Legal & General Group Plc Acquires 26,119 Shares of Carvana Co. $CVNA

Key Points

• Legal & General Group Plc increased its stake in Carvana by 4.7% in Q3, buying 26,119 shares to hold 585,845 shares worth about $221.0 million, representing 0.27% of the company.
• Carvana reported a strong quarter with EPS of $4.22 (vs. $1.10 expected) and revenue up 58% year-over-year, though the stock is down about 5.4% and the consensus analyst price target is $440.59 ("Moderate Buy").
• Insiders have been net sellers (53,574 shares sold in the past 90 days) while institutional investors own 56.71% of the company and insiders hold 17.12%.

Legal & General Group Plc boosted its holdings in shares of Carvana Co. (NYSE:CVNA - Free Report) by 4.7% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 585,845 shares of the company's stock after acquiring an additional 26,119 shares during the quarter. Legal & General Group Plc owned 0.27% of Carvana worth $221,004,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Federated Hermes Inc. lifted its position in shares of Carvana by 124.9% in the 3rd quarter. Federated Hermes Inc. now owns 265,921 shares of the company's stock worth $100,316,000 after purchasing an additional 147,683 shares during the period. Hudson Bay Capital Management LP increased its holdings in Carvana by 158.0% during the second quarter. Hudson Bay Capital Management LP now owns 16,478 shares of the company's stock valued at $5,552,000 after buying an additional 10,090 shares during the period. Massachusetts Financial Services Co. MA increased its holdings in Carvana by 11.2% during the third quarter. Massachusetts Financial Services Co. MA now owns 637,462 shares of the company's stock valued at $240,476,000 after buying an additional 64,424 shares during the period. Strs Ohio raised its stake in Carvana by 89.9% in the third quarter. Strs Ohio now owns 37,756 shares of the company's stock worth $14,243,000 after buying an additional 17,878 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC raised its stake in Carvana by 14.2% in the third quarter. Allspring Global Investments Holdings LLC now owns 193,879 shares of the company's stock worth $76,662,000 after buying an additional 24,129 shares in the last quarter. Hedge funds and other institutional investors own 56.71% of the company's stock.

Carvana Stock Down 5.4%

CVNA stock opened at $292.70 on Friday. The firm has a 50 day moving average of $390.27 and a 200 day moving average of $379.11. The stock has a market capitalization of $64.06 billion, a PE ratio of 36.41 and a beta of 3.60. The company has a quick ratio of 2.73, a current ratio of 4.31 and a debt-to-equity ratio of 1.15. Carvana Co. has a 52 week low of $148.25 and a 52 week high of $486.89.

Carvana (NYSE:CVNA - Get Free Report) last issued its quarterly earnings results on Wednesday, February 18th. The company reported $4.22 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.10 by $3.12. The business had revenue of $5.60 billion for the quarter, compared to analyst estimates of $5.24 billion. Carvana had a net margin of 6.92% and a return on equity of 50.96%. Carvana's revenue for the quarter was up 58.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.56 EPS. Sell-side analysts forecast that Carvana Co. will post 2.85 earnings per share for the current year.

Insider Activity

In other Carvana news, Director J Danforth Quayle sold 2,900 shares of Carvana stock in a transaction dated Monday, March 9th. The stock was sold at an average price of $309.97, for a total transaction of $898,913.00. Following the completion of the sale, the director owned 41,913 shares of the company's stock, valued at approximately $12,991,772.61. The trade was a 6.47% decrease in their position. The sale was disclosed in a legal filing 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 Monday, February 2nd. The stock was sold at an average price of $410.19, for a total value of $5,229,922.50. Following the sale, the chief financial officer directly owned 202,817 shares of the company's stock, valued at approximately $83,193,505.23. This represents a 5.91% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 53,574 shares of company stock valued at $21,463,735. 17.12% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on CVNA. Citigroup dropped their target price on Carvana from $550.00 to $465.00 and set a "buy" rating on the stock in a research report on Thursday, February 19th. Needham & Company LLC reissued a "buy" rating and issued a $500.00 price target on shares of Carvana in a research report on Thursday, February 19th. Argus upgraded Carvana to a "strong-buy" rating in a research note on Tuesday, March 3rd. BTIG Research dropped their price objective on Carvana from $535.00 to $455.00 and set a "buy" rating on the stock in a research report on Thursday, February 19th. Finally, Wedbush cut their target price on Carvana from $500.00 to $425.00 and set an "outperform" rating on the stock in a research note on Thursday, February 19th. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, Carvana has an average rating of "Moderate Buy" and a consensus price target of $440.59.

Carvana Company Profile

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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