Carvana Co. $CVNA Shares Sold by Comerica Bank

Key Points

• Comerica Bank reduced its holdings in Carvana Co. by 35.5%, selling 933 shares in the first quarter, leaving them with 1,696 shares valued at approximately $355,000.
• Major shareholder Ernest C. Garcia II significantly decreased his ownership by selling 93,376 shares for over $36 million, representing a 93.38% decrease in his stake.
• Carvana has seen a range of analyst rating changes, with 12 analysts giving it a Buy rating and a consensus price target of $383.47.

Comerica Bank trimmed its position in Carvana Co. (NYSE:CVNA - Free Report) by 35.5% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,696 shares of the company's stock after selling 933 shares during the period. Comerica Bank's holdings in Carvana were worth $355,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD lifted its position in 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 buying an additional 1,823,218 shares during the period. Vanguard Group Inc. lifted its position in 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 buying an additional 1,109,476 shares during the period. Whale Rock Capital Management LLC lifted its holdings 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 worth $247,017,000 after acquiring an additional 278,760 shares during the period. Worldquant Millennium Advisors LLC purchased a new position in shares of Carvana during the 4th quarter worth about $51,091,000. Finally, Deutsche Bank AG lifted its holdings in shares of Carvana by 543.8% during the 4th quarter. Deutsche Bank AG now owns 288,343 shares of the company's stock worth $58,637,000 after acquiring an additional 243,553 shares during the period. 56.71% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on CVNA. Gordon Haskett began coverage on shares of Carvana in a report on Monday, July 14th. They set a "hold" rating and a $329.00 price objective on the stock. JPMorgan Chase & Co. increased their price objective on shares of Carvana from $350.00 to $415.00 and gave the stock an "overweight" rating in a report on Thursday, July 31st. Needham & Company LLC increased their price objective on shares of Carvana from $340.00 to $500.00 and gave the stock a "buy" rating in a report on Thursday, July 31st. DA Davidson increased their price objective on shares of Carvana from $260.00 to $380.00 and gave the stock a "neutral" rating in a report on Thursday, July 31st. Finally, Stephens increased their price objective on shares of Carvana from $300.00 to $375.00 and gave the stock an "overweight" rating in a report on Monday, July 7th. Twelve analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, Carvana has a consensus rating of "Moderate Buy" and a consensus target price of $383.47.

Carvana Stock Up 2.2%

CVNA traded up $7.63 during trading on Friday, hitting $361.87. The company had a trading volume of 1,970,636 shares, compared to its average volume of 3,978,075. The company has a market cap of $77.87 billion, a PE ratio of 90.85, a P/E/G ratio of 1.21 and a beta of 3.51. The business has a 50-day moving average of $353.80 and a 200-day moving average of $289.02. 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 1-year low of $140.23 and a 1-year high of $413.33.

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

Insider Buying and Selling

In other Carvana news, major shareholder Ernest C. Garcia II sold 93,376 shares of Carvana stock in a transaction on Thursday, July 31st. The shares were sold at an average price of $394.16, for a total value of $36,805,084.16. Following the completion of the transaction, the insider owned 6,624 shares of the company's stock, valued at $2,610,915.84. The trade was 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 link. Also, major shareholder Ernest C. Garcia II sold 100,000 shares of Carvana stock in a transaction on Tuesday, July 8th. The stock was sold at an average price of $353.76, for a total transaction of $35,376,000.00. Following the completion of the transaction, the insider directly owned 36,437,346 shares of the company's stock, valued at approximately $12,890,075,520.96. This represents a 0.27% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 2,423,157 shares of company stock worth $856,602,667. 17.12% of the stock is currently owned by company insiders.

About Carvana

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.