Arizona State Retirement System Raises Holdings in Carvana Co. $CVNA

Key Points

• Arizona State Retirement System increased its Carvana stake by 404.1% in the second quarter, bringing its holdings to 184,491 shares valued at approximately $12.1 million. Institutional investors and hedge funds collectively own 56.71% of the company.
• Carvana insiders sold 400,775 shares worth approximately $27.5 million over the past three months, including two directors who reduced their holdings through August 14 transactions.
• Carvana exceeded quarterly expectations with $0.42 in earnings per share and $7.38 billion in revenue, up 52.4% year over year. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $84.14, compared with a recent share price of $73.49.

Arizona State Retirement System raised its holdings in Carvana Co. (NYSE:CVNA - Free Report) by 404.1% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 184,491 shares of the company's stock after purchasing an additional 147,894 shares during the quarter. Arizona State Retirement System's holdings in Carvana were worth $12,143,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Royal Bank of Canada boosted its holdings in Carvana by 40.8% during the 1st quarter. Royal Bank of Canada now owns 29,867 shares of the company's stock valued at $6,243,000 after acquiring an additional 8,654 shares during the period. Geneos Wealth Management Inc. boosted its stake in shares of Carvana by 251.4% in the first quarter. Geneos Wealth Management Inc. now owns 253 shares of the company's stock valued at $53,000 after purchasing an additional 181 shares during the period. Cerity Partners LLC grew its holdings in shares of Carvana by 28.8% in the second quarter. Cerity Partners LLC now owns 5,481 shares of the company's stock valued at $1,847,000 after purchasing an additional 1,226 shares in the last quarter. AXA S.A. grew its holdings in shares of Carvana by 340.7% in the second quarter. AXA S.A. now owns 4,253 shares of the company's stock valued at $1,433,000 after purchasing an additional 3,288 shares in the last quarter. Finally, NewEdge Advisors LLC grew its stake in shares of Carvana by 9.1% in the second quarter. NewEdge Advisors LLC now owns 9,893 shares of the company's stock worth $3,334,000 after acquiring an additional 825 shares in the last quarter. Institutional investors and hedge funds own 56.71% of the company's stock.

Insider Transactions at Carvana

In other news, Director Ira J. Platt sold 15,000 shares of the company's stock in a transaction on Friday, August 14th. The stock was sold at an average price of $75.50, for a total transaction of $1,132,500.00. Following the completion of the sale, the director directly owned 186,470 shares in the company, valued at $14,078,485. This represents a 7.45% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director J Quayle sold 14,525 shares of the stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of $75.00, for a total transaction of $1,089,375.00. Following the sale, the director directly owned 214,960 shares of the company's stock, valued at approximately $16,122,000. This trade represents a 6.33% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 400,775 shares of company stock worth $27,522,038 in the last three months. 15.19% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on CVNA shares. Weiss Ratings upgraded Carvana from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Wednesday, August 5th. Evercore set a $75.00 price target on Carvana in a report on Thursday, July 30th. Needham & Company LLC reaffirmed a "buy" rating and issued a $120.00 price target on shares of Carvana in a research report on Thursday, July 30th. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and issued a $80.00 price objective on shares of Carvana in a research note on Friday, July 31st. Finally, DA Davidson set a $67.00 target price on shares of Carvana in a research note on Thursday, July 30th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and seven have given a Hold rating to the stock. According to MarketBeat.com, Carvana has a consensus rating of "Moderate Buy" and an average target price of $84.14.

Carvana Price Performance

Shares of NYSE CVNA opened at $73.49 on Thursday. The stock has a fifty day moving average price of $69.40 and a 200 day moving average price of $68.39. Carvana Co. has a 1-year low of $54.46 and a 1-year high of $97.38. 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 company has a market cap of $80.87 billion, a PE ratio of 40.65, a P/E/G ratio of 2.15 and a beta of 3.49.

Carvana (NYSE:CVNA - Get Free Report) last announced its quarterly earnings data 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 for the quarter, compared to analyst estimates of $6.90 billion. Carvana had a return on equity of 37.06% and a net margin of 6.26%.Carvana's quarterly revenue was up 52.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.51 earnings per share. Sell-side analysts forecast that Carvana Co. will post 1.68 EPS for the current year.

Carvana Company Profile

Carvana Co NYSE: CVNA is an online used-car retailer that enables consumers to research, purchase, finance and sell vehicles through its website and mobile platform. The company offers a selection of used cars, trucks and SUVs, with vehicle listings that generally include photographs, pricing and vehicle-history information.

Customers can complete much of the vehicle-buying process online, including applying for financing, arranging trade-ins and scheduling vehicle pickup or delivery.

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