National Bank of Canada FI Lowers Position in Carvana Co. $CVNA

Key Points

• National Bank of Canada FI significantly reduced its stake in Carvana Co. by 98.7% during the first quarter, leaving it with only 802 shares worth $168,000.
• Major shareholder Ernest C. Garcia II sold 95,087 shares of Carvana stock, while CEO Ernest C. Garcia III sold 10,000 shares, indicating notable insider selling activity.
• Carvana's stock currently has a consensus rating of "Moderate Buy", with an average price target of $383.47 after several brokerages raised their price objectives.

National Bank of Canada FI reduced its stake in Carvana Co. (NYSE:CVNA - Free Report) by 98.7% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 802 shares of the company's stock after selling 58,704 shares during the quarter. National Bank of Canada FI's holdings in Carvana were worth $168,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. N.E.W. Advisory Services LLC bought a new position in Carvana in the 1st quarter valued at $33,000. Transce3nd LLC bought a new position in Carvana in the 4th quarter valued at $48,000. Versant Capital Management Inc grew its stake in Carvana by 39.4% in the 1st quarter. Versant Capital Management Inc now owns 290 shares of the company's stock valued at $61,000 after purchasing an additional 82 shares during the period. Strategic Investment Solutions Inc. IL bought a new position in Carvana in the 1st quarter valued at $90,000. Finally, Gordian Capital Singapore Pte Ltd bought a new position in Carvana in the 4th quarter valued at $98,000. 56.71% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Carvana news, major shareholder Ernest C. Garcia II sold 95,087 shares of the firm's stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $349.09, for a total value of $33,193,920.83. Following the sale, the insider owned 34,442,317 shares of the company's stock, valued at $12,023,468,441.53. This trade represents a 0.28% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Ernest C. Garcia III sold 10,000 shares of the firm's stock in a transaction dated Wednesday, August 13th. The shares were sold at an average price of $348.47, for a total value of $3,484,700.00. Following the completion of the sale, the chief executive officer directly owned 546,440 shares in the company, valued at approximately $190,417,946.80. The trade was a 1.80% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 3,026,140 shares of company stock worth $1,053,229,671. Insiders own 16.36% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on CVNA. Wells Fargo & Company upped their price objective on Carvana from $390.00 to $425.00 and gave the company an "overweight" rating in a research note on Thursday, July 31st. Piper Sandler upped their price objective on Carvana from $340.00 to $440.00 and gave the company an "overweight" rating in a research note on Thursday, July 31st. DA Davidson upped their price objective on Carvana from $260.00 to $380.00 and gave the company a "neutral" rating in a research note on Thursday, July 31st. Royal Bank Of Canada upped their price objective on Carvana from $400.00 to $460.00 and gave the company an "outperform" rating in a research note on Thursday, July 31st. Finally, Evercore ISI increased their price target on Carvana from $365.00 to $370.00 and gave the stock an "in-line" rating in a research note on Tuesday, August 12th. Seven research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat.com, Carvana presently has an average rating of "Moderate Buy" and a consensus price target of $383.47.

Carvana Stock Up 2.2%

Shares of NYSE CVNA opened at $350.00 on Monday. Carvana Co. has a 52 week low of $124.39 and a 52 week high of $413.33. The business has a 50-day simple moving average of $337.99 and a two-hundred day simple moving average of $275.89. 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 $75.32 billion, a P/E ratio of 87.72, a P/E/G ratio of 1.16 and a beta of 3.57.

Carvana (NYSE:CVNA - Get Free Report) last issued its 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 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 last year, the company earned ($0.05) EPS. The firm's revenue was up 41.9% compared to the same quarter last year. Research analysts anticipate 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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