Bank of New York Mellon Corp Lowers Position in Carvana Co. (NYSE:CVNA)

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

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Transce3nd LLC bought a new position in Carvana during the fourth quarter valued at $48,000. Versant Capital Management Inc grew its holdings in Carvana by 39.4% during the first quarter. Versant Capital Management Inc now owns 290 shares of the company's stock valued at $61,000 after purchasing an additional 82 shares during the period. Aster Capital Management DIFC Ltd bought a new position in Carvana during the fourth quarter valued at $75,000. EverSource Wealth Advisors LLC grew its holdings in Carvana by 21.0% during the fourth quarter. EverSource Wealth Advisors LLC now owns 426 shares of the company's stock valued at $87,000 after purchasing an additional 74 shares during the period. Finally, Gordian Capital Singapore Pte Ltd purchased a new stake in shares of Carvana during the fourth quarter worth $98,000. 56.71% of the stock is owned by hedge funds and other institutional investors.

Carvana Trading Down 1.5%

NYSE CVNA opened at $345.99 on Friday. The company has a fifty day simple moving average of $314.24 and a two-hundred day simple moving average of $251.63. The stock has a market cap of $74.09 billion, a P/E ratio of 121.40, a P/E/G ratio of 1.37 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 posted its quarterly earnings results on Wednesday, May 7th. The company reported $1.51 earnings per share (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 business had revenue of $4.23 billion during the quarter, compared to analysts' expectations of $3.94 billion. During the same quarter last year, the company posted $0.23 earnings per share. The business's quarterly revenue was up 38.3% on a year-over-year basis. On average, analysts forecast that Carvana Co. will post 2.85 earnings per share for the current year.

Insider Buying and Selling at Carvana

In other Carvana news, major shareholder Ernest C. Garcia II sold 100,000 shares of the business's stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $346.99, for a total value of $34,699,000.00. Following the transaction, the insider directly owned 37,092,317 shares in the company, valued at $12,870,663,075.83. The trade was a 0.27% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Daniel J. Gill sold 70,166 shares of the company'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 transaction, the insider owned 201,087 shares in the company, valued at $56,591,914.41. This represents a 25.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,526,961 shares of company stock valued at $495,828,642. Corporate insiders own 17.12% of the company's stock.

Analysts Set New Price Targets

CVNA has been the subject of several recent analyst reports. Morgan Stanley boosted their target price on Carvana from $280.00 to $290.00 and gave the stock an "overweight" rating in a research report on Thursday, May 15th. Stephens lifted their price target on Carvana from $300.00 to $375.00 and gave the company an "overweight" rating in a research report on Monday. Bank of America boosted their price objective on Carvana from $325.00 to $375.00 and gave the stock a "buy" rating in a report on Tuesday, June 10th. Wall Street Zen raised shares of Carvana from a "hold" rating to a "buy" rating in a research note on Saturday, July 5th. Finally, Wells Fargo & Company lifted their target price on shares of Carvana from $290.00 to $310.00 and gave the company an "overweight" rating in a research report on Thursday, May 8th. Six analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $303.59.

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.

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