The Manufacturers Life Insurance Company Has $124.93 Million Stock Position in Carvana Co. $CVNA

Key Points

• The Manufacturers Life Insurance Company increased its Carvana stake by 384.3% in the second quarter, acquiring 1.51 million additional shares and bringing its position to 1.90 million shares valued at approximately $124.93 million.
• Carvana reported quarterly earnings of $0.42 per share, exceeding the $0.39 consensus estimate, while revenue rose 52.4% year over year to $7.38 billion. Analysts project full-year EPS of $1.68.
• Analysts maintain a generally positive view, with Carvana receiving a “Moderate Buy” consensus rating and an average price target of $84.14; however, insiders have sold about $27.5 million of stock over the past 90 days.

The Manufacturers Life Insurance Company raised its stake in Carvana Co. (NYSE:CVNA - Free Report) by 384.3% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,898,095 shares of the company's stock after acquiring an additional 1,506,145 shares during the quarter. The Manufacturers Life Insurance Company owned about 0.17% of Carvana worth $124,933,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Sands Capital Management LLC boosted its position in Carvana by 44.4% in the 4th quarter. Sands Capital Management LLC now owns 2,442,534 shares of the company's stock valued at $1,030,798,000 after buying an additional 751,019 shares during the last quarter. Capricorn Fund Managers Ltd acquired a new stake in shares of Carvana in the 1st quarter valued at $29,866,000. Gavilan Investment Partners LLC raised its position in shares of Carvana by 24.6% during the fourth quarter. Gavilan Investment Partners LLC now owns 86,000 shares of the company's stock worth $36,294,000 after acquiring an additional 17,000 shares during the last quarter. Swiss National Bank raised its position in shares of Carvana by 9.9% during the first quarter. Swiss National Bank now owns 395,180 shares of the company's stock worth $124,237,000 after acquiring an additional 35,720 shares during the last quarter. Finally, Hsbc Holdings PLC raised its position in shares of Carvana by 239.6% during the fourth quarter. Hsbc Holdings PLC now owns 221,727 shares of the company's stock worth $93,748,000 after acquiring an additional 156,430 shares during the last quarter. Institutional investors and hedge funds own 56.71% of the company's stock.

Carvana Stock Performance

CVNA stock opened at $69.22 on Friday. Carvana Co. has a twelve month low of $54.46 and a twelve month high of $97.38. The company has a quick ratio of 2.33, a current ratio of 3.93 and a debt-to-equity ratio of 0.94. The company has a market cap of $76.17 billion, a P/E ratio of 38.28, a price-to-earnings-growth ratio of 2.02 and a beta of 3.49. The business's fifty day moving average is $69.44 and its 200-day moving average is $68.43.

Carvana (NYSE:CVNA - Get Free Report) last announced its quarterly earnings data on Wednesday, July 29th. The company reported $0.42 EPS for the quarter, topping analysts' consensus estimates of $0.39 by $0.03. The business had revenue of $7.38 billion during the quarter, compared to analysts' expectations of $6.90 billion. Carvana had a return on equity of 37.06% and a net margin of 6.26%.The firm's quarterly revenue was up 52.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.51 earnings per share. Equities research analysts forecast that Carvana Co. will post 1.68 EPS for the current year.

Analyst Ratings Changes

Several equities analysts recently issued reports on CVNA shares. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and issued a $80.00 price target on shares of Carvana in a report on Friday, July 31st. Zacks Research cut Carvana from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 15th. Citigroup restated a "market outperform" rating on shares of Carvana in a research report on Monday, August 31st. Citizens Jmp reduced their target price on shares of Carvana from $103.00 to $83.00 and set a "market outperform" rating on the stock in a research note on Thursday, July 30th. Finally, BTIG Research reiterated a "buy" rating and set a $87.00 price target on shares of Carvana in a research report on Tuesday, August 18th. One analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and seven have issued a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $84.14.

Insider Activity

In related news, Director J Quayle sold 14,525 shares of the stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $75.00, for a total value of $1,089,375.00. Following the sale, the director directly owned 214,960 shares in the company, valued at $16,122,000. This trade represents a 6.33% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Benjamin Huston sold 50,000 shares of Carvana stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $71.55, for a total transaction of $3,577,500.00. Following the transaction, the chief operating officer directly owned 478,693 shares in the company, valued at $34,250,484.15. The trade was a 9.46% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 400,775 shares of company stock valued at $27,522,038. Insiders own 15.19% of the company's stock.

About Carvana

Carvana Co NYSE: CVNA is an online used-car retailer that enables consumers to research, purchase, finance and sell vehicles through its website and mobile platform. The company offers a selection of used cars, trucks and SUVs, with vehicle listings that generally include photographs, pricing and vehicle-history information.

Customers can complete much of the vehicle-buying process online, including applying for financing, arranging trade-ins and scheduling vehicle pickup or delivery.

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