Maryland State Retirement & Pension System Purchases 1,184 Shares of Carvana Co. $CVNA

Key Points

• Maryland State Retirement & Pension System increased its holdings in Carvana by 23.4%, acquiring an additional 1,184 shares during the 2nd quarter, bringing its total ownership to 6,241 shares valued at approximately $2,103,000.
• Several analysts have given Carvana a Moderate Buy rating, with Wall Street predicting an average price target of $407.44 for the stock, which has a current trading price of around $330.58.
• Carvana reported a quarter earnings of $1.28 per share, exceeding estimates, and achieved revenue growth of 41.9% compared to the same quarter in the previous year.

Maryland State Retirement & Pension System grew its position in shares of Carvana Co. (NYSE:CVNA - Free Report) by 23.4% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,241 shares of the company's stock after buying an additional 1,184 shares during the quarter. Maryland State Retirement & Pension System's holdings in Carvana were worth $2,103,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Warren Street Wealth Advisors LLC lifted its holdings in shares of Carvana by 2.8% during the 2nd quarter. Warren Street Wealth Advisors LLC now owns 1,153 shares of the company's stock valued at $388,000 after buying an additional 31 shares during the period. Yousif Capital Management LLC lifted its holdings in shares of Carvana by 4.1% during the 1st quarter. Yousif Capital Management LLC now owns 1,266 shares of the company's stock valued at $265,000 after buying an additional 50 shares during the period. Northwestern Mutual Wealth Management Co. lifted its holdings in shares of Carvana by 5.2% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 1,223 shares of the company's stock valued at $256,000 after buying an additional 60 shares during the period. Commerce Bank lifted its holdings in shares of Carvana by 1.6% during the 1st quarter. Commerce Bank now owns 4,446 shares of the company's stock valued at $930,000 after buying an additional 69 shares during the period. Finally, PNC Financial Services Group Inc. lifted its holdings in shares of Carvana by 3.3% during the 1st quarter. PNC Financial Services Group Inc. now owns 2,227 shares of the company's stock valued at $466,000 after buying an additional 72 shares during the period. 56.71% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. Gordon Haskett started coverage on Carvana in a report on Monday, July 14th. They set a "hold" rating and a $329.00 price target on the stock. Wall Street Zen upgraded Carvana from a "hold" rating to a "buy" rating in a research note on Saturday. William Blair restated an "outperform" rating on shares of Carvana in a research note on Wednesday, July 23rd. BTIG Research restated a "buy" rating and issued a $450.00 price objective on shares of Carvana in a research note on Friday. Finally, Piper Sandler upped their price objective on Carvana from $340.00 to $440.00 and gave the stock an "overweight" rating in a research note on Thursday, July 31st. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and six have given a Hold rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $407.44.

Carvana Trading Down 8.2%

Shares of CVNA stock opened at $330.58 on Friday. Carvana Co. has a 52-week low of $148.25 and a 52-week high of $413.33. 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 firm has a market capitalization of $71.14 billion, a PE ratio of 82.85, a PEG ratio of 1.18 and a beta of 3.55. The stock has a fifty day simple moving average of $365.17 and a two-hundred day simple moving average of $314.56.

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

Insiders Place Their Bets

In other Carvana news, CEO Ernest C. Garcia III sold 2,880 shares of the stock in a transaction on Thursday, October 9th. The stock was sold at an average price of $355.19, for a total value of $1,022,947.20. Following the completion of the sale, the chief executive officer owned 350,000 shares in the company, valued at approximately $124,316,500. This represents a 0.82% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Stephen R. Palmer sold 1,000 shares of the stock in a transaction on Wednesday, October 1st. The stock was sold at an average price of $390.14, for a total value of $390,140.00. Following the completion of the sale, the vice president owned 43,513 shares of the company's stock, valued at $16,976,161.82. The trade was a 2.25% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,996,820 shares of company stock worth $719,703,146 in the last three months. 17.12% of the stock is 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.

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