Carvana Co. $CVNA Shares Newly Purchased by BG Investment Services LLC

Key Points

• BG Investment Services LLC purchased 34,630 Carvana shares in the third quarter, valued at approximately $2.17 million. Institutional investors collectively own 56.71% of the company.
• Carvana insiders sold 358,161 shares worth about $24.2 million over the past 90 days, including sales by insider Thomas Taira and VP Stephen R. Palmer under pre-arranged trading plans.
• Analysts maintain a generally positive view, with a consensus “Moderate Buy” rating and an average price target of $82.83. Carvana recently reported $7.38 billion in quarterly revenue and earnings of $0.42 per share, exceeding expectations.

BG Investment Services LLC purchased a new stake in shares of Carvana Co. (NYSE:CVNA - Free Report) in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 34,630 shares of the company's stock, valued at approximately $2,166,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. State Street Corp grew its position in Carvana by 417.1% during the second quarter. State Street Corp now owns 29,435,364 shares of the company's stock valued at $1,937,436,000 after buying an additional 23,742,422 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Carvana by 345.8% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,325,237 shares of the company's stock valued at $218,867,000 after acquiring an additional 2,579,295 shares during the period. Amundi grew its position in shares of Carvana by 379.7% during the 2nd quarter. Amundi now owns 2,421,045 shares of the company's stock valued at $159,353,000 after acquiring an additional 1,916,349 shares during the period. The Manufacturers Life Insurance Company increased its stake in shares of Carvana by 384.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 1,898,095 shares of the company's stock worth $124,933,000 after purchasing an additional 1,506,145 shares in the last quarter. Finally, Bank of America Corp DE increased its stake in shares of Carvana by 372.0% in the 2nd quarter. Bank of America Corp DE now owns 1,791,844 shares of the company's stock worth $117,939,000 after purchasing an additional 1,412,188 shares in the last quarter. Hedge funds and other institutional investors own 56.71% of the company's stock.

Insider Buying and Selling at Carvana

In related news, insider Thomas Taira sold 5,597 shares of the company's stock in a transaction on Monday, October 12th. The shares were sold at an average price of $65.00, for a total transaction of $363,805.00. Following the completion of the transaction, the insider owned 357,442 shares in the company, valued at approximately $23,233,730. This represents a 1.54% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Stephen R. Palmer sold 5,000 shares of the firm's stock in a transaction on Thursday, October 1st. The shares were sold at an average price of $61.64, for a total transaction of $308,200.00. Following the transaction, the vice president directly owned 120,865 shares of the company's stock, valued at $7,450,118.60. The trade was a 3.97% decrease in their ownership of the stock. 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. Over the last 90 days, insiders sold 358,161 shares of company stock worth $24,164,285. Insiders own 15.19% of the company's stock.

Analysts Set New Price Targets

A number of brokerages recently commented on CVNA. Stephens reaffirmed an "overweight" rating and issued a $83.00 target price (down from $91.50) on shares of Carvana in a report on Tuesday, October 6th. Oppenheimer set a $90.00 price target on Carvana and gave the company an "outperform" rating in a report on Wednesday, September 30th. Royal Bank Of Canada set a $82.00 price target on Carvana and gave the stock an "outperform" rating in a research report on Thursday, July 30th. Morgan Stanley set a $88.00 price objective on Carvana and gave the stock an "overweight" rating in a research note on Thursday, October 15th. Finally, DA Davidson set a $67.00 price objective on Carvana in a research report on Thursday, July 30th. One research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and eight have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $82.83.

Carvana Stock Performance

NYSE CVNA opened at $57.76 on Friday. The firm has a market cap of $63.56 billion, a price-to-earnings ratio of 31.94, a price-to-earnings-growth ratio of 1.71 and a beta of 3.55. The company has a quick ratio of 2.33, a current ratio of 3.93 and a debt-to-equity ratio of 0.94. The business has a 50-day moving average price of $66.59 and a 200-day moving average price of $68.48. Carvana Co. has a twelve month low of $54.46 and a twelve month high of $97.38.

Carvana (NYSE:CVNA - Get Free Report) last issued its earnings results on Wednesday, July 29th. The company reported $0.42 earnings per share (EPS) 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 company had revenue of $7.38 billion for the quarter, compared to the consensus estimate of $6.90 billion. During the same quarter last year, the company earned $1.51 EPS. The firm's quarterly revenue was up 52.4% on a year-over-year basis. As a group, equities research analysts predict that Carvana Co. will post 1.63 EPS for the current fiscal year.

Carvana Company Profile

Carvana Co NYSE: CVNA is an online automotive retailer that sells used vehicles through its digital platform. Customers can browse vehicles, review detailed descriptions and vehicle history information, arrange financing, complete transactions online and choose home delivery or pickup at a Carvana location.

The company also provides vehicle trade-in services and offers related products, including vehicle protection plans and other automotive services. Carvana is known for its automated, glass-enclosed vehicle vending machines, which provide an alternative pickup experience in select markets.

Founded in 2012 and headquartered in Tempe, Arizona, Carvana began operations as an online used-car retailer in 2013 and went public in 2017.

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