The Manufacturers Life Insurance Company Boosts Stake in Carvana Co. $CVNA

The Manufacturers Life Insurance Company boosted its position in shares of Carvana Co. (NYSE:CVNA) by 31.9% in the first quarter, HoldingsChannel.com reports. The fund owned 263,101 shares of the company’s stock after acquiring an additional 63,559 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Carvana were worth $55,009,000 as of its most recent filing with the SEC.

Other large investors have also made changes to their positions in the company. Tower Research Capital LLC TRC boosted its stake in shares of Carvana by 2,669.6% in the fourth quarter. Tower Research Capital LLC TRC now owns 1,274 shares of the company’s stock worth $259,000 after buying an additional 1,228 shares during the last quarter. Northern Trust Corp lifted its stake in shares of Carvana by 30.3% in the 4th quarter. Northern Trust Corp now owns 650,696 shares of the company’s stock valued at $132,326,000 after purchasing an additional 151,338 shares during the period. Lido Advisors LLC lifted its stake in shares of Carvana by 137.4% in the 4th quarter. Lido Advisors LLC now owns 4,632 shares of the company’s stock valued at $942,000 after purchasing an additional 2,681 shares during the period. Comerica Bank boosted its holdings in Carvana by 6.1% during the fourth quarter. Comerica Bank now owns 2,629 shares of the company’s stock worth $535,000 after buying an additional 151 shares in the last quarter. Finally, Allegheny Financial Group acquired a new stake in Carvana during the fourth quarter valued at $354,000. 56.71% of the stock is owned by hedge funds and other institutional investors.

Carvana Price Performance

NYSE:CVNA opened at $371.96 on Friday. The stock has a 50 day moving average of $346.72 and a two-hundred day moving average of $282.62. Carvana Co. has a 12 month low of $124.39 and a 12 month high of $413.33. The firm has a market cap of $80.05 billion, a P/E ratio of 93.22, a price-to-earnings-growth ratio of 1.23 and a beta of 3.57. The company has a current ratio of 4.00, a quick ratio of 2.58 and a debt-to-equity ratio of 2.51.

Carvana (NYSE:CVNA) last issued its quarterly earnings results on Wednesday, July 30th. The company reported $1.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.09 by $0.19. Carvana had a return on equity of 40.57% and a net margin of 3.46%.The firm had revenue of $4.84 billion for the quarter, compared to analyst estimates of $4.54 billion. During the same period in the previous year, the company posted ($0.05) earnings per share. The business’s revenue was up 41.9% on a year-over-year basis. On average, analysts expect that Carvana Co. will post 2.85 earnings per share for the current fiscal year.

Insider Buying and Selling at Carvana

In related news, major shareholder Ernest C. Garcia II sold 100,000 shares of the business’s stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $346.99, for a total transaction of $34,699,000.00. Following the transaction, the insider directly owned 37,092,317 shares in the company, valued at approximately $12,870,663,075.83. The trade was a 0.27% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders have sold 2,865,507 shares of company stock valued at $1,003,408,791 over the last quarter. Company insiders own 17.12% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Robert W. Baird upped their price objective on shares of Carvana from $200.00 to $275.00 and gave the stock a “neutral” rating in a research report on Thursday, May 8th. 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. Stephens increased their price target on Carvana from $300.00 to $375.00 and gave the stock an “overweight” rating in a research report on Monday, July 7th. Wedbush raised Carvana to a “hold” rating in a report on Thursday, May 8th. Finally, Wells Fargo & Company upped their target price on Carvana from $390.00 to $425.00 and gave the stock an “overweight” rating in a research note on Thursday, July 31st. Twelve research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, Carvana currently has an average rating of “Moderate Buy” and a consensus price target of $383.47.

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.