Dai Ichi Life Insurance Company Ltd bought a new stake in shares of Carvana Co. (NYSE:CVNA) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 664 shares of the company’s stock, valued at approximately $200,000.
Several other institutional investors also recently added to or reduced their stakes in the company. Penserra Capital Management LLC boosted its holdings in Carvana by 6.0% in the 1st quarter. Penserra Capital Management LLC now owns 149,572 shares of the company’s stock worth $39,247,000 after buying an additional 8,412 shares during the period. Cloverfields Capital Group LP bought a new position in Carvana in the 2nd quarter valued at $2,251,000. Winslow Capital Management LLC bought a new position in Carvana in the 1st quarter valued at $74,698,000. Janus Henderson Group PLC boosted its holdings in Carvana by 74.8% in the 1st quarter. Janus Henderson Group PLC now owns 97,639 shares of the company’s stock valued at $25,622,000 after purchasing an additional 41,767 shares during the period. Finally, Deutsche Bank AG boosted its holdings in Carvana by 4.3% in the 2nd quarter. Deutsche Bank AG now owns 222,558 shares of the company’s stock valued at $67,172,000 after purchasing an additional 9,243 shares during the period. 54.18% of the stock is owned by hedge funds and other institutional investors.
Shares of Carvana stock opened at $282.54 on Thursday. The company’s fifty day simple moving average is $327.59 and its two-hundred day simple moving average is $300.27. The firm has a market cap of $48.76 billion, a PE ratio of -241.49 and a beta of 2.39. The company has a quick ratio of 0.95, a current ratio of 2.43 and a debt-to-equity ratio of 3.02. Carvana Co. has a 12-month low of $179.24 and a 12-month high of $376.83.
Several research analysts have commented on the stock. JMP Securities raised their price target on shares of Carvana from $326.00 to $470.00 and gave the company a “market outperform” rating in a report on Monday, August 9th. Wells Fargo & Company raised their price objective on shares of Carvana from $385.00 to $405.00 and gave the company an “overweight” rating in a research report on Friday, August 6th. Piper Sandler cut shares of Carvana from an “overweight” rating to a “neutral” rating and raised their price objective for the company from $303.00 to $306.00 in a research report on Tuesday, June 29th. Cowen raised their price objective on shares of Carvana from $336.00 to $366.00 and gave the company an “outperform” rating in a research report on Thursday, August 5th. Finally, Citigroup raised their price objective on shares of Carvana from $375.00 to $405.00 and gave the company a “buy” rating in a research report on Wednesday, August 18th. Seven research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company. According to data from MarketBeat.com, Carvana currently has a consensus rating of “Buy” and an average price target of $349.79.
In related news, major shareholder Ernest C. Garcia II sold 40,767 shares of the business’s stock in a transaction dated Monday, August 23rd. The shares were sold at an average price of $357.13, for a total transaction of $14,559,118.71. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Ernest C. Garcia II sold 60,000 shares of the business’s stock in a transaction dated Friday, July 16th. The stock was sold at an average price of $314.79, for a total transaction of $18,887,400.00. Following the sale, the insider now directly owns 11,432 shares in the company, valued at approximately $3,598,679.28. The disclosure for this sale can be found here. Insiders have sold a total of 746,157 shares of company stock worth $254,774,756 in the last ninety days. Insiders own 10.70% of the company’s stock.
Carvana Co is a holding company and an eCommerce platform, which engages in the buying of used cars and provision of different and convenient car buying experience. It operates through the following segments: Vehicle Sales; Wholesale Vehicle Sales; and Other Sales and Revenue. The Vehicle Sales segment consists of used vehicle to customers through website.
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