Central Pacific Bank Trust Division Reduces Position in Carvana Co. $CVNA

Key Points

• Central Pacific Bank Trust Division reduced its stake in Carvana Co. by 28.5% during the second quarter, now holding 2,150 shares valued at $724,000.
• Carvana's stock was positively rated by several analysts, with Piper Sandler raising the price target from $340 to $440 and assigning an "overweight" rating.
• Major shareholder Ernest C. Garcia II sold over 193,376 shares in July, representing a significant decrease in ownership, while insiders collectively sold shares worth nearly $857 million in the past three months.

Central Pacific Bank Trust Division decreased its stake in shares of Carvana Co. (NYSE:CVNA - Free Report) by 28.5% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 2,150 shares of the company's stock after selling 855 shares during the period. Central Pacific Bank Trust Division's holdings in Carvana were worth $724,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in CVNA. Price T Rowe Associates Inc. MD boosted its holdings in shares of Carvana by 13.9% during the first quarter. Price T Rowe Associates Inc. MD now owns 14,950,011 shares of the company's stock worth $3,125,749,000 after purchasing an additional 1,823,218 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of Carvana by 9.7% during the first quarter. Vanguard Group Inc. now owns 12,534,843 shares of the company's stock worth $2,620,785,000 after purchasing an additional 1,109,476 shares during the last quarter. Alyeska Investment Group L.P. acquired a new stake in shares of Carvana during the first quarter worth $71,856,000. Whale Rock Capital Management LLC boosted its holdings in shares of Carvana by 29.8% during the fourth quarter. Whale Rock Capital Management LLC now owns 1,214,679 shares of the company's stock worth $247,017,000 after purchasing an additional 278,760 shares during the last quarter. Finally, Contour Asset Management LLC boosted its holdings in shares of Carvana by 71.4% during the first quarter. Contour Asset Management LLC now owns 643,114 shares of the company's stock worth $134,462,000 after purchasing an additional 267,994 shares during the last quarter. Institutional investors and hedge funds own 56.71% of the company's stock.

Insider Activity

In other Carvana news, major shareholder Ernest C. Garcia II sold 93,376 shares of the firm's stock in a transaction dated Thursday, July 31st. The stock was sold at an average price of $394.16, for a total value of $36,805,084.16. Following the transaction, the insider directly owned 6,624 shares of the company's stock, valued at $2,610,915.84. This trade represents a 93.38% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, major shareholder Ernest C. Garcia II sold 100,000 shares of the firm's stock in a transaction dated Tuesday, July 8th. The shares were sold at an average price of $353.76, for a total value of $35,376,000.00. Following the completion of the transaction, the insider directly owned 36,437,346 shares in the company, valued at $12,890,075,520.96. This trade represents a 0.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,423,157 shares of company stock worth $856,602,667 over the last three months. 17.12% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the company. Citigroup restated an "outperform" rating on shares of Carvana in a report on Thursday, July 31st. Piper Sandler lifted their target price on Carvana from $340.00 to $440.00 and gave the company an "overweight" rating in a report on Thursday, July 31st. Stephens lifted their target price on Carvana from $300.00 to $375.00 and gave the company an "overweight" rating in a report on Monday, July 7th. Evercore ISI lifted their target price on Carvana from $365.00 to $370.00 and gave the company an "in-line" rating in a report on Tuesday, August 12th. Finally, DA Davidson lifted their target price on Carvana from $260.00 to $380.00 and gave the company a "neutral" rating in a report on Thursday, July 31st. Twelve investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, Carvana currently has an average rating of "Moderate Buy" and an average price target of $383.47.

Carvana Trading Up 2.1%

NYSE:CVNA opened at $361.66 on Friday. The business's 50-day moving average is $354.06 and its two-hundred day moving average is $290.39. 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 Co. has a 12 month low of $140.23 and a 12 month high of $413.33. The firm has a market capitalization of $77.83 billion, a PE ratio of 90.64, a price-to-earnings-growth ratio of 1.17 and a beta of 3.51.

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

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