M&T Bank Corp Cuts Stock Position in Carvana Co. (NYSE:CVNA)

M&T Bank Corp cut its holdings in shares of Carvana Co. (NYSE:CVNA - Free Report) by 13.3% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,170 shares of the company's stock after selling 948 shares during the period. M&T Bank Corp's holdings in Carvana were worth $1,291,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of CVNA. Norges Bank purchased a new stake in Carvana during the fourth quarter worth about $179,364,000. Vanguard Group Inc. increased its stake in shares of Carvana by 5.6% during the fourth quarter. Vanguard Group Inc. now owns 11,425,367 shares of the company's stock worth $2,323,463,000 after buying an additional 610,234 shares during the period. Castle Hook Partners LP purchased a new stake in shares of Carvana during the fourth quarter worth approximately $116,020,000. BNP Paribas Financial Markets increased its stake in shares of Carvana by 89.8% during the fourth quarter. BNP Paribas Financial Markets now owns 1,018,321 shares of the company's stock worth $207,086,000 after buying an additional 481,912 shares during the period. Finally, Arrowstreet Capital Limited Partnership purchased a new stake in shares of Carvana during the fourth quarter worth approximately $86,636,000. 56.71% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Robert W. Baird upped their target price on shares of Carvana from $200.00 to $275.00 and gave the stock a "neutral" rating in a research note on Thursday, May 8th. Citigroup upped their price target on Carvana from $325.00 to $415.00 and gave the company a "buy" rating in a report on Tuesday, July 8th. JMP Securities set a $440.00 price target on Carvana and gave the company a "market outperform" rating in a report on Wednesday, July 2nd. Bank of America upped their price target on Carvana from $325.00 to $375.00 and gave the company a "buy" rating in a report on Tuesday, June 10th. Finally, Evercore ISI upped their price target on Carvana from $295.00 to $305.00 and gave the company an "in-line" rating in a report on Tuesday, June 24th. Six investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company's stock. Based on data from MarketBeat.com, Carvana presently has an average rating of "Moderate Buy" and an average price target of $303.59.

Insider Activity at Carvana

In other Carvana news, CEO Ernest C. Garcia III sold 10,000 shares of the firm's stock in a transaction dated Wednesday, July 9th. The stock was sold at an average price of $348.68, for a total value of $3,486,800.00. Following the sale, the chief executive officer directly owned 671,440 shares of the company's stock, valued at approximately $234,117,699.20. This trade represents a 1.47% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Ernest C. Garcia II sold 100,000 shares of the firm's stock in a transaction dated Thursday, July 10th. The stock was sold at an average price of $352.36, for a total value of $35,236,000.00. Following the completion of the sale, the insider directly owned 36,237,346 shares in the company, valued at approximately $12,768,591,236.56. The trade was a 0.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,626,961 shares of company stock valued at $531,064,642 over the last quarter. Insiders own 16.36% of the company's stock.

Carvana Trading Down 0.6%

Shares of CVNA stock opened at $343.33 on Monday. Carvana Co. has a fifty-two week low of $118.50 and a fifty-two week high of $364.00. The stock has a market cap of $73.52 billion, a P/E ratio of 120.47, a P/E/G ratio of 1.34 and a beta of 3.59. The business has a fifty day simple moving average of $315.96 and a 200-day simple moving average of $252.86. The company has a quick ratio of 2.70, a current ratio of 3.81 and a debt-to-equity ratio of 2.97.

Carvana (NYSE:CVNA - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The company reported $1.51 EPS for the quarter, beating analysts' consensus estimates of $0.75 by $0.76. The business had revenue of $4.23 billion for the quarter, compared to analyst estimates of $3.94 billion. Carvana had a return on equity of 44.86% and a net margin of 2.68%. The business's revenue for the quarter was up 38.3% compared to the same quarter last year. During the same quarter last year, the company earned $0.23 earnings per share. On average, analysts forecast that Carvana Co. will post 2.85 earnings per share for the current fiscal year.

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.

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