T. Rowe Price Investment Management Inc. Has $144.84 Million Position in Carvana Co. $CVNA

Key Points

• T. Rowe Price Investment Management Inc. increased its stake in Carvana Co. by 1.4%, owning approximately 0.32% of the company, valued at $144.84 million as of the end of the first quarter.
• Carvana reported earnings of $1.28 EPS for its last quarter, surpassing estimates and achieving a revenue of $4.84 billion, a 41.9% increase year-over-year.
• Major shareholder Ernest C. Garcia II sold 100,000 shares at an average price of $346.99, decreasing his ownership in the company slightly amid a larger trend of insider selling over the past quarter.

T. Rowe Price Investment Management Inc. increased its holdings in shares of Carvana Co. (NYSE:CVNA - Free Report) by 1.4% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 692,725 shares of the company's stock after buying an additional 9,694 shares during the period. T. Rowe Price Investment Management Inc. owned about 0.32% of Carvana worth $144,835,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Yousif Capital Management LLC lifted its position in shares of Carvana by 4.1% in the 1st quarter. Yousif Capital Management LLC now owns 1,266 shares of the company's stock worth $265,000 after purchasing an additional 50 shares during the period. Commerce Bank lifted its position in shares of Carvana by 1.6% in the 1st quarter. Commerce Bank now owns 4,446 shares of the company's stock worth $930,000 after purchasing an additional 69 shares during the period. PNC Financial Services Group Inc. lifted its position in shares of Carvana by 3.3% in the 1st quarter. PNC Financial Services Group Inc. now owns 2,227 shares of the company's stock worth $466,000 after purchasing an additional 72 shares during the period. Versant Capital Management Inc lifted its position in shares of Carvana by 39.4% in the 1st quarter. Versant Capital Management Inc now owns 290 shares of the company's stock worth $61,000 after purchasing an additional 82 shares during the period. Finally, IFP Advisors Inc lifted its position in shares of Carvana by 16.0% in the 1st quarter. IFP Advisors Inc now owns 638 shares of the company's stock worth $133,000 after purchasing an additional 88 shares during the period. 56.71% of the stock is owned by institutional investors.

Carvana Trading Up 0.2%

Shares of CVNA opened at $339.3480 on Friday. The company has a market capitalization of $73.03 billion, a P/E ratio of 85.05, a P/E/G ratio of 1.12 and a beta of 3.57. Carvana Co. has a 1-year low of $124.39 and a 1-year high of $413.33. The firm's 50 day simple moving average is $338.88 and its 200 day simple moving average is $278.17. The company has a debt-to-equity ratio of 2.51, a current ratio of 4.00 and a quick ratio of 2.58.

Carvana (NYSE:CVNA - Get Free Report) last issued its earnings results on Wednesday, July 30th. The company reported $1.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $0.19. Carvana had a net margin of 3.46% and a return on equity of 40.57%. The firm had revenue of $4.84 billion for the quarter, compared to analysts' expectations of $4.54 billion. During the same quarter last year, the business earned ($0.05) earnings per share. The business's revenue was up 41.9% on a year-over-year basis. Sell-side analysts forecast that Carvana Co. will post 2.85 earnings per share for the current fiscal year.

Insider Activity

In other news, major shareholder Ernest C. Garcia II sold 100,000 shares of the firm's stock in a transaction that occurred on Friday, June 6th. The shares were sold at an average price of $346.99, for a total value of $34,699,000.00. Following the transaction, the insider owned 37,092,317 shares in the company, valued at approximately $12,870,663,075.83. This trade represents a 0.27% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have sold a total of 3,036,140 shares of company stock valued at $1,057,170,571 in the last quarter. 17.12% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the stock. Gordon Haskett assumed coverage on shares of Carvana in a research report on Monday, July 14th. They issued a "hold" rating and a $329.00 price target on the stock. Robert W. Baird boosted their target price on shares of Carvana from $200.00 to $275.00 and gave the company a "neutral" rating in a research report on Thursday, May 8th. JPMorgan Chase & Co. boosted their target price on shares of Carvana from $350.00 to $415.00 and gave the company an "overweight" rating in a research report on Thursday, July 31st. Needham & Company LLC upped their price objective on shares of Carvana from $340.00 to $500.00 and gave the stock a "buy" rating in a report on Thursday, July 31st. Finally, Wedbush upgraded shares of Carvana to a "hold" rating in a report on Thursday, May 8th. Twelve analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $383.47.

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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