Allstate Corp Cuts Stock Holdings in Carvana Co. $CVNA

Key Points

• Allstate Corp reduced its stake in Carvana Co. by 41.5% in the first quarter, after selling 1,382 shares, leaving it with a total of 1,947 shares valued at approximately $407,000.
• Several institutional investors have increased their holdings in Carvana, with Price T Rowe Associates raising its stake by 13.9% and Vanguard Group increasing by 9.7% during the same period.
• Research analysts have shown optimism for Carvana, with Wells Fargo and JPMorgan raising their price targets to $425.00 and $415.00, respectively, reflecting a strong outlook for the company.

Allstate Corp decreased its position in Carvana Co. (NYSE:CVNA - Free Report) by 41.5% during the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 1,947 shares of the company's stock after selling 1,382 shares during the period. Allstate Corp's holdings in Carvana were worth $407,000 as of its most recent filing with the SEC.

Other institutional investors have also recently bought and sold shares of the company. Brooklyn Investment Group lifted its stake in Carvana by 961.5% in the 1st quarter. Brooklyn Investment Group now owns 138 shares of the company's stock valued at $29,000 after acquiring an additional 125 shares in the last quarter. N.E.W. Advisory Services LLC acquired a new position in shares of Carvana during the 1st quarter worth approximately $33,000. Versant Capital Management Inc increased its position in shares of Carvana by 39.4% during the 1st quarter. Versant Capital Management Inc now owns 290 shares of the company's stock worth $61,000 after purchasing an additional 82 shares during the last quarter. Strategic Investment Solutions Inc. IL acquired a new position in shares of Carvana during the 1st quarter worth approximately $90,000. Finally, Gordian Capital Singapore Pte Ltd acquired a new position in shares of Carvana during the 4th quarter worth approximately $98,000. Institutional investors own 56.71% of the company's stock.

Insider Buying and Selling at Carvana

In other Carvana news, CEO Ernest C. Garcia III sold 10,000 shares of the stock in a transaction dated Wednesday, August 27th. The stock was sold at an average price of $370.71, for a total value of $3,707,100.00. Following the completion of the transaction, the chief executive officer directly owned 496,440 shares in the company, valued at approximately $184,035,272.40. This trade represents a 1.97% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In the last ninety days, insiders sold 2,865,507 shares of company stock worth $1,003,408,791. 17.12% of the stock is owned by corporate insiders.

Carvana Price Performance

Shares of NYSE:CVNA traded down $5.42 during trading on Friday, reaching $371.96. 1,835,939 shares of the company traded hands, compared to its average volume of 2,805,586. The company's 50 day moving average is $346.72 and its two-hundred day moving average is $282.62. The firm has a market capitalization of $80.05 billion, a PE ratio of 93.22, a PEG ratio of 1.23 and a beta of 3.57. The company has a quick ratio of 2.58, a current ratio of 4.00 and a debt-to-equity ratio of 2.51. Carvana Co. has a 52 week low of $124.39 and a 52 week high of $413.33.

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

Wall Street Analyst Weigh In

CVNA has been the topic of several recent analyst reports. Wells Fargo & Company boosted their price target on Carvana from $390.00 to $425.00 and gave the stock an "overweight" rating in a research report on Thursday, July 31st. William Blair reaffirmed an "outperform" rating on shares of Carvana in a research report on Wednesday, July 23rd. Bank of America boosted their price target on Carvana from $375.00 to $425.00 and gave the stock a "buy" rating in a research report on Thursday, July 31st. Needham & Company LLC boosted their target price on Carvana from $340.00 to $500.00 and gave the stock a "buy" rating in a report on Thursday, July 31st. Finally, JPMorgan Chase & Co. raised their price target on Carvana from $350.00 to $415.00 and gave the company an "overweight" rating in a report on Thursday, July 31st. Twelve research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $383.47.

Carvana Company Profile

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.