Carvana Co. $CVNA Shares Purchased by Swiss National Bank

Key Points

• Swiss National Bank increased its Carvana stake by 9.9% in the first quarter, owning 395,180 shares worth about $124.2 million after the purchase.
• Carvana shares were down 4.9% in Tuesday trading, opening at $64.06, below both its 50-day and 200-day moving averages.
• The company recently reported strong quarterly results, with EPS of $1.69 versus estimates of $0.32 and revenue of $6.43 billion, while Wall Street analysts maintain a Moderate Buy consensus with an average target price of $92.92.

Swiss National Bank boosted its holdings in shares of Carvana Co. (NYSE:CVNA - Free Report) by 9.9% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 395,180 shares of the company's stock after purchasing an additional 35,720 shares during the period. Swiss National Bank owned about 0.18% of Carvana worth $124,237,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also modified their holdings of the stock. Thurston Springer Miller Herd & Titak Inc. purchased a new position in Carvana in the fourth quarter valued at $29,000. Farmers & Merchants Investments Inc. purchased a new stake in shares of Carvana during the 4th quarter worth about $29,000. Motiv8 Investments LLC acquired a new stake in shares of Carvana during the 4th quarter valued at about $33,000. Ascentis Independent Advisors acquired a new stake in shares of Carvana during the 1st quarter valued at about $26,000. Finally, Salomon & Ludwin LLC raised its holdings in Carvana by 112.5% in the 4th quarter. Salomon & Ludwin LLC now owns 85 shares of the company's stock worth $37,000 after purchasing an additional 45 shares during the period. Hedge funds and other institutional investors own 56.71% of the company's stock.

Carvana Trading Down 4.9%

Shares of CVNA stock opened at $64.06 on Tuesday. The company has a 50-day moving average of $67.61 and a two-hundred day moving average of $72.13. The firm has a market cap of $70.26 billion, a PE ratio of 38.96, a price-to-earnings-growth ratio of 11.34 and a beta of 3.46. Carvana Co. has a 1-year low of $54.46 and a 1-year high of $97.38. The company has a debt-to-equity ratio of 1.05, a current ratio of 4.09 and a quick ratio of 2.57.

Carvana (NYSE:CVNA - Get Free Report) last posted its quarterly earnings data on Wednesday, April 29th. The company reported $1.69 earnings per share for the quarter, topping analysts' consensus estimates of $0.32 by $1.37. Carvana had a net margin of 6.40% and a return on equity of 41.46%. The firm had revenue of $6.43 billion during the quarter, compared to analysts' expectations of $6.12 billion. On average, analysts predict that Carvana Co. will post 1.58 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the stock. Deutsche Bank Aktiengesellschaft reissued a "buy" rating and set a $107.40 target price on shares of Carvana in a research note on Thursday, April 30th. Morgan Stanley reiterated an "overweight" rating and set a $102.00 price objective on shares of Carvana in a research note on Monday. Wells Fargo & Company lifted their price target on Carvana from $85.00 to $95.00 and gave the stock an "overweight" rating in a research note on Thursday, April 30th. Robert W. Baird set a $88.00 price target on Carvana in a research report on Friday, May 15th. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $120.00 target price on shares of Carvana in a report on Friday, June 5th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, Carvana has a consensus rating of "Moderate Buy" and an average target price of $92.92.

Insider Activity at Carvana

In other Carvana news, insider Thomas Taira sold 5,597 shares of the business's stock in a transaction on Monday, June 8th. The shares were sold at an average price of $67.15, for a total value of $375,838.55. Following the completion of the transaction, the insider owned 315,075 shares in the company, valued at $21,157,286.25. The trade was a 1.75% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Ira J. Platt sold 15,000 shares of the company's stock in a transaction on Monday, June 15th. The stock was sold at an average price of $67.83, for a total value of $1,017,450.00. Following the sale, the director directly owned 186,470 shares in the company, valued at $12,648,260.10. This represents a 7.45% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 396,962 shares of company stock worth $28,525,088 over the last ninety days. Company insiders own 15.19% of the company's stock.

Carvana Company 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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