Commonwealth Equity Services LLC cut its position in shares of Carvana Co (NYSE:CVNA) by 25.3% during the 2nd quarter, Holdings Channel reports. The firm owned 3,321 shares of the company’s stock after selling 1,124 shares during the period. Commonwealth Equity Services LLC’s holdings in Carvana were worth $399,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Aperio Group LLC grew its holdings in shares of Carvana by 5.6% in the 1st quarter. Aperio Group LLC now owns 6,110 shares of the company’s stock worth $337,000 after acquiring an additional 323 shares during the last quarter. State Board of Administration of Florida Retirement System lifted its holdings in shares of Carvana by 13.5% in the first quarter. State Board of Administration of Florida Retirement System now owns 55,261 shares of the company’s stock valued at $3,044,000 after purchasing an additional 6,588 shares in the last quarter. Arizona State Retirement System purchased a new stake in shares of Carvana in the first quarter valued at $618,000. New York State Common Retirement Fund boosted its position in shares of Carvana by 76.0% in the first quarter. New York State Common Retirement Fund now owns 145,557 shares of the company’s stock worth $8,019,000 after buying an additional 62,857 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its position in Carvana by 38.9% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,143 shares of the company’s stock valued at $228,000 after buying an additional 1,160 shares during the period. 49.70% of the stock is currently owned by institutional investors.
Several research firms have weighed in on CVNA. Piper Sandler lowered their target price on Carvana from $211.00 to $209.00 and set an “overweight” rating on the stock in a research note on Thursday, August 6th. William Blair reaffirmed a “buy” rating on shares of Carvana in a research report on Wednesday, July 29th. Morgan Stanley cut their target price on shares of Carvana from $24.00 to $23.00 and set an “underweight” rating for the company in a research report on Thursday, August 6th. Citigroup lifted their target price on shares of Carvana from $120.00 to $240.00 and gave the company a “buy” rating in a research note on Tuesday, August 11th. Finally, Oppenheimer upped their price target on shares of Carvana from $127.00 to $250.00 and gave the stock an “outperform” rating in a research note on Monday, August 10th. They noted that the move was a valuation call. Three investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating and nine have issued a buy rating to the stock. Carvana has an average rating of “Hold” and a consensus price target of $152.55.
In other news, CFO Mark W. Jenkins sold 190,000 shares of the company’s stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $202.60, for a total transaction of $38,494,000.00. Following the completion of the transaction, the chief financial officer now directly owns 200,983 shares in the company, valued at $40,719,155.80. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Daniel J. Gill sold 337,500 shares of the stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $202.38, for a total value of $68,303,250.00. Following the completion of the sale, the insider now directly owns 347,245 shares of the company’s stock, valued at $70,275,443.10. The disclosure for this sale can be found here. Insiders sold a total of 616,000 shares of company stock worth $125,758,990 in the last quarter. Insiders own 12.25% of the company’s stock.
CVNA opened at $171.92 on Wednesday. The firm has a market cap of $29.27 billion, a P/E ratio of -50.42 and a beta of 2.53. The company has a debt-to-equity ratio of 1.16, a quick ratio of 2.52 and a current ratio of 4.21. The business has a 50 day moving average price of $186.52 and a 200 day moving average price of $115.69. Carvana Co has a twelve month low of $22.16 and a twelve month high of $235.00.
Carvana (NYSE:CVNA) last released its quarterly earnings results on Wednesday, August 5th. The company reported ($0.62) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.86) by $0.24. Carvana had a negative net margin of 4.10% and a negative return on equity of 83.73%. As a group, analysts anticipate that Carvana Co will post -2.92 earnings per share for the current fiscal year.
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 proprietary 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.
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