Canada Pension Plan Investment Board Grows Position in Carvana Co. $CVNA

Key Points

• The Canada Pension Plan Investment Board increased its stake in Carvana Co. by 77.9% during the first quarter, now owning 191,847 shares valued at approximately $40.1 million.
• Institutional ownership of Carvana is notable, with hedge funds like Brooklyn Investment Group increasing their holdings by over 961%, reflecting strong investor interest.
• Carvana's shares opened at $371.96, with a market cap of $80.05 billion and recent earnings beating estimates, highlighting the company's 41.9% revenue growth year-over-year.

Canada Pension Plan Investment Board increased its stake in shares of Carvana Co. (NYSE:CVNA - Free Report) by 77.9% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 191,847 shares of the company's stock after buying an additional 84,035 shares during the quarter. Canada Pension Plan Investment Board owned 0.09% of Carvana worth $40,111,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of CVNA. Brooklyn Investment Group lifted its position in Carvana by 961.5% during the 1st quarter. Brooklyn Investment Group now owns 138 shares of the company's stock worth $29,000 after buying an additional 125 shares in the last quarter. N.E.W. Advisory Services LLC acquired a new position in shares of Carvana during the first quarter worth approximately $33,000. Versant Capital Management Inc grew its stake in shares of 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 last quarter. Strategic Investment Solutions Inc. IL bought a new stake in shares of Carvana during the first quarter valued at approximately $90,000. Finally, Gordian Capital Singapore Pte Ltd bought a new position in Carvana in the 4th quarter worth approximately $98,000. 56.71% of the stock is currently owned by institutional investors.

Carvana Price Performance

CVNA traded up $8.13 on Thursday, reaching $370.45. The stock had a trading volume of 716,373 shares, compared to its average volume of 4,029,530. Carvana Co. has a fifty-two week low of $124.39 and a fifty-two week high of $413.33. The company has a current ratio of 4.00, a quick ratio of 2.58 and a debt-to-equity ratio of 2.51. The company has a market capitalization of $79.72 billion, a price-to-earnings ratio of 92.84, a price-to-earnings-growth ratio of 1.23 and a beta of 3.51. The firm has a 50-day moving average of $349.56 and a 200-day moving average of $284.40.

Carvana (NYSE:CVNA - Get Free Report) last posted its quarterly earnings data on Wednesday, July 30th. The company reported $1.28 EPS for the quarter, beating analysts' consensus estimates of $1.09 by $0.19. The company had revenue of $4.84 billion for the quarter, compared to analyst estimates of $4.54 billion. Carvana had a net margin of 3.46% and a return on equity of 40.57%. The company's quarterly revenue was up 41.9% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.05) EPS. As a group, sell-side analysts anticipate that Carvana Co. will post 2.85 EPS for the current year.

Insider Transactions at Carvana

In other Carvana news, COO Benjamin E. Huston sold 10,000 shares of the stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $364.66, for a total value of $3,646,600.00. Following the transaction, the chief operating officer owned 104,416 shares in the company, valued at approximately $38,076,338.56. This represents a 8.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Ernest C. Garcia III sold 10,000 shares of Carvana stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $364.64, for a total transaction of $3,646,400.00. Following the completion of the sale, the chief executive officer directly owned 481,440 shares of the company's stock, valued at approximately $175,552,281.60. The trade was a 2.03% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 2,698,333 shares of company stock valued at $948,956,369. 17.12% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research firms have issued reports on CVNA. Bank of America upped their target price on shares of Carvana from $375.00 to $425.00 and gave the company a "buy" rating in a research report on Thursday, July 31st. Stephens raised their price objective on shares of Carvana from $300.00 to $375.00 and gave the company an "overweight" rating in a research note on Monday, July 7th. Citigroup reissued an "outperform" rating on shares of Carvana in a research note on Thursday, July 31st. DA Davidson raised their target price on Carvana from $260.00 to $380.00 and gave the stock a "neutral" rating in a report on Thursday, July 31st. Finally, Robert W. Baird upped their price target on Carvana from $200.00 to $275.00 and gave the company a "neutral" rating in a research note on Thursday, May 8th. Twelve research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $383.47.

About Carvana

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.