Bank of New York Mellon Corp Buys 16,692 Shares of Carvana Co. $CVNA

Key Points

• Bank of New York Mellon boosted its Carvana stake by 2.4% in the first quarter, buying 16,692 additional shares and bringing its total holding to 710,264 shares worth about $223.3 million.
• Institutional ownership remains high, with hedge funds and large asset managers holding 56.71% of Carvana’s stock. Several major firms, including Vanguard, State Street, and Capital Research, also increased their positions recently.
• Analyst sentiment is mixed but still broadly positive: the consensus rating is Moderate Buy with a price target of $92.92, though some firms recently trimmed targets and Zacks downgraded the stock from strong-buy to hold.

Bank of New York Mellon Corp increased its position in shares of Carvana Co. (NYSE:CVNA - Free Report) by 2.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 710,264 shares of the company's stock after acquiring an additional 16,692 shares during the quarter. Bank of New York Mellon Corp owned about 0.32% of Carvana worth $223,293,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. grew its holdings in shares of Carvana by 24.7% in the 4th quarter. Vanguard Group Inc. now owns 16,783,101 shares of the company's stock valued at $7,082,804,000 after buying an additional 3,328,115 shares during the period. State Street Corp raised its position in shares of Carvana by 93.7% during the fourth quarter. State Street Corp now owns 5,714,779 shares of the company's stock worth $2,411,751,000 after purchasing an additional 2,764,759 shares during the period. Capital Research Global Investors raised its position in shares of Carvana by 42.9% during the fourth quarter. Capital Research Global Investors now owns 5,700,953 shares of the company's stock worth $2,405,959,000 after purchasing an additional 1,711,144 shares during the period. Price T Rowe Associates Inc. MD lifted its holdings in shares of Carvana by 8.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 17,726,838 shares of the company's stock valued at $7,481,081,000 after purchasing an additional 1,407,762 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in shares of Carvana by 55.4% in the 4th quarter. Geode Capital Management LLC now owns 3,880,711 shares of the company's stock valued at $1,632,763,000 after purchasing an additional 1,382,852 shares during the period. Institutional investors and hedge funds own 56.71% of the company's stock.

Analysts Set New Price Targets

A number of analysts recently issued reports on CVNA shares. Jefferies Financial Group lowered their target price on Carvana from $95.00 to $90.00 and set a "buy" rating for the company in a research note on Tuesday, July 14th. Wells Fargo & Company lifted their price target on shares of Carvana from $85.00 to $95.00 and gave the company an "overweight" rating in a research note on Thursday, April 30th. Bank of America upped their price target on shares of Carvana from $72.00 to $82.00 and gave the company a "neutral" rating in a report on Tuesday, April 21st. UBS Group reissued a "buy" rating and set a $104.00 price objective (up from $97.00) on shares of Carvana in a research report on Thursday, April 30th. Finally, Evercore raised their price objective on shares of Carvana from $78.00 to $80.00 in a report on Tuesday, April 28th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $92.92.

More Carvana News

Here are the key news stories impacting Carvana this week:

• Negative Sentiment: Zacks Research downgraded Carvana (CVNA) from strong-buy to hold, a step that can dampen investor confidence. Article Title
• Negative Sentiment: Analysts lowered earnings estimates for several upcoming periods, including FY2027 and FY2028, suggesting expectations for slower profit growth than previously projected. Article Title
• Neutral Sentiment: Despite the cuts, Zacks still expects Carvana to remain profitable, with consensus full-year earnings estimated at $1.58 per share and longer-term EPS forecasts still pointing higher. Article Title

Insider Activity at Carvana

In related news, Director J Danforth Quayle sold 14,525 shares of the firm's stock in a transaction on Wednesday, June 10th. The shares were sold at an average price of $70.00, for a total value of $1,016,750.00. Following the completion of the transaction, the director directly owned 214,960 shares of the company's stock, valued at approximately $15,047,200. This trade represents a 6.33% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Thomas Taira sold 5,597 shares of the business's stock in a transaction on Monday, June 8th. The stock was sold at an average price of $67.15, for a total transaction of $375,838.55. Following the transaction, the insider owned 315,075 shares in the company, valued at approximately $21,157,286.25. The trade was a 1.75% 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. Over the last 90 days, insiders sold 396,962 shares of company stock worth $28,525,088. Corporate insiders own 15.19% of the company's stock.

Carvana Price Performance

NYSE CVNA opened at $67.50 on Friday. The firm's 50 day moving average is $67.86 and its 200-day moving average is $72.29. The company has a quick ratio of 2.57, a current ratio of 4.09 and a debt-to-equity ratio of 1.05. The company has a market capitalization of $74.04 billion, a PE ratio of 41.06, a price-to-earnings-growth ratio of 11.34 and a beta of 3.46. Carvana Co. has a 12-month low of $54.46 and a 12-month high of $97.38.

Carvana (NYSE:CVNA - Get Free Report) last announced its earnings results on Wednesday, April 29th. The company reported $1.69 EPS for the quarter, topping the consensus estimate of $0.32 by $1.37. Carvana had a net margin of 6.40% and a return on equity of 41.46%. The business had revenue of $6.43 billion during the quarter, compared to analysts' expectations of $6.12 billion. Equities research analysts anticipate that Carvana Co. will post 1.58 earnings per share for the current fiscal year.

Carvana Profile

Carvana Co is an online-only retailer of used vehicles that operates a consumer-facing e-commerce platform for buying and selling cars. The company markets and sells inspected, reconditioned pre-owned vehicles through its website, where shoppers can browse inventory, view detailed 360-degree photos and vehicle history reports, finance purchases, and arrange delivery or pickup. Carvana's model is built around a digital end-to-end car buying experience that aims to simplify vehicle transactions compared with traditional dealerships.

Its products and services include direct retail sales of used cars, trade-in and purchase offers for consumer vehicles, vehicle financing and related protection products, and a seven-day return policy that allows customers to test a vehicle in everyday use.

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