Carvana Co. $CVNA Shares Sold by KBC Group NV

Key Points

• KBC Group NV cut its Carvana stake by 80.9% in the first quarter, selling 164,035 shares and leaving it with 38,679 shares worth about $12.16 million.
• Several other institutional investors also adjusted their positions, and overall 56.71% of Carvana’s stock is held by institutions and hedge funds.
• Analyst sentiment remains mostly positive: Carvana has a Moderate Buy consensus rating with an average price target of $92.53, while the company also reported strong quarterly results that beat EPS and revenue estimates.

KBC Group NV lowered its stake in Carvana Co. (NYSE:CVNA - Free Report) by 80.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 38,679 shares of the company's stock after selling 164,035 shares during the period. KBC Group NV's holdings in Carvana were worth $12,160,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. SEB Asset Management AB purchased a new position in Carvana in the 1st quarter worth $8,246,000. Swiss National Bank increased its holdings in shares of Carvana by 9.9% in the first quarter. Swiss National Bank now owns 395,180 shares of the company's stock valued at $124,237,000 after purchasing an additional 35,720 shares during the period. World Equity Group Inc. acquired a new position in shares of Carvana in the first quarter valued at about $743,000. Jennison Associates LLC purchased a new position in shares of Carvana in the first quarter worth about $98,436,000. Finally, Annis Gardner Whiting Capital Advisors LLC raised its stake in shares of Carvana by 152.6% in the first quarter. Annis Gardner Whiting Capital Advisors LLC now owns 96 shares of the company's stock worth $30,000 after purchasing an additional 58 shares during the last quarter. 56.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. BNP Paribas Exane increased their price objective on shares of Carvana from $77.60 to $85.80 in a research note on Thursday, April 30th. Argus lowered their price target on shares of Carvana from $500.00 to $100.00 in a report on Monday, May 11th. UBS Group reiterated a "buy" rating and set a $104.00 price objective (up from $97.00) on shares of Carvana in a research note on Thursday, April 30th. Weiss Ratings reissued a "hold (c+)" rating on shares of Carvana in a report on Thursday, June 18th. Finally, JPMorgan Chase & Co. upped their target price on Carvana from $91.00 to $93.00 and gave the stock an "overweight" rating in a research note on Thursday, April 30th. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $92.53.

Insider Buying and Selling at Carvana

In other news, COO Benjamin E. Huston sold 50,000 shares of Carvana stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $76.99, for a total value of $3,849,600.00. Following the sale, the chief operating officer owned 529,810 shares in the company, valued at $40,791,131.52. This trade represents a 8.62% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Mark W. Jenkins sold 63,750 shares of the company's stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $77.44, for a total transaction of $4,936,672.50. Following the transaction, the chief financial officer owned 1,050,635 shares of the company's stock, valued at approximately $81,359,073.13. This trade represents a 5.72% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 396,962 shares of company stock valued at $28,525,088. Insiders own 15.19% of the company's stock.

Carvana Price Performance

Shares of Carvana stock opened at $65.65 on Wednesday. The firm has a market cap of $72.01 billion, a PE ratio of 39.93, a P/E/G ratio of 10.45 and a beta of 3.46. Carvana Co. has a twelve month low of $54.46 and a twelve month 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 business has a 50-day moving average price of $67.45 and a 200 day moving average price of $71.99.

Carvana (NYSE:CVNA - Get Free Report) last released its quarterly earnings results on Wednesday, April 29th. The company reported $1.69 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.32 by $1.37. The firm had revenue of $6.43 billion for the quarter, compared to analysts' expectations of $6.12 billion. Carvana had a net margin of 6.40% and a return on equity of 41.46%. Sell-side analysts predict that Carvana Co. will post 1.64 earnings per share for the current fiscal year.

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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