Mackenzie Financial Corp Purchases 1,430 Shares of Carvana Co. (NYSE:CVNA)

Key Points

• Mackenzie Financial Corp increased its stake in Carvana Co. by 25.2% during Q1, now holding shares worth approximately $1.48 million.
• Multiple institutional investors, including Durable Capital Partners LP and BNP Paribas Financial Markets, significantly boosted their holdings in Carvana during the previous quarter, indicating growing interest in the stock.
• Carvana reported earnings of $1.28 per share for the last quarter, surpassing estimates by $0.19, with revenue reaching $4.84 billion, up 41.9% year-over-year.

Mackenzie Financial Corp grew its position in shares of Carvana Co. (NYSE:CVNA - Free Report) by 25.2% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,099 shares of the company's stock after buying an additional 1,430 shares during the quarter. Mackenzie Financial Corp's holdings in Carvana were worth $1,484,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also added to or reduced their stakes in CVNA. J.Safra Asset Management Corp raised its stake in shares of Carvana by 140.8% in the first quarter. J.Safra Asset Management Corp now owns 3,390 shares of the company's stock valued at $709,000 after acquiring an additional 1,982 shares during the period. Worldquant Millennium Advisors LLC purchased a new position in shares of Carvana during the fourth quarter valued at approximately $51,091,000. Farther Finance Advisors LLC grew its stake in shares of Carvana by 333.1% during the first quarter. Farther Finance Advisors LLC now owns 3,482 shares of the company's stock valued at $740,000 after buying an additional 2,678 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of Carvana in the fourth quarter worth approximately $36,527,000. Finally, Brucke Financial Inc. bought a new stake in shares of Carvana during the 4th quarter worth approximately $415,000. 56.71% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several brokerages recently weighed in on CVNA. Wells Fargo & Company lifted their price target on Carvana from $390.00 to $425.00 and gave the company an "overweight" rating in a research report on Thursday, July 31st. Piper Sandler upped their price target on Carvana from $340.00 to $440.00 and gave the company an "overweight" rating in a research report on Thursday, July 31st. William Blair restated an "outperform" rating on shares of Carvana in a report on Wednesday, July 23rd. Oppenheimer upgraded Carvana from a "market perform" rating to an "outperform" rating and set a $450.00 price target for the company in a report on Friday, July 25th. Finally, Citigroup reaffirmed an "outperform" rating on shares of Carvana in a research note on Thursday, July 31st. Six analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $379.65.

Carvana Trading Up 1.2%

NYSE:CVNA traded up $4.17 on Wednesday, hitting $354.91. 1,984,364 shares of the stock were exchanged, compared to its average volume of 4,249,368. Carvana Co. has a 52 week low of $124.39 and a 52 week high of $413.33. The company's 50-day moving average price is $335.47 and its 200 day moving average price is $269.54. The company has a debt-to-equity ratio of 2.51, a quick ratio of 2.58 and a current ratio of 4.00. The stock has a market capitalization of $76.00 billion, a price-to-earnings ratio of 88.95, a P/E/G ratio of 1.19 and a beta of 3.57.

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

Insider Buying and Selling at Carvana

In other Carvana news, insider Paul W. Breaux sold 15,000 shares of the company's stock in a transaction that occurred on Monday, August 4th. The stock was sold at an average price of $367.34, for a total value of $5,510,100.00. Following the sale, the insider owned 113,792 shares in the company, valued at $41,800,353.28. This represents a 11.65% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Mark W. Jenkins sold 12,750 shares of the stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $371.20, for a total value of $4,732,800.00. Following the transaction, the chief financial officer owned 191,020 shares in the company, valued at approximately $70,906,624. This trade represents a 6.26% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,787,202 shares of company stock valued at $951,316,546 in the last ninety days. Insiders own 16.36% of the company's stock.

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.