Mediolanum International Funds Ltd Invests $880,000 in Carvana Co. (NYSE:CVNA)

Key Points

• Mediolanum International Funds Ltd invested approximately $880,000 in Carvana Co. during the first quarter, purchasing 4,303 shares of the company's stock.
• Carvana received multiple analyst upgrades, with price targets set as high as $450.00, indicating strong bullish sentiment from institutions and analysts.
• Insiders have sold significant amounts of stock recently, including Daniel J. Gill and major shareholder Ernest C. Garcia II, raising concerns about insider confidence despite recent gains in Carvana's stock price.

Mediolanum International Funds Ltd bought a new stake in Carvana Co. (NYSE:CVNA - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 4,303 shares of the company's stock, valued at approximately $880,000.

Other hedge funds also recently bought and sold shares of the company. Durable Capital Partners LP boosted its holdings in Carvana by 6.3% during the 4th quarter. Durable Capital Partners LP now owns 2,168,232 shares of the company's stock valued at $440,932,000 after acquiring an additional 129,246 shares during the period. Geode Capital Management LLC lifted its position in shares of Carvana by 4.2% during the fourth quarter. Geode Capital Management LLC now owns 1,878,796 shares of the company's stock worth $381,592,000 after purchasing an additional 75,250 shares in the last quarter. Whale Rock Capital Management LLC boosted 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 purchasing an additional 278,760 shares during the period. BNP Paribas Financial Markets grew its holdings 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 purchasing an additional 481,912 shares in the last quarter. Finally, Norges Bank purchased a new stake in Carvana during the 4th quarter worth approximately $179,364,000. Hedge funds and other institutional investors own 56.71% of the company's stock.

Wall Street Analyst Weigh In

CVNA has been the subject of several research reports. Piper Sandler boosted their price target on shares of Carvana from $340.00 to $440.00 and gave the stock an "overweight" rating in a research note on Thursday. Bank of America lifted their target price on Carvana from $375.00 to $425.00 and gave the company a "buy" rating in a report on Thursday. Wall Street Zen upgraded Carvana from a "hold" rating to a "buy" rating in a report on Saturday, July 5th. JMP Securities set a $460.00 price objective on Carvana and gave the company a "market outperform" rating in a research note on Thursday. Finally, Stephens boosted their price objective on Carvana from $300.00 to $375.00 and gave the stock an "overweight" rating in a research report on Monday, July 7th. Seven equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $357.37.

Insider Activity

In other Carvana news, major shareholder Ernest C. Garcia II sold 100,000 shares of Carvana stock in a transaction on Friday, June 6th. The shares were sold at an average price of $346.99, for a total value of $34,699,000.00. Following the transaction, the insider directly owned 37,092,317 shares in the company, valued at approximately $12,870,663,075.83. The trade was a 0.27% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Mark W. Jenkins sold 51,380 shares of the stock in a transaction dated Friday, May 30th. The stock was sold at an average price of $326.03, for a total transaction of $16,751,421.40. Following the sale, the chief financial officer owned 162,079 shares of the company's stock, valued at $52,842,616.37. This trade represents a 24.07% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,323,765 shares of company stock valued at $772,833,404 in the last ninety days. 17.12% of the stock is currently owned by company insiders.

Carvana Stock Performance

Shares of CVNA traded down $20.84 during midday trading on Friday, reaching $369.34. 2,730,081 shares of the stock were exchanged, compared to its average volume of 4,257,011. Carvana Co. has a twelve month low of $118.50 and a twelve month high of $413.33. The company has a debt-to-equity ratio of 2.97, a current ratio of 3.81 and a quick ratio of 2.70. The company has a market capitalization of $79.09 billion, a price-to-earnings ratio of 92.79, a PEG ratio of 1.26 and a beta of 3.59. The business's 50-day moving average price is $332.32 and its 200 day moving average price is $266.23.

Carvana (NYSE:CVNA - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The company reported $1.28 EPS for the quarter, topping the consensus estimate of $1.09 by $0.19. Carvana had a return on equity of 49.19% and a net margin of 3.46%. The company had revenue of $4.84 billion for the quarter, compared to analyst estimates of $4.54 billion. During the same quarter in the previous year, the company posted ($0.05) earnings per share. The firm's revenue was up 41.9% compared to the same quarter last year. On average, sell-side analysts expect that Carvana Co. will post 2.85 EPS for the current fiscal year.

Carvana 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.