Bank of America Corp DE Increases Holdings in Carvana Co. $CVNA

Key Points

• Bank of America increased its Carvana stake by 372% in the second quarter, adding 1.41 million shares to own 1.79 million shares worth approximately $117.9 million. Institutional investors collectively own 56.71% of Carvana.
• Carvana insiders sold 402,564 shares valued at about $27.7 million over the past quarter, including sales by director J. Quayle and COO Benjamin Huston under pre-arranged trading plans.
• Analysts maintain a generally positive view, with Carvana receiving a “Moderate Buy” consensus rating and an average price target of $84.14. The company recently beat quarterly earnings and revenue estimates, reporting $7.38 billion in revenue, up 52.4% year over year.

Bank of America Corp DE boosted its stake in shares of Carvana Co. (NYSE:CVNA - Free Report) by 372.0% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,791,844 shares of the company's stock after acquiring an additional 1,412,188 shares during the quarter. Bank of America Corp DE owned about 0.16% of Carvana worth $117,939,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of CVNA. Ascentis Independent Advisors bought a new position in Carvana during the 1st quarter valued at about $26,000. Annis Gardner Whiting Capital Advisors LLC grew its stake in Carvana by 152.6% in the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 96 shares of the company's stock worth $30,000 after acquiring an additional 58 shares in the last quarter. Motiv8 Investments LLC bought a new position in Carvana in the 4th quarter worth about $33,000. GoalVest Advisory LLC increased its position in shares of Carvana by 400.0% during the second quarter. GoalVest Advisory LLC now owns 500 shares of the company's stock worth $33,000 after acquiring an additional 400 shares during the period. Finally, Whipplewood Advisors LLC purchased a new position in shares of Carvana during the first quarter worth approximately $36,000. Hedge funds and other institutional investors own 56.71% of the company's stock.

Insider Transactions at Carvana

In other Carvana news, Director J Quayle sold 14,525 shares of the stock in a transaction dated 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. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Benjamin E. Huston sold 50,000 shares of Carvana stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $71.55, for a total transaction of $3,577,500.00. Following the transaction, the chief operating officer directly owned 478,693 shares of the company's stock, valued at approximately $34,250,484.15. This trade represents a 9.46% decrease in their ownership of the stock. 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 have sold 402,564 shares of company stock valued at $27,689,555 over the last quarter. Company insiders own 15.19% of the company's stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on CVNA. Evercore set a $75.00 price objective on Carvana in a research note on Thursday, July 30th. Weiss Ratings raised Carvana from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Wednesday, August 5th. Citigroup restated a "market outperform" rating on shares of Carvana in a research note on Monday, August 31st. Zacks Research downgraded Carvana from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 15th. Finally, UBS Group reaffirmed a "buy" rating and issued a $83.00 price objective on shares of Carvana in a research note on Friday, July 31st. One 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 company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $84.14.

Carvana Trading Down 1.1%

NYSE:CVNA opened at $65.13 on Friday. The company has a market capitalization of $71.67 billion, a P/E ratio of 36.02, a PEG ratio of 1.90 and a beta of 3.49. The company has a current ratio of 3.93, a quick ratio of 2.33 and a debt-to-equity ratio of 0.94. Carvana Co. has a 12 month low of $54.46 and a 12 month high of $97.38. The firm has a fifty day simple moving average of $69.37 and a 200-day simple moving average of $68.43.

Carvana (NYSE:CVNA - Get Free Report) last released its earnings results on Wednesday, July 29th. The company reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.39 by $0.03. Carvana had a return on equity of 37.06% and a net margin of 6.26%.The firm had revenue of $7.38 billion for the quarter, compared to the consensus estimate of $6.90 billion. During the same period in the prior year, the firm earned $1.51 EPS. The firm's revenue was up 52.4% on a year-over-year basis. On average, equities research analysts anticipate that Carvana Co. will post 1.68 earnings per share for the current year.

About Carvana

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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