Northern Trust Corp Has $143.40 Million Stock Holdings in Carvana Co. $CVNA

Key Points

• Northern Trust Corp increased its stake in Carvana Co. by 5.4%, acquiring an additional 35,168 shares to hold a total of 685,864 shares valued at $143.4 million.
• Carvana reported a 41.9% year-over-year increase in revenue, with earnings of $1.28 per share exceeding analysts' expectations of $1.09 per share for the last quarter.
• Major investor Ernest C. Garcia II sold 95,087 shares of Carvana, while CEO Ernest C. Garcia III sold 10,000 shares, indicating notable insider trading activity.

Northern Trust Corp grew its stake in Carvana Co. (NYSE:CVNA - Free Report) by 5.4% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 685,864 shares of the company's stock after buying an additional 35,168 shares during the period. Northern Trust Corp owned approximately 0.32% of Carvana worth $143,400,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. J.Safra Asset Management Corp boosted its stake in Carvana by 140.8% during the 1st quarter. J.Safra Asset Management Corp now owns 3,390 shares of the company's stock valued at $709,000 after purchasing an additional 1,982 shares during the period. Worldquant Millennium Advisors LLC acquired a new position in shares of Carvana during the fourth quarter worth approximately $51,091,000. Farther Finance Advisors LLC lifted its holdings in shares of Carvana by 333.1% during the first quarter. Farther Finance Advisors LLC now owns 3,482 shares of the company's stock worth $740,000 after buying an additional 2,678 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in shares of Carvana during the fourth quarter worth approximately $36,527,000. Finally, Brucke Financial Inc. acquired a new position in shares of Carvana during the fourth quarter worth approximately $415,000. 56.71% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Stephens upped their price target on Carvana from $300.00 to $375.00 and gave the stock an "overweight" rating in a report on Monday, July 7th. Morgan Stanley upped their price target on Carvana from $280.00 to $290.00 and gave the stock an "overweight" rating in a report on Thursday, May 15th. Bank of America boosted their price target on Carvana from $375.00 to $425.00 and gave the company a "buy" rating in a research note on Thursday, July 31st. Piper Sandler upped their price target on Carvana from $340.00 to $440.00 and gave the company an "overweight" rating in a report on Thursday, July 31st. Finally, Evercore ISI upped their price target on Carvana from $365.00 to $370.00 and gave the company an "in-line" rating in a report on Tuesday, August 12th. Twelve analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $383.47.

Insider Buying and Selling

In related news, CEO Ernest C. Garcia III sold 10,000 shares of the stock in a transaction that occurred on Monday, August 25th. The stock was sold at an average price of $361.45, for a total transaction of $3,614,500.00. Following the sale, the chief executive officer directly owned 506,440 shares in the company, valued at $183,052,738. This represents a 1.94% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Ernest C. Garcia II sold 95,087 shares of the stock in a transaction that occurred on 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 in the company, valued at approximately $12,023,468,441.53. This trade represents a 0.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 3,013,640 shares of company stock worth $1,051,063,322. 16.36% of the stock is owned by corporate insiders.

Carvana Price Performance

Shares of CVNA stock traded down $1.20 during trading hours on Wednesday, hitting $371.01. The company had a trading volume of 802,664 shares, compared to its average volume of 4,098,583. Carvana Co. has a 12 month low of $124.39 and a 12 month high of $413.33. The firm has a market capitalization of $79.84 billion, a price-to-earnings ratio of 92.91, a PEG ratio of 1.20 and a beta of 3.57. The firm's fifty day moving average is $343.09 and its 200 day moving average is $280.45. The company has a debt-to-equity ratio of 2.51, a quick ratio of 2.58 and a current ratio of 4.00.

Carvana (NYSE:CVNA - Get Free Report) last released its quarterly earnings data on Wednesday, July 30th. The company reported $1.28 earnings per share for the quarter, beating 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 company had revenue of $4.84 billion for the quarter, compared to analyst estimates of $4.54 billion. During the same period in the prior year, the company posted ($0.05) EPS. The company's revenue was up 41.9% compared to the same quarter last year. On average, sell-side analysts predict that Carvana Co. will post 2.85 EPS 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.