Vanguard Group Inc. Buys 1,109,476 Shares of Carvana Co. (NYSE:CVNA)

Key Points

• Vanguard Group Inc. increased its stake in Carvana Co. by 9.7% in Q1, acquiring an additional 1,109,476 shares, bringing their total ownership to approximately $2.62 billion.
• Insider activity is notable, with major shareholder Ernest C. Garcia II selling a substantial number of shares recently, leading to a 93.38% decrease in his position.
• Carvana reported strong earnings with a revenue of $4.84 billion for the last quarter, up 41.9% year-over-year and beating analyst estimates by $0.19 per share.

Vanguard Group Inc. lifted its stake in Carvana Co. (NYSE:CVNA - Free Report) by 9.7% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 12,534,843 shares of the company's stock after purchasing an additional 1,109,476 shares during the period. Vanguard Group Inc. owned 5.88% of Carvana worth $2,620,785,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of the stock. Strategic Investment Solutions Inc. IL acquired a new stake in shares of Carvana in the 1st quarter valued at $90,000. Blair William & Co. IL boosted its holdings in Carvana by 8.7% in the first quarter. Blair William & Co. IL now owns 44,791 shares of the company's stock valued at $9,365,000 after acquiring an additional 3,588 shares during the last quarter. Banco Santander S.A. acquired a new stake in Carvana in the first quarter worth about $224,000. PNC Financial Services Group Inc. raised its holdings in Carvana by 3.3% during 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 last quarter. Finally, Blueshift Asset Management LLC raised its holdings in Carvana by 100.6% during the 1st quarter. Blueshift Asset Management LLC now owns 7,147 shares of the company's stock worth $1,494,000 after purchasing an additional 3,585 shares during the last quarter. Institutional investors own 56.71% of the company's stock.

Insider Activity at Carvana

In other Carvana news, major shareholder Ernest C. Garcia II sold 93,376 shares of the stock in a transaction dated Thursday, July 31st. The stock was sold at an average price of $394.16, for a total transaction of $36,805,084.16. Following the completion of the transaction, the insider owned 6,624 shares in the company, valued at approximately $2,610,915.84. This represents a 93.38% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Ernest C. Garcia II sold 100,000 shares of Carvana stock in a transaction dated 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 completion of the sale, the insider directly owned 37,092,317 shares in the company, valued at $12,870,663,075.83. This represents a 0.27% decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,913,047 shares of company stock valued at $1,004,044,920 in the last quarter. Corporate insiders own 17.12% of the company's stock.

Analyst Ratings Changes

Several research analysts have recently issued reports on CVNA shares. Bank of America raised their target price on shares of Carvana from $375.00 to $425.00 and gave the company a "buy" rating in a research note on Thursday, July 31st. DA Davidson raised their price objective on shares of Carvana from $260.00 to $380.00 and gave the company a "neutral" rating in a research note on Thursday, July 31st. William Blair reiterated an "outperform" rating on shares of Carvana in a research report on Wednesday, July 23rd. Robert W. Baird increased their price target on Carvana from $200.00 to $275.00 and gave the company a "neutral" rating in a research note on Thursday, May 8th. Finally, Wall Street Zen upgraded Carvana from a "hold" rating to a "buy" rating in a research report on Saturday, July 5th. Six analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $379.65.

Carvana Stock Down 2.6%

Shares of Carvana stock opened at $348.43 on Friday. The company has a market capitalization of $74.98 billion, a P/E ratio of 87.33, a price-to-earnings-growth ratio of 1.18 and a beta of 3.57. The company has a debt-to-equity ratio of 2.51, a current ratio of 4.00 and a quick ratio of 2.58. The business has a 50-day moving average of $337.34 and a two-hundred day moving average of $271.80. Carvana Co. has a 1 year low of $124.39 and a 1 year high of $413.33.

Carvana (NYSE:CVNA - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The company reported $1.28 earnings per share (EPS) 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 business had revenue of $4.84 billion during the quarter, compared to analyst estimates of $4.54 billion. During the same period in the previous year, the firm earned ($0.05) EPS. Carvana's quarterly revenue was up 41.9% compared to the same quarter last year. As a group, equities analysts predict that Carvana Co. will post 2.85 EPS for the current year.

Carvana 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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