA. Quantinno Capital Management LP raised its stake in Carvana by 18.3% during the first quarter. Quantinno Capital Management LP now owns 48,924 shares of the company’s stock worth $15,381,000 after acquiring an additional 7,558 shares during the period. Spruce House Investment Management LLC lifted its holdings in Carvana by 2.6% in the first quarter. Spruce House Investment Management LLC now owns 2,335,000 shares of the company’s stock worth $734,077,000 after acquiring an additional 60,000 shares during the last quarter. Styrax Capital LP boosted its stake in Carvana by 33.2% in the first quarter. Styrax Capital LP now owns 300,000 shares of the company’s stock valued at $94,314,000 after acquiring an additional 74,728 shares during the period. OMERS ADMINISTRATION Corp boosted its stake in Carvana by 16.8% in the first quarter. OMERS ADMINISTRATION Corp now owns 11,244 shares of the company’s stock valued at $3,535,000 after acquiring an additional 1,621 shares during the period. Finally, Lombard Odier Asset Management Switzerland SA bought a new position in shares of Carvana during the first quarter valued at approximately $1,165,000. Institutional investors own 56.71% of the company’s stock.
Analyst Ratings Changes
A number of analysts have recently weighed in on the company. Zacks Research cut Carvana from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 15th. Needham & Company LLC restated a “buy” rating and set a $120.00 price objective on shares of Carvana in a research note on Friday, June 5th. Robert W. Baird set a $88.00 target price on Carvana in a research report on Friday, May 15th. Stephens boosted their price target on shares of Carvana from $86.00 to $97.00 in a report on Thursday, April 30th. Finally, UBS Group restated a “buy” rating and set a $104.00 price target (up from $97.00) on shares of Carvana in a research report on Thursday, April 30th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $92.65.
Insider Buying and Selling
In related news, insider Thomas Taira sold 5,597 shares of the company’s stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $67.15, for a total value of $375,838.55. Following the completion of the sale, the insider owned 315,075 shares of the company’s stock, valued at $21,157,286.25. This represents a 1.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director J Danforth Quayle sold 14,525 shares of the company’s stock in a transaction dated Wednesday, June 10th. The stock was 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 directly owned 214,960 shares of the company’s stock, valued at $15,047,200. The trade was a 6.33% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 396,962 shares of company stock valued at $28,525,088. Company insiders own 15.19% of the company’s stock.
Carvana Stock Performance
Shares of CVNA stock opened at $66.07 on Wednesday. Carvana Co. has a 12-month low of $54.46 and a 12-month high of $97.38. The company has a debt-to-equity ratio of 1.05, a current ratio of 4.09 and a quick ratio of 2.57. The firm has a market capitalization of $72.47 billion, a price-to-earnings ratio of 40.19, a price-to-earnings-growth ratio of 14.37 and a beta of 3.46. The business has a 50 day simple moving average of $67.01 and a 200 day simple moving average of $71.21.
Carvana (NYSE:CVNA – Get Free Report) last announced its earnings results on Wednesday, April 29th. The company reported $1.69 earnings per share for the quarter, beating the consensus estimate of $0.32 by $1.37. Carvana had a return on equity of 41.46% and a net margin of 6.40%.The firm had revenue of $6.43 billion for the quarter, compared to the consensus estimate of $6.12 billion. On average, equities research analysts anticipate that Carvana Co. will post 1.63 EPS for the current year.
Carvana Profile
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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