Nissay Asset Management Corp Japan grew its stake in Carvana Co. (NYSE:CVNA – Free Report) by 398.5% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 85,987 shares of the company’s stock after purchasing an additional 68,738 shares during the quarter. Nissay Asset Management Corp Japan’s holdings in Carvana were worth $5,660,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also modified their holdings of the company. Navellier & Associates Inc. raised its position in shares of Carvana by 119.9% during the 2nd quarter. Navellier & Associates Inc. now owns 32,153 shares of the company’s stock worth $2,116,000 after purchasing an additional 17,531 shares during the last quarter. Kingsview Wealth Management LLC boosted its holdings in Carvana by 334.1% in the 2nd quarter. Kingsview Wealth Management LLC now owns 20,304 shares of the company’s stock worth $1,336,000 after buying an additional 15,627 shares during the last quarter. Livforsakringsbolaget Skandia Omsesidigt acquired a new stake in Carvana in the 2nd quarter worth about $263,000. Rakuten Investment Management Inc. increased its stake in Carvana by 447.0% during the 2nd quarter. Rakuten Investment Management Inc. now owns 112,967 shares of the company’s stock worth $7,198,000 after buying an additional 92,316 shares in the last quarter. Finally, Fulcrum Asset Management LLP purchased a new stake in Carvana during the 2nd quarter worth approximately $552,000. Hedge funds and other institutional investors own 56.71% of the company’s stock.
Insider Buying and Selling at Carvana
In related news, Director Ira J. Platt sold 15,000 shares of Carvana stock in a transaction on Friday, August 14th. The stock was sold at an average price of $75.50, for a total value of $1,132,500.00. Following the completion of the transaction, the director directly owned 186,470 shares in the company, valued at approximately $14,078,485. This trade represents a 7.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Stephen R. Palmer sold 5,000 shares of the company’s stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $64.49, for a total value of $322,450.00. Following the transaction, the vice president directly owned 136,909 shares of the company’s stock, valued at approximately $8,829,261.41. This represents a 3.52% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 302,147 shares of company stock valued at $20,418,064. Corporate insiders own 15.19% of the company’s stock.
Carvana Trading Up 0.3%
Carvana (NYSE:CVNA – Get Free Report) last posted its quarterly earnings results on Wednesday, July 29th. The company reported $0.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.39 by $0.03. Carvana had a return on equity of 37.06% and a net margin of 6.26%.The business had revenue of $7.38 billion during the quarter, compared to analyst estimates of $6.90 billion. During the same period in the prior year, the business earned $1.51 earnings per share. The business’s revenue was up 52.4% compared to the same quarter last year. Analysts expect that Carvana Co. will post 1.68 EPS for the current fiscal year.
Analyst Upgrades and Downgrades
CVNA has been the topic of several research reports. DA Davidson set a $67.00 target price on Carvana in a research report on Thursday, July 30th. Barclays dropped their price target on Carvana from $94.00 to $93.00 and set an “overweight” rating for the company in a research report on Friday, July 31st. UBS Group reissued a “buy” rating and issued a $83.00 price objective on shares of Carvana in a research note on Friday, July 31st. Robert W. Baird set a $72.00 price objective on Carvana in a report on Thursday, July 30th. Finally, Argus lowered their target price on shares of Carvana from $500.00 to $100.00 in a research note on Monday, May 11th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and seven have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $84.14.
Get Our Latest Stock Report on Carvana
Carvana Company 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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