The Manufacturers Life Insurance Company Grows Holdings in Carvana Co. $CVNA

Key Points

• The Manufacturers Life Insurance Company increased its stake in Carvana Co. by 31.9%, owning approximately 263,101 shares worth $55 million after acquiring additional shares in the first quarter.
• Carvana reported $1.28 earnings per share for its latest quarter, exceeding analysts' expectations, with a revenue of $4.84 billion, which is a 41.9% year-over-year increase.
• Analysts have a consensus rating of "Moderate Buy" for Carvana, with an average price target of $383.47, following multiple upgrades from various research firms.

The Manufacturers Life Insurance Company increased its stake in shares of Carvana Co. (NYSE:CVNA - Free Report) by 31.9% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 263,101 shares of the company's stock after buying an additional 63,559 shares during the quarter. The Manufacturers Life Insurance Company owned about 0.12% of Carvana worth $55,009,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Brooklyn Investment Group grew its holdings in shares of Carvana by 961.5% during the first quarter. Brooklyn Investment Group now owns 138 shares of the company's stock worth $29,000 after buying an additional 125 shares during the last quarter. N.E.W. Advisory Services LLC purchased a new position in shares of Carvana during the first quarter worth about $33,000. Versant Capital Management Inc raised its holdings in Carvana by 39.4% during the first quarter. Versant Capital Management Inc now owns 290 shares of the company's stock worth $61,000 after purchasing an additional 82 shares in the last quarter. Strategic Investment Solutions Inc. IL purchased a new position in Carvana during the first quarter worth about $90,000. Finally, Gordian Capital Singapore Pte Ltd purchased a new position in Carvana during the fourth quarter worth about $98,000. Hedge funds and other institutional investors own 56.71% of the company's stock.

Analysts Set New Price Targets

CVNA has been the subject of several analyst reports. Citigroup reissued an "outperform" rating on shares of Carvana in a report on Thursday, July 31st. DA Davidson increased their price target on shares of Carvana from $260.00 to $380.00 and gave the stock a "neutral" rating in a report on Thursday, July 31st. Wells Fargo & Company increased their price target on shares of Carvana from $390.00 to $425.00 and gave the stock an "overweight" rating in a report on Thursday, July 31st. Oppenheimer raised shares of Carvana from a "market perform" rating to an "outperform" rating and set a $450.00 price target for the company in a report on Friday, July 25th. Finally, Gordon Haskett started coverage on shares of Carvana in a report on Monday, July 14th. They set a "hold" rating and a $329.00 price target for the company. Twelve research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, Carvana has an average rating of "Moderate Buy" and a consensus price target of $383.47.

Carvana Price Performance

NYSE:CVNA traded up $9.04 during mid-day trading on Thursday, hitting $371.36. 859,166 shares of the company's stock traded hands, compared to its average volume of 4,030,367. The company has a debt-to-equity ratio of 2.51, a quick ratio of 2.58 and a current ratio of 4.00. The firm's 50 day simple moving average is $349.56 and its 200 day simple moving average is $284.40. Carvana Co. has a 1 year low of $124.39 and a 1 year high of $413.33. The company has a market cap of $79.92 billion, a PE ratio of 93.09, a price-to-earnings-growth ratio of 1.23 and a beta of 3.51.

Carvana (NYSE:CVNA - Get Free Report) last posted its earnings results 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 net margin of 3.46% and a return on equity of 40.57%. The firm had revenue of $4.84 billion during the quarter, compared to the consensus estimate of $4.54 billion. During the same period last year, the firm posted ($0.05) EPS. The firm's revenue for the quarter was up 41.9% on a year-over-year basis. Sell-side analysts expect that Carvana Co. will post 2.85 EPS for the current year.

Insider Buying and Selling

In related news, CFO Mark W. Jenkins sold 12,750 shares of the company's stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $364.42, for a total value of $4,646,355.00. Following the sale, the chief financial officer owned 208,581 shares of the company's stock, valued at approximately $76,011,088.02. This represents a 5.76% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Benjamin E. Huston sold 10,000 shares of the company's stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $364.66, for a total value of $3,646,600.00. Following the completion of the sale, the chief operating officer directly owned 104,416 shares in the company, valued at approximately $38,076,338.56. The trade was a 8.74% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,698,333 shares of company stock worth $948,956,369 in the last quarter. Corporate insiders own 17.12% of the company's stock.

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.