Bank of New York Mellon Corp Sells 39,665 Shares of Carvana Co. (NYSE:CVNA)

Bank of New York Mellon Corp reduced its holdings in shares of Carvana Co. (NYSE:CVNA - Free Report) by 8.3% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 438,823 shares of the company's stock after selling 39,665 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.21% of Carvana worth $91,749,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of CVNA. Vanguard Group Inc. raised its stake in Carvana by 5.6% in the fourth quarter. Vanguard Group Inc. now owns 11,425,367 shares of the company's stock valued at $2,323,463,000 after purchasing an additional 610,234 shares in the last quarter. Durable Capital Partners LP raised its position in shares of Carvana by 6.3% during the fourth quarter. Durable Capital Partners LP now owns 2,168,232 shares of the company's stock worth $440,932,000 after acquiring an additional 129,246 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Carvana by 4.2% in the 4th quarter. Geode Capital Management LLC now owns 1,878,796 shares of the company's stock worth $381,592,000 after purchasing an additional 75,250 shares during the period. Whale Rock Capital Management LLC boosted its position in Carvana by 29.8% during the fourth quarter. Whale Rock Capital Management LLC now owns 1,214,679 shares of the company's stock valued at $247,017,000 after acquiring an additional 278,760 shares during the last quarter. Finally, BNP Paribas Financial Markets grew its stake in Carvana by 89.8% during the fourth quarter. BNP Paribas Financial Markets now owns 1,018,321 shares of the company's stock worth $207,086,000 after purchasing an additional 481,912 shares during the period. Institutional investors own 56.71% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on CVNA shares. Piper Sandler set a $340.00 price objective on Carvana and gave the company an "overweight" rating in a research note on Thursday, May 22nd. JPMorgan Chase & Co. decreased their target price on Carvana from $365.00 to $325.00 and set an "overweight" rating for the company in a research report on Thursday, March 27th. Stephens increased their price objective on Carvana from $300.00 to $375.00 and gave the company an "overweight" rating in a report on Monday, July 7th. Wall Street Zen upgraded Carvana from a "hold" rating to a "buy" rating in a research note on Saturday, July 5th. Finally, Morgan Stanley raised their target price on Carvana from $280.00 to $290.00 and gave the stock an "overweight" rating in a research note on Thursday, May 15th. Six equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, Carvana presently has a consensus rating of "Moderate Buy" and an average target price of $303.59.

Carvana Price Performance

Shares of CVNA traded down $2.22 during midday trading on Friday, reaching $343.33. The stock had a trading volume of 1,873,600 shares, compared to its average volume of 3,828,148. The company's 50-day moving average is $315.96 and its 200 day moving average is $252.46. The company has a market capitalization of $73.52 billion, a price-to-earnings ratio of 120.47, a price-to-earnings-growth ratio of 1.35 and a beta of 3.59. Carvana Co. has a 12-month low of $118.50 and a 12-month high of $364.00. The company has a current ratio of 3.81, a quick ratio of 2.70 and a debt-to-equity ratio of 2.97.

Carvana (NYSE:CVNA - Get Free Report) last issued its earnings results on Wednesday, May 7th. The company reported $1.51 EPS for the quarter, topping analysts' consensus estimates of $0.75 by $0.76. Carvana had a net margin of 2.68% and a return on equity of 44.86%. The company had revenue of $4.23 billion for the quarter, compared to analysts' expectations of $3.94 billion. During the same quarter last year, the company earned $0.23 EPS. The firm's revenue was up 38.3% compared to the same quarter last year. On average, equities analysts predict that Carvana Co. will post 2.85 EPS for the current fiscal year.

Insider Transactions at Carvana

In related news, CFO Mark W. Jenkins sold 51,380 shares of the firm's stock in a transaction that occurred on Friday, May 30th. The stock was sold at an average price of $326.03, for a total transaction of $16,751,421.40. Following the transaction, the chief financial officer directly owned 162,079 shares in the company, valued at $52,842,616.37. This trade represents a 24.07% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Daniel J. Gill sold 70,166 shares of the business's stock in a transaction that occurred on Thursday, May 8th. The shares were sold at an average price of $281.43, for a total value of $19,746,817.38. Following the completion of the sale, the insider owned 201,087 shares of the company's stock, valued at $56,591,914.41. The trade was a 25.87% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,626,961 shares of company stock worth $531,064,642. Company insiders own 17.12% of the company's stock.

Carvana Company Profile

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.