Mirae Asset Global Investments Co. Ltd. Sells 1,591 Shares of Carvana Co. $CVNA

Key Points

• Mirae Asset Global Investments Co. Ltd. has reduced its stake in Carvana Co. by 14.8%, selling 1,591 shares and now holding a total of 9,141 shares valued at approximately $3,080,000.
• Insider selling is notable with CEO Ernest C. Garcia III selling 2,100 shares and CFO Mark W. Jenkins selling 12,750 shares, indicating a shift in ownership dynamics among the company's leadership.
• Analysts have set new price targets for Carvana, with Jefferies Financial Group rating it a "buy" with a target of $475.00, while the average price target among 19 analysts is currently at $404.94.

Mirae Asset Global Investments Co. Ltd. lowered its position in shares of Carvana Co. (NYSE:CVNA - Free Report) by 14.8% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 9,141 shares of the company's stock after selling 1,591 shares during the period. Mirae Asset Global Investments Co. Ltd.'s holdings in Carvana were worth $3,080,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Brooklyn Investment Group grew its stake in shares of Carvana by 961.5% in the first quarter. Brooklyn Investment Group now owns 138 shares of the company's stock worth $29,000 after purchasing an additional 125 shares during the last quarter. N.E.W. Advisory Services LLC purchased a new stake in Carvana in the 1st quarter worth approximately $33,000. SJS Investment Consulting Inc. grew its position in shares of Carvana by 960.0% in the 2nd quarter. SJS Investment Consulting Inc. now owns 106 shares of the company's stock worth $36,000 after buying an additional 96 shares during the last quarter. Geneos Wealth Management Inc. increased its stake in shares of Carvana by 251.4% during the first quarter. Geneos Wealth Management Inc. now owns 253 shares of the company's stock valued at $53,000 after buying an additional 181 shares during the period. Finally, V Square Quantitative Management LLC purchased a new position in shares of Carvana during the second quarter valued at approximately $83,000. Hedge funds and other institutional investors own 56.71% of the company's stock.

Insider Transactions at Carvana

In other news, CEO Ernest C. Garcia III sold 2,100 shares of the stock in a transaction on Friday, October 3rd. The stock was sold at an average price of $390.50, for a total value of $820,050.00. Following the sale, the chief executive officer directly owned 366,440 shares of the company's stock, valued at approximately $143,094,820. This represents a 0.57% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Mark W. Jenkins sold 12,750 shares of the stock in a transaction on Wednesday, October 1st. The stock was sold at an average price of $389.27, for a total value of $4,963,192.50. Following the completion of the sale, the chief financial officer directly owned 207,362 shares in the company, valued at approximately $80,719,805.74. This represents a 5.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 2,189,966 shares of company stock valued at $787,174,666. 16.36% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages recently commented on CVNA. Jefferies Financial Group set a $475.00 target price on Carvana and gave the company a "buy" rating in a report on Wednesday, October 1st. Royal Bank Of Canada upped their target price on Carvana from $400.00 to $460.00 and gave the company an "outperform" rating in a report on Thursday, July 31st. Weiss Ratings restated a "hold (c)" rating on shares of Carvana in a report on Saturday, September 27th. Stephens restated an "overweight" rating and set a $440.00 target price on shares of Carvana in a report on Tuesday, September 23rd. Finally, Gordon Haskett began coverage on Carvana in a report on Monday, July 14th. They set a "hold" rating and a $329.00 target price for the company. Thirteen research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to data from MarketBeat, Carvana currently has an average rating of "Moderate Buy" and an average price target of $404.94.

Carvana Price Performance

CVNA opened at $370.73 on Wednesday. The stock has a fifty day simple moving average of $365.99 and a two-hundred day simple moving average of $312.47. The company has a current ratio of 4.00, a quick ratio of 2.58 and a debt-to-equity ratio of 2.51. The company has a market cap of $79.78 billion, a price-to-earnings ratio of 92.92, a price-to-earnings-growth ratio of 1.21 and a beta of 3.55. Carvana Co. has a 12-month low of $148.25 and a 12-month high of $413.33.

Carvana (NYSE:CVNA - Get Free Report) last posted its quarterly earnings data 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 the consensus estimate of $4.54 billion. During the same quarter in the prior year, the company earned ($0.05) earnings per share. The firm's quarterly revenue was up 41.9% compared to the same quarter last year. Research analysts predict that Carvana Co. will post 2.85 earnings per share for the current fiscal year.

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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