Carvana Co. $CVNA Holdings Lifted by State Street Corp

Key Points

• State Street increased its Carvana stake by 417.1% in the second quarter, owning 29.4 million shares worth approximately $1.94 billion, or 2.67% of the company. Institutional investors and hedge funds collectively own 56.71% of CVNA.
• Carvana reported quarterly EPS of $0.42, beating estimates of $0.39, while revenue rose 52.4% year over year to $7.38 billion. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $84.14.
• Company insiders sold shares worth approximately $27.7 million over the past 90 days, including stock sold by the CFO and a director under disclosed transactions. CVNA recently opened at $65.36, below its 12-month high of $97.38.

State Street Corp raised its position in Carvana Co. (NYSE:CVNA - Free Report) by 417.1% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 29,435,364 shares of the company's stock after purchasing an additional 23,742,422 shares during the quarter. State Street Corp owned about 2.67% of Carvana worth $1,937,436,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Security National Bank of SO Dak acquired a new position in shares of Carvana during the second quarter worth approximately $121,000. SkyView Investment Advisors LLC bought a new position in shares of Carvana in the second quarter worth $263,000. The Manufacturers Life Insurance Company increased its holdings in shares of Carvana by 384.3% during the second quarter. The Manufacturers Life Insurance Company now owns 1,898,095 shares of the company's stock valued at $124,933,000 after purchasing an additional 1,506,145 shares during the period. Sequoia Financial Advisors LLC increased its holdings in shares of Carvana by 401.5% during the second quarter. Sequoia Financial Advisors LLC now owns 18,750 shares of the company's stock valued at $1,234,000 after purchasing an additional 15,011 shares during the period. Finally, National Pension Service increased its holdings in shares of Carvana by 449.1% during the second quarter. National Pension Service now owns 1,508,963 shares of the company's stock valued at $99,320,000 after purchasing an additional 1,234,144 shares during the period. 56.71% of the stock is currently owned by institutional investors and hedge funds.

Carvana Stock Performance

Shares of CVNA opened at $65.36 on Wednesday. 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 firm's 50 day moving average is $69.31 and its 200-day moving average is $68.45. Carvana Co. has a 12-month low of $54.46 and a 12-month high of $97.38. The stock has a market capitalization of $71.92 billion, a P/E ratio of 36.15, a P/E/G ratio of 1.94 and a beta of 3.49.

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

Analyst Upgrades and Downgrades

Several research firms recently weighed in on CVNA. Jefferies Financial Group reduced their price objective on shares of Carvana from $95.00 to $90.00 and set a "buy" rating for the company in a report on Tuesday, July 14th. Needham & Company LLC restated a "buy" rating and set a $120.00 price target on shares of Carvana in a research report on Thursday, July 30th. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and issued a $80.00 price target on shares of Carvana in a research note on Friday, July 31st. UBS Group reiterated a "buy" rating and issued a $83.00 price objective on shares of Carvana in a report on Friday, July 31st. Finally, Weiss Ratings upgraded shares of Carvana from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Wednesday, August 5th. One analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and seven have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $84.14.

Insider Buying and Selling

In other news, CFO Mark Jenkins sold 63,750 shares of Carvana stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $64.50, for a total transaction of $4,111,875.00. Following the transaction, the chief financial officer owned 1,156,534 shares in the company, valued at approximately $74,596,443. The trade was a 5.22% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Ira Platt sold 15,000 shares of the company's stock in a transaction on Friday, August 14th. The shares were sold at an average price of $75.50, for a total value of $1,132,500.00. Following the transaction, the director directly owned 186,470 shares in the company, valued at $14,078,485. The trade was a 7.45% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 402,564 shares of company stock valued at $27,689,555. Company insiders own 15.19% of the company's stock.

Carvana 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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