E. Ohman J or Asset Management AB Buys 16,800 Shares of Carvana Co. $CVNA

Key Points

• E. Ohman J or Asset Management AB increased its Carvana stake by 400%, purchasing 16,800 additional shares to own 21,000 shares worth approximately $1.38 million. Institutional investors collectively own 56.71% of the company.
• Carvana reported quarterly EPS of $0.42, ahead of the $0.39 consensus, while revenue rose 52.4% year over year to $7.38 billion, exceeding estimates of $6.90 billion.
• Insider activity was mixed: Director Michael E. Maroone bought 25,000 shares, while Vice President Stephen R. Palmer sold 5,000 shares. Analysts rate the stock a “Moderate Buy,” with an average price target of $84.14 versus a reported share price of $71.91.

E. Ohman J or Asset Management AB lifted its stake in Carvana Co. (NYSE:CVNA - Free Report) by 400.0% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 21,000 shares of the company's stock after buying an additional 16,800 shares during the period. E. Ohman J or Asset Management AB's holdings in Carvana were worth $1,382,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Price T Rowe Associates Inc. MD grew its position in Carvana by 8.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 17,726,838 shares of the company's stock valued at $7,481,081,000 after acquiring an additional 1,407,762 shares during the period. Vanguard Group Inc. lifted its holdings in shares of Carvana by 24.7% during the fourth quarter. Vanguard Group Inc. now owns 16,783,101 shares of the company's stock valued at $7,082,804,000 after acquiring an additional 3,328,115 shares during the period. State Street Corp lifted its holdings in shares of Carvana by 93.7% during the fourth quarter. State Street Corp now owns 5,714,779 shares of the company's stock valued at $2,411,751,000 after acquiring an additional 2,764,759 shares during the period. Capital Research Global Investors boosted its stake in shares of Carvana by 42.9% in the 4th quarter. Capital Research Global Investors now owns 5,700,953 shares of the company's stock valued at $2,405,959,000 after purchasing an additional 1,711,144 shares in the last quarter. Finally, Geode Capital Management LLC boosted its stake in shares of Carvana by 55.4% in the 4th quarter. Geode Capital Management LLC now owns 3,880,711 shares of the company's stock valued at $1,632,763,000 after purchasing an additional 1,382,852 shares in the last quarter. Institutional investors own 56.71% of the company's stock.

Insider Buying and Selling at Carvana

In related news, VP Stephen R. Palmer sold 5,000 shares of the stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $64.49, for a total value of $322,450.00. Following the transaction, the vice president directly owned 136,909 shares in the company, valued at $8,829,261.41. This represents a 3.52% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Michael E. Maroone acquired 25,000 shares of the business's stock in a transaction that occurred on Friday, July 31st. The stock was acquired at an average price of $61.80 per share, for a total transaction of $1,545,000.00. Following the completion of the acquisition, the director directly owned 168,573 shares of the company's stock, valued at $10,417,811.40. This trade represents a 17.41% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders sold a total of 391,372 shares of company stock valued at $26,555,789 over the last 90 days. Company insiders own 15.19% of the company's stock.

Carvana Price Performance

Shares of CVNA stock opened at $71.91 on Wednesday. The firm has a market cap of $79.13 billion, a price-to-earnings ratio of 39.77, a PEG ratio of 2.74 and a beta of 3.46. Carvana Co. has a 12 month low of $54.46 and a 12 month high of $97.38. The company has a quick ratio of 2.33, a current ratio of 3.93 and a debt-to-equity ratio of 0.94. The stock has a 50-day moving average price of $66.73 and a 200 day moving average price of $69.60.

Carvana (NYSE:CVNA - Get Free Report) last released its earnings results on Wednesday, July 29th. The company reported $0.42 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.39 by $0.03. The company had revenue of $7.38 billion for the quarter, compared to the consensus estimate of $6.90 billion. Carvana had a net margin of 6.26% and a return on equity of 37.06%. The company's revenue was up 52.4% compared to the same quarter last year. During the same period in the prior year, the company posted $1.51 EPS. Research analysts expect that Carvana Co. will post 1.65 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on CVNA shares. Gordon Haskett increased their target price on shares of Carvana from $67.00 to $85.00 and gave the stock a "hold" rating in a research report on Thursday, April 30th. Zacks Research lowered shares of Carvana from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, July 15th. Evercore set a $75.00 price objective on shares of Carvana in a research note on Thursday, July 30th. Needham & Company LLC reaffirmed a "buy" rating and set a $120.00 price objective on shares of Carvana in a report on Thursday, July 30th. Finally, DA Davidson set a $67.00 target price on shares of Carvana in a research note on Thursday, July 30th. One research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and seven have assigned a Hold rating to the company's stock. According to MarketBeat, Carvana currently has an average rating of "Moderate Buy" and an average price target of $84.14.

About Carvana

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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