Carvana Co. $CVNA Shares Sold by BI Asset Management Fondsmaeglerselskab A S

Key Points

• BI Asset Management cut its Carvana stake by 86.6% in the first quarter, selling 15,346 shares and leaving it with 2,369 shares valued at about $745,000.
• Carvana reported strong first-quarter results, with earnings of $1.69 per share versus the $0.32 estimate and revenue of $6.43 billion, topping Wall Street expectations.
• Despite insider selling and recent stock weakness, analysts remain broadly constructive on the company, with a Moderate Buy consensus and an average price target of $93.14.

BI Asset Management Fondsmaeglerselskab A S lowered its holdings in shares of Carvana Co. (NYSE:CVNA - Free Report) by 86.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,369 shares of the company's stock after selling 15,346 shares during the quarter. BI Asset Management Fondsmaeglerselskab A S's holdings in Carvana were worth $745,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of CVNA. Price T Rowe Associates Inc. MD lifted its stake in Carvana by 8.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 17,726,838 shares of the company's stock valued at $7,481,081,000 after buying an additional 1,407,762 shares in the last quarter. Vanguard Group Inc. increased its stake in Carvana by 24.7% during the 4th quarter. Vanguard Group Inc. now owns 16,783,101 shares of the company's stock worth $7,082,804,000 after buying an additional 3,328,115 shares in the last quarter. State Street Corp raised its holdings in shares of Carvana by 93.7% during the fourth quarter. State Street Corp now owns 5,714,779 shares of the company's stock valued at $2,411,751,000 after acquiring an additional 2,764,759 shares during the last quarter. Capital Research Global Investors raised its holdings in shares of Carvana by 42.9% during 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 acquiring an additional 1,711,144 shares during the last quarter. Finally, Geode Capital Management LLC lifted its position in shares of Carvana by 55.4% in the fourth quarter. Geode Capital Management LLC now owns 3,880,711 shares of the company's stock valued at $1,632,763,000 after acquiring an additional 1,382,852 shares in the last quarter. 56.71% of the stock is owned by institutional investors and hedge funds.

Carvana Stock Down 2.5%

Shares of CVNA opened at $66.22 on Friday. Carvana Co. has a 52-week low of $54.46 and a 52-week high of $97.38. The company has a quick ratio of 2.57, a current ratio of 4.09 and a debt-to-equity ratio of 1.05. The stock has a fifty day simple moving average of $71.45 and a two-hundred day simple moving average of $74.78. The company has a market capitalization of $72.63 billion, a PE ratio of 40.28, a price-to-earnings-growth ratio of 11.46 and a beta of 3.45.

Carvana (NYSE:CVNA - Get Free Report) last announced its quarterly earnings results on Wednesday, April 29th. The company reported $1.69 earnings per share for the quarter, beating the consensus estimate 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 for the quarter, compared to analysts' expectations of $6.12 billion. As a group, equities analysts forecast that Carvana Co. will post 1.58 EPS for the current year.

Wall Street Analysts Forecast Growth

CVNA has been the topic of a number of research analyst reports. Morgan Stanley lifted their price target on Carvana from $90.00 to $102.00 and gave the stock an "overweight" rating in a research note on Thursday, April 30th. Weiss Ratings reissued a "hold (c+)" rating on shares of Carvana in a research note on Thursday, June 18th. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $92.00 target price on shares of Carvana in a research note on Friday, June 12th. Argus dropped their target price on shares of Carvana from $500.00 to $100.00 in a report on Monday, May 11th. Finally, Citigroup reiterated an "outperform" rating on shares of Carvana in a research report on Friday, May 1st. Two research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat.com, Carvana has an average rating of "Moderate Buy" and a consensus price target of $93.14.

Insider Transactions at Carvana

In related news, CFO Mark W. Jenkins sold 63,750 shares of the stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $62.07, for a total value of $3,956,962.50. Following the completion of the transaction, the chief financial officer directly owned 985,445 shares in the company, valued at approximately $61,166,571.15. This represents a 6.08% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Ira J. Platt sold 15,000 shares of the firm'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 of the company's stock, valued at approximately $12,648,260.10. This trade represents a 7.45% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 415,812 shares of company stock valued at $29,056,896 in the last ninety days. 15.19% of the stock is currently owned by corporate insiders.

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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