Carvana Co. (NYSE:CVNA) Stock Position Lowered by Bank of Nova Scotia

Bank of Nova Scotia reduced its position in Carvana Co. (NYSE:CVNA - Free Report) by 94.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 7,687 shares of the company's stock after selling 119,906 shares during the period. Bank of Nova Scotia's holdings in Carvana were worth $1,607,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Durable Capital Partners LP boosted its holdings in Carvana by 6.3% in the fourth quarter. Durable Capital Partners LP now owns 2,168,232 shares of the company's stock valued at $440,932,000 after purchasing an additional 129,246 shares during the last quarter. Whale Rock Capital Management LLC boosted its stake in shares of Carvana by 29.8% during the 4th quarter. Whale Rock Capital Management LLC now owns 1,214,679 shares of the company's stock valued at $247,017,000 after buying an additional 278,760 shares during the last quarter. BNP Paribas Financial Markets grew its position in shares of Carvana by 89.8% during the fourth quarter. BNP Paribas Financial Markets now owns 1,018,321 shares of the company's stock worth $207,086,000 after buying an additional 481,912 shares in the last quarter. Palestra Capital Management LLC increased its stake in shares of Carvana by 15.5% in the fourth quarter. Palestra Capital Management LLC now owns 807,016 shares of the company's stock worth $164,115,000 after buying an additional 108,203 shares during the last quarter. Finally, Northern Trust Corp raised its holdings in Carvana by 30.3% in the fourth quarter. Northern Trust Corp now owns 650,696 shares of the company's stock valued at $132,326,000 after acquiring an additional 151,338 shares in the last quarter. 56.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on CVNA shares. Royal Bank Of Canada raised their price objective on shares of Carvana from $400.00 to $460.00 and gave the stock an "outperform" rating in a report on Thursday, July 31st. Needham & Company LLC set a $500.00 price objective on Carvana and gave the company a "buy" rating in a report on Thursday, July 31st. JPMorgan Chase & Co. upped their price objective on Carvana from $350.00 to $415.00 and gave the company an "overweight" rating in a research note on Thursday, July 31st. Oppenheimer upgraded Carvana from a "market perform" rating to an "outperform" rating and set a $450.00 target price for the company in a research report on Friday, July 25th. Finally, Stephens boosted their price target on Carvana from $300.00 to $375.00 and gave the company an "overweight" rating in a report on Monday, July 7th. Six equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $379.65.

Insider Transactions at Carvana

In other news, CEO Ernest C. Garcia III sold 10,000 shares of the stock in a transaction on Wednesday, August 6th. The stock was sold at an average price of $352.12, for a total value of $3,521,200.00. Following the completion of the transaction, the chief executive officer owned 571,440 shares of the company's stock, valued at approximately $201,215,452.80. This represents a 1.72% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Mark W. Jenkins sold 12,750 shares of Carvana stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $371.20, for a total transaction of $4,732,800.00. Following the sale, the chief financial officer owned 191,020 shares in the company, valued at approximately $70,906,624. This represents a 6.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,813,047 shares of company stock worth $968,081,920 over the last quarter. Insiders own 17.12% of the company's stock.

Carvana Stock Performance

Shares of CVNA stock traded down $9.32 during trading hours on Friday, reaching $348.43. The stock had a trading volume of 2,819,174 shares, compared to its average volume of 4,226,069. The firm has a market capitalization of $74.61 billion, a PE ratio of 87.33, a price-to-earnings-growth ratio of 1.17 and a beta of 3.57. The firm has a 50-day simple moving average of $336.91 and a 200-day simple moving average of $271.00. Carvana Co. has a twelve month low of $124.39 and a twelve month high of $413.33. The company has a debt-to-equity ratio of 2.51, a current ratio of 4.00 and a quick ratio of 2.58.

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

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.