Maryland State Retirement & Pension System Sells 720 Shares of Carvana Co. (NYSE:CVNA)

Key Points

• The Maryland State Retirement & Pension System reduced its stake in Carvana Co. by 12.5%, selling 720 shares and bringing its total holdings to 5,057 shares valued at approximately $1,057,000.
• Multiple hedge funds, including Vanguard Group and BNP Paribas Financial Markets, have increased their holdings in Carvana, indicating growing institutional interest in the company.
• Wall Street analysts have raised their target prices for Carvana, with estimates ranging from $425.00 to $440.00, reflecting positive sentiment around the company's recent earnings performance.

Maryland State Retirement & Pension System decreased its holdings in shares of Carvana Co. (NYSE:CVNA - Free Report) by 12.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 5,057 shares of the company's stock after selling 720 shares during the period. Maryland State Retirement & Pension System's holdings in Carvana were worth $1,057,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in CVNA. Vanguard Group Inc. raised its stake in shares of Carvana by 9.7% in the first quarter. Vanguard Group Inc. now owns 12,534,843 shares of the company's stock valued at $2,620,785,000 after acquiring an additional 1,109,476 shares during the last quarter. Castle Hook Partners LP bought a new position in shares of Carvana in the fourth quarter valued at approximately $116,020,000. BNP Paribas Financial Markets raised its stake in shares of Carvana by 89.8% in the fourth quarter. BNP Paribas Financial Markets now owns 1,018,321 shares of the company's stock valued at $207,086,000 after acquiring an additional 481,912 shares during the last quarter. Whale Rock Capital Management LLC raised its stake in shares of Carvana by 29.8% in the fourth quarter. Whale Rock Capital Management LLC now owns 1,214,679 shares of the company's stock valued at $247,017,000 after acquiring an additional 278,760 shares during the last quarter. Finally, Worldquant Millennium Advisors LLC bought a new position in shares of Carvana in the fourth quarter valued at approximately $51,091,000. Institutional investors own 56.71% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on CVNA. Piper Sandler lifted their target price on shares of Carvana from $340.00 to $440.00 and gave the company an "overweight" rating in a research note on Thursday, July 31st. Bank of America lifted their target price on shares of Carvana from $375.00 to $425.00 and gave the company a "buy" rating in a research note on Thursday, July 31st. Wells Fargo & Company lifted their target price on shares of Carvana from $390.00 to $425.00 and gave the company an "overweight" rating in a research note on Thursday, July 31st. Wall Street Zen upgraded shares of Carvana from a "hold" rating to a "buy" rating in a research report on Saturday, July 5th. Finally, William Blair restated an "outperform" rating on shares of Carvana in a research report on Wednesday, July 23rd. Six equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat.com, Carvana presently has an average rating of "Moderate Buy" and an average price target of $379.65.

Carvana Stock Performance

CVNA stock opened at $348.43 on Monday. The business's fifty day moving average is $337.34 and its 200-day moving average is $272.27. The company has a quick ratio of 2.58, a current ratio of 4.00 and a debt-to-equity ratio of 2.51. The company has a market cap of $74.98 billion, a P/E ratio of 87.33, a price-to-earnings-growth ratio of 1.15 and a beta of 3.57. Carvana Co. has a twelve month low of $124.39 and a twelve month 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 for the quarter, beating 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 company had revenue of $4.84 billion for the quarter, compared to the consensus estimate of $4.54 billion. During the same quarter in the prior year, the business posted ($0.05) EPS. The firm's quarterly revenue was up 41.9% on a year-over-year basis. Equities research analysts forecast that Carvana Co. will post 2.85 EPS for the current year.

Insiders Place Their Bets

In related news, CFO Mark W. Jenkins sold 12,750 shares of the company's stock in a transaction on Friday, August 1st. The shares were sold at an average price of $371.20, for a total value of $4,732,800.00. Following the completion of the sale, the chief financial officer owned 191,020 shares in the company, valued at $70,906,624. This represents a 6.26% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Ernest C. Garcia III sold 10,000 shares of the company's stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $352.12, for a total transaction of $3,521,200.00. Following the completion of the sale, the chief executive officer owned 571,440 shares of the company's stock, valued at approximately $201,215,452.80. This represents a 1.72% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,913,047 shares of company stock worth $1,004,044,920 over the last 90 days. 16.36% of the stock is currently owned by corporate 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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