Carvana Co. (NYSE:CVNA) Shares Purchased by TD Asset Management Inc

Key Points

• TD Asset Management Inc increased its stake in Carvana Co. by 21.8%, now owning 138,909 shares worth approximately $29 million.
• Insider selling activity included Carvana's CFO Mark W. Jenkins selling 51,380 shares for over $16 million, representing a 24.07% decrease in his holding.
• Analysts have recently raised their target prices for Carvana, with Bank of America increasing its target from $325 to $375 and maintaining a "buy" rating.

TD Asset Management Inc increased its stake in shares of Carvana Co. (NYSE:CVNA - Free Report) by 21.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 138,909 shares of the company's stock after purchasing an additional 24,829 shares during the quarter. TD Asset Management Inc owned 0.07% of Carvana worth $29,043,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Transce3nd LLC acquired a new stake in shares of Carvana during the fourth quarter worth $48,000. Versant Capital Management Inc boosted 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 in the last quarter. Aster Capital Management DIFC Ltd purchased a new stake in shares of Carvana during the 4th quarter worth $75,000. Gordian Capital Singapore Pte Ltd purchased a new stake in shares of Carvana during the 4th quarter worth $98,000. Finally, Shell Asset Management Co. purchased a new stake in shares of Carvana during the 4th quarter worth $116,000. 56.71% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Carvana

In other news, CFO Mark W. Jenkins sold 51,380 shares of the company's stock in a transaction dated Friday, May 30th. The shares were sold at an average price of $326.03, for a total transaction of $16,751,421.40. Following the completion of the transaction, the chief financial officer owned 162,079 shares of the company's stock, valued at $52,842,616.37. This represents a 24.07% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, major shareholder Ernest C. Garcia II sold 100,000 shares of the company's stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $346.99, for a total transaction of $34,699,000.00. Following the transaction, the insider directly owned 37,092,317 shares of the company's stock, valued at approximately $12,870,663,075.83. This represents a 0.27% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 2,181,515 shares of company stock valued at $723,047,948. 16.36% of the stock is owned by insiders.

Carvana Trading Up 1.3%

Shares of CVNA stock opened at $336.41 on Tuesday. The firm has a 50-day moving average price of $329.03 and a 200 day moving average price of $263.90. Carvana Co. has a twelve month low of $118.50 and a twelve month high of $364.00. The company has a market capitalization of $72.04 billion, a price-to-earnings ratio of 118.04, a PEG ratio of 1.28 and a beta of 3.59. The company has a current ratio of 3.81, a quick ratio of 2.70 and a debt-to-equity ratio of 2.97.

Carvana (NYSE:CVNA - Get Free Report) last announced its earnings results on Wednesday, May 7th. The company reported $1.51 earnings per share for the quarter, beating the consensus estimate of $0.75 by $0.76. Carvana had a net margin of 2.68% and a return on equity of 44.86%. The firm had revenue of $4.23 billion during the quarter, compared to the consensus estimate of $3.94 billion. During the same quarter in the previous year, the company posted $0.23 EPS. The firm's revenue for the quarter was up 38.3% on a year-over-year basis. Research analysts forecast that Carvana Co. will post 2.85 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

CVNA has been the topic of several research analyst reports. Bank of America boosted their target price on shares of Carvana from $325.00 to $375.00 and gave the stock a "buy" rating in a research report on Tuesday, June 10th. Robert W. Baird boosted their target price on shares of Carvana from $200.00 to $275.00 and gave the stock a "neutral" rating in a research report on Thursday, May 8th. Oppenheimer upgraded shares of Carvana from a "market perform" rating to an "outperform" rating and set a $450.00 target price on the stock in a research report on Friday. Wedbush upgraded shares of Carvana to a "hold" rating in a research report on Thursday, May 8th. Finally, Evercore ISI boosted their target price on shares of Carvana from $295.00 to $305.00 and gave the stock an "in-line" rating in a research report on Tuesday, June 24th. Seven equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company's stock. According to MarketBeat, Carvana currently has an average rating of "Moderate Buy" and a consensus price target of $318.16.

Carvana 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.

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