Carvana Co. $CVNA Shares Bought by Van ECK Associates Corp

Key Points

• Van ECK Associates increased its Carvana position by 316.5% in the second quarter, ending with 89,829 shares valued at approximately $5.9 million. Institutional investors collectively own 56.71% of the company.
• Carvana reported quarterly earnings of $0.42 per share, beating estimates of $0.39, while revenue rose 52.4% year over year to $7.38 billion. The stock opened at $74.19, with a market capitalization of roughly $81.6 billion.
• Company insiders sold 302,147 shares worth about $20.4 million over the past 90 days, though the sales were conducted under pre-arranged Rule 10b5-1 plans. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $84.14.

Van ECK Associates Corp increased its position in Carvana Co. (NYSE:CVNA - Free Report) by 316.5% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 89,829 shares of the company's stock after acquiring an additional 68,263 shares during the period. Van ECK Associates Corp's holdings in Carvana were worth $5,913,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. State Street Corp increased its position in 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 buying an additional 2,764,759 shares in the last quarter. Capital Research Global Investors grew its holdings in Carvana by 42.9% in the fourth quarter. Capital Research Global Investors now owns 5,700,953 shares of the company's stock valued at $2,405,959,000 after purchasing an additional 1,711,144 shares during the period. Bank of America Corp DE increased its holdings in shares of Carvana by 372.0% during the 2nd quarter. Bank of America Corp DE now owns 1,791,844 shares of the company's stock worth $117,939,000 after buying an additional 1,412,188 shares during the last quarter. Price T Rowe Associates Inc. MD increased its stake in Carvana by 8.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 17,726,838 shares of the company's stock worth $7,481,081,000 after acquiring an additional 1,407,762 shares during the last quarter. Finally, Geode Capital Management LLC increased its position in Carvana by 55.4% during the 4th quarter. Geode Capital Management LLC now owns 3,880,711 shares of the company's stock worth $1,632,763,000 after purchasing an additional 1,382,852 shares in the last quarter. 56.71% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Carvana

In other news, COO Benjamin E. Huston sold 50,000 shares of the business's stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $64.50, for a total transaction of $3,225,000.00. Following the sale, the chief operating officer owned 535,709 shares in the company, valued at $34,553,230.50. The trade was a 8.54% decrease in their ownership of the stock. The transaction was disclosed in a legal 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, VP Stephen R. Palmer sold 5,000 shares of the stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $64.49, for a total value of $322,450.00. Following the completion of the sale, the vice president owned 136,909 shares of the company's stock, valued at $8,829,261.41. The trade was a 3.52% decrease in their position. 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. Insiders sold 302,147 shares of company stock valued at $20,418,064 over the last ninety days. Company insiders own 15.19% of the company's stock.

Carvana Price Performance

NYSE CVNA opened at $74.19 on Thursday. Carvana Co. has a 12 month low of $54.46 and a 12 month high of $97.38. 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 company's 50 day simple moving average is $68.51 and its 200 day simple moving average is $68.24. The firm has a market capitalization of $81.64 billion, a PE ratio of 41.04, a P/E/G ratio of 2.08 and a beta of 3.49.

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

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on CVNA. BNP Paribas Exane lowered their price target on Carvana from $86.00 to $69.00 and set a "hold" rating for the company in a report on Thursday, July 30th. DA Davidson set a $67.00 price target on shares of Carvana in a research note on Thursday, July 30th. Robert W. Baird set a $72.00 price objective on Carvana in a report on Thursday, July 30th. Argus lowered their target price on shares of Carvana from $500.00 to $100.00 in a research note on Monday, May 11th. Finally, Jefferies Financial Group dropped their price target on Carvana from $95.00 to $90.00 and set a "buy" rating on the stock in a research report on Tuesday, July 14th. One analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $84.14.

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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