Key Points
- Carvana CFO Mark Jenkins sold 63,750 shares at an average price of $61.64, generating approximately $3.93 million. The transaction occurred under a pre-arranged Rule 10b5-1 trading plan and reduced his ownership by 5.28%.
- Carvana recently reported quarterly results that exceeded expectations, with earnings of $0.42 per share versus a $0.39 estimate and revenue of $7.38 billion, up 52.4% year over year.
- Analysts maintain a generally positive view, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $84.30, compared with its reported opening price of $63.64.
Carvana Co. (NYSE:CVNA - Get Free Report) VP Stephen Palmer sold 5,000 shares of the stock in a transaction that occurred on Thursday, October 1st. The shares were sold at an average price of $61.64, for a total transaction of $308,200.00. Following the sale, the vice president directly owned 120,865 shares of the company's stock, valued at approximately $7,450,118.60. This trade represents a 3.97% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Carvana Trading Down 0.2%
Carvana stock opened at $63.64 on Tuesday. Carvana Co. has a 1 year low of $54.46 and a 1 year high of $97.38. The firm's 50 day moving average price is $69.01 and its 200-day moving average price is $68.50. The company has a debt-to-equity ratio of 0.94, a current ratio of 3.93 and a quick ratio of 2.33. The stock has a market cap of $70.03 billion, a P/E ratio of 35.20, a PEG ratio of 1.84 and a beta of 3.55.
Carvana (NYSE:CVNA - Get Free Report) last issued its earnings results on Wednesday, July 29th. The company reported $0.42 earnings per share for the quarter, topping analysts' consensus estimates of $0.39 by $0.03. The firm had revenue of $7.38 billion during the quarter, compared to analyst estimates of $6.90 billion. Carvana had a net margin of 6.26% and a return on equity of 37.06%. Carvana's revenue for the quarter was up 52.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.51 earnings per share. On average, equities analysts predict that Carvana Co. will post 1.68 earnings per share for the current fiscal year.
Hedge Funds Weigh In On Carvana
Institutional investors and hedge funds have recently made changes to their positions in the business. State Street Corp increased its holdings in shares of Carvana by 417.1% in the 2nd quarter. State Street Corp now owns 29,435,364 shares of the company's stock worth $1,937,436,000 after buying an additional 23,742,422 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Carvana by 345.8% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,325,237 shares of the company's stock valued at $218,867,000 after acquiring an additional 2,579,295 shares during the last quarter. Amundi grew its position in Carvana by 379.7% in the second quarter. Amundi now owns 2,421,045 shares of the company's stock worth $159,353,000 after acquiring an additional 1,916,349 shares in the last quarter. Capital Research Global Investors grew its position in Carvana by 42.9% in the fourth quarter. Capital Research Global Investors now owns 5,700,953 shares of the company's stock worth $2,405,959,000 after acquiring an additional 1,711,144 shares in the last quarter. Finally, The Manufacturers Life Insurance Company increased its stake in Carvana by 384.3% during the second quarter. The Manufacturers Life Insurance Company now owns 1,898,095 shares of the company's stock worth $124,933,000 after acquiring an additional 1,506,145 shares during the last quarter. 56.71% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
Several research firms have commented on CVNA. Robert W. Baird set a $72.00 price objective on shares of Carvana in a report on Thursday, July 30th. Wells Fargo & Company set a $80.00 target price on Carvana and gave the stock an "overweight" rating in a research report on Thursday, July 30th. Evercore set a $75.00 price target on Carvana in a research note on Thursday, July 30th. Oppenheimer set a $90.00 price target on Carvana and gave the company an "outperform" rating in a report on Wednesday, September 30th. Finally, Weiss Ratings cut Carvana from a "buy (b-)" rating to a "hold (c+)" rating in a report on Tuesday, September 22nd. One investment analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and eight have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $84.30.
Check Out Our Latest Report on CVNA
About Carvana
(
Get Free Report)
Carvana Co is an online used-car retailer that enables customers to research, purchase, finance, trade in and sell vehicles through its digital platform. The company's services are designed to allow customers to complete much of the vehicle-buying process online, including selecting a vehicle, arranging financing, completing documentation and scheduling delivery or pickup.
Carvana offers a broad selection of used cars, trucks and sport utility vehicles. Its platform includes vehicle listings with photographs and inspection information, while its operations support vehicle reconditioning, logistics and customer delivery.
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