Amundi Grows Stock Holdings in Carvana Co. $CVNA

Key Points

• Amundi increased its stake in Carvana Co. by 50.6% during the first quarter, bringing its total holdings to 353,497 shares valued at approximately $73.91 million.
• Analysts have raised their price targets for Carvana, with JMP Securities setting a new target of $460.00, while Oppenheimer upgraded their rating to "outperform".
• Carvana reported earnings that exceeded expectations, posting $1.28 EPS and revenues of $4.84 billion, marking a 41.9% year-over-year increase.

Amundi boosted its holdings in Carvana Co. (NYSE:CVNA - Free Report) by 50.6% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 353,497 shares of the company's stock after buying an additional 118,711 shares during the period. Amundi owned approximately 0.17% of Carvana worth $73,909,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also bought and sold shares of the company. Brooklyn Investment Group grew its stake in Carvana by 961.5% in the 1st quarter. Brooklyn Investment Group now owns 138 shares of the company's stock valued at $29,000 after buying an additional 125 shares in the last quarter. N.E.W. Advisory Services LLC purchased a new position in Carvana in the 1st quarter valued at approximately $33,000. Versant Capital Management Inc grew its stake in Carvana by 39.4% in the 1st quarter. Versant Capital Management Inc now owns 290 shares of the company's stock valued at $61,000 after buying an additional 82 shares in the last quarter. Strategic Investment Solutions Inc. IL purchased a new position in Carvana in the 1st quarter valued at approximately $90,000. Finally, Gordian Capital Singapore Pte Ltd purchased a new position in Carvana in the 4th quarter valued at approximately $98,000. 56.71% of the stock is currently owned by hedge funds and other institutional investors.

Carvana Price Performance

Shares of NYSE CVNA traded up $7.42 during mid-day trading on Friday, reaching $361.66. 2,873,426 shares of the company were exchanged, compared to its average volume of 2,366,953. Carvana Co. has a 52 week low of $140.23 and a 52 week high of $413.33. The company has a quick ratio of 2.58, a current ratio of 4.00 and a debt-to-equity ratio of 2.51. The stock has a market capitalization of $77.83 billion, a PE ratio of 90.64, a PEG ratio of 1.17 and a beta of 3.51. The company's 50 day moving average price is $354.06 and its 200 day moving average price is $289.99.

Carvana (NYSE:CVNA - Get Free Report) last posted its quarterly earnings data on Wednesday, July 30th. The company reported $1.28 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.09 by $0.19. Carvana had a net margin of 3.46% and a return on equity of 40.57%. The company had revenue of $4.84 billion during the quarter, compared to the consensus estimate of $4.54 billion. During the same period in the previous year, the firm posted ($0.05) EPS. The firm's revenue was up 41.9% compared to the same quarter last year. Sell-side analysts forecast that Carvana Co. will post 2.85 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have commented on CVNA shares. Oppenheimer raised shares of Carvana from a "market perform" rating to an "outperform" rating and set a $450.00 price target for the company in a report on Friday, July 25th. Gordon Haskett started coverage on shares of Carvana in a report on Monday, July 14th. They issued a "hold" rating and a $329.00 price target for the company. Royal Bank Of Canada raised their price target on shares of Carvana from $400.00 to $460.00 and gave the company an "outperform" rating in a report on Thursday, July 31st. William Blair reissued an "outperform" rating on shares of Carvana in a report on Wednesday, July 23rd. Finally, Wall Street Zen downgraded shares of Carvana from a "buy" rating to a "hold" rating in a report on Sunday, September 7th. Twelve investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, Carvana currently has an average rating of "Moderate Buy" and a consensus target price of $383.47.

Insider Activity at Carvana

In other news, COO Benjamin E. Huston sold 10,000 shares of Carvana stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $364.66, for a total transaction of $3,646,600.00. Following the completion of the sale, the chief operating officer directly owned 104,416 shares of the company's stock, valued at approximately $38,076,338.56. The trade was a 8.74% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Ernest C. Garcia III sold 10,000 shares of the business's stock in a transaction on Wednesday, September 10th. The stock was sold at an average price of $367.06, for a total transaction of $3,670,600.00. Following the completion of the sale, the chief executive officer directly owned 451,440 shares of the company's stock, valued at $165,705,566.40. This represents a 2.17% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,423,157 shares of company stock worth $856,602,667 in the last three months. 17.12% of the stock is owned by insiders.

About Carvana

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 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.