Munich Reinsurance Co Stock Corp in Munich Takes $6.88 Million Position in Carvana Co. $CVNA

Key Points

• Munich Reinsurance acquired 104,460 Carvana shares during the second quarter, worth approximately $6.88 million. Institutional investors collectively own 56.71% of Carvana’s outstanding stock.
• Carvana exceeded quarterly expectations, reporting $0.42 in earnings per share versus the $0.39 consensus estimate and $7.38 billion in revenue, up 52.4% year over year.
• Analysts maintain a “Moderate Buy” consensus rating with an average price target of $84.14, although some firms recently lowered their targets. Insiders sold approximately $28.9 million of stock over the last 90 days.

Munich Reinsurance Co Stock Corp in Munich purchased a new position in Carvana Co. (NYSE:CVNA - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 104,460 shares of the company's stock, valued at approximately $6,876,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of CVNA. Ascentis Independent Advisors acquired a new stake in Carvana during the first quarter worth about $26,000. Farmers & Merchants Investments Inc. acquired a new position in shares of Carvana in the 4th quarter valued at approximately $29,000. Annis Gardner Whiting Capital Advisors LLC lifted its holdings in shares of Carvana by 152.6% during the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 96 shares of the company's stock worth $30,000 after acquiring an additional 58 shares during the period. Transamerica Financial Advisors LLC lifted its holdings in shares of Carvana by 558.0% during the 2nd quarter. Transamerica Financial Advisors LLC now owns 454 shares of the company's stock worth $30,000 after acquiring an additional 385 shares during the period. Finally, Motiv8 Investments LLC acquired a new stake in shares of Carvana during the 4th quarter worth approximately $33,000. Institutional investors and hedge funds own 56.71% of the company's stock.

Carvana Price Performance

CVNA stock opened at $74.65 on Friday. The company has a market capitalization of $82.15 billion, a P/E ratio of 41.29, a PEG ratio of 2.15 and a beta of 3.49. Carvana Co. has a 52-week low of $54.46 and a 52-week high of $97.38. The company has a fifty day moving average price of $68.89 and a 200-day moving average price of $68.31. The company has a debt-to-equity ratio of 0.94, a quick ratio of 2.33 and a current ratio of 3.93.

Carvana (NYSE:CVNA - Get Free Report) last posted its quarterly earnings data on Wednesday, July 29th. The company reported $0.42 EPS for the quarter, beating analysts' consensus estimates of $0.39 by $0.03. Carvana had a net margin of 6.26% and a return on equity of 37.06%. The company had revenue of $7.38 billion for the quarter, compared to analyst estimates of $6.90 billion. During the same period in the prior year, the firm posted $1.51 EPS. The company's quarterly revenue was up 52.4% on a year-over-year basis. As a group, equities analysts expect that Carvana Co. will post 1.65 EPS for the current year.

Analysts Set New Price Targets

CVNA has been the subject of several research analyst reports. BNP Paribas Exane lowered their price objective on shares of Carvana from $86.00 to $69.00 and set a "hold" rating for the company in a research report on Thursday, July 30th. Argus reduced their target price on Carvana from $500.00 to $100.00 in a report on Monday, May 11th. Zacks Research lowered Carvana from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, July 15th. Weiss Ratings raised Carvana from a "hold (c+)" rating to a "buy (b-)" rating in a report on Wednesday, August 5th. Finally, Morgan Stanley set a $90.00 price objective on Carvana and gave the stock an "overweight" rating in a research report on Thursday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and seven have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $84.14.

Insider Transactions at Carvana

In other Carvana news, CFO Mark Jenkins sold 63,750 shares of the stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $68.34, for a total transaction of $4,356,675.00. Following the transaction, the chief financial officer directly owned 1,029,580 shares in the company, valued at approximately $70,361,497.20. This represents a 5.83% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director J Quayle sold 14,525 shares of the firm's stock in a transaction that occurred on Wednesday, June 10th. The stock was sold at an average price of $70.00, for a total transaction of $1,016,750.00. Following the sale, the director directly owned 214,960 shares of the company's stock, valued at approximately $15,047,200. This trade represents a 6.33% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 420,897 shares of company stock valued at $28,914,626. 15.19% of the stock is owned by insiders.

Carvana Profile

Carvana Co is an online-only retailer of used vehicles that operates a consumer-facing e-commerce platform for buying and selling cars. The company markets and sells inspected, reconditioned pre-owned vehicles through its website, where shoppers can browse inventory, view detailed 360-degree photos and vehicle history reports, finance purchases, and arrange delivery or pickup. Carvana's model is built around a digital end-to-end car buying experience that aims to simplify vehicle transactions compared with traditional dealerships.

Its products and services include direct retail sales of used cars, trade-in and purchase offers for consumer vehicles, vehicle financing and related protection products, and a seven-day return policy that allows customers to test a vehicle in everyday use.

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