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

The Manufacturers Life Insurance Company reduced its position in shares of Carvana Co. (NYSE:CVNA) by 6.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 391,950 shares of the company’s stock after selling 24,873 shares during the period. The Manufacturers Life Insurance Company’s holdings in Carvana were worth $123,221,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in CVNA. Quantinno Capital Management LP grew its holdings in Carvana by 18.3% during the 1st quarter. Quantinno Capital Management LP now owns 48,924 shares of the company’s stock valued at $15,381,000 after purchasing an additional 7,558 shares in the last quarter. Spruce House Investment Management LLC increased its stake in Carvana by 2.6% during the 1st quarter. Spruce House Investment Management LLC now owns 2,335,000 shares of the company’s stock worth $734,077,000 after buying an additional 60,000 shares during the period. Styrax Capital LP lifted its holdings in Carvana by 33.2% in the 1st quarter. Styrax Capital LP now owns 300,000 shares of the company’s stock worth $94,314,000 after buying an additional 74,728 shares in the last quarter. OMERS ADMINISTRATION Corp boosted its position in Carvana by 16.8% in the 1st quarter. OMERS ADMINISTRATION Corp now owns 11,244 shares of the company’s stock valued at $3,535,000 after buying an additional 1,621 shares during the last quarter. Finally, Lombard Odier Asset Management Switzerland SA purchased a new position in Carvana in the 1st quarter valued at about $1,165,000. 56.71% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on CVNA shares. Gordon Haskett lifted their target price on Carvana from $67.00 to $85.00 and gave the stock a “hold” rating in a research report on Thursday, April 30th. Weiss Ratings reissued a “hold (c+)” rating on shares of Carvana in a report on Thursday, June 18th. Citigroup restated an “outperform” rating on shares of Carvana in a research note on Friday, May 1st. Needham & Company LLC restated a “buy” rating and set a $120.00 price objective on shares of Carvana in a report on Friday, June 5th. Finally, Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $107.40 price objective on shares of Carvana in a report on Thursday, April 30th. One research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $92.65.

Carvana Price Performance

CVNA opened at $66.07 on Wednesday. The company has a market capitalization of $72.47 billion, a P/E ratio of 40.19, a PEG ratio of 14.37 and a beta of 3.46. The company has a 50-day moving average of $67.01 and a 200-day moving average of $71.21. The company has a debt-to-equity ratio of 1.05, a quick ratio of 2.57 and a current ratio of 4.09. Carvana Co. has a 1-year low of $54.46 and a 1-year high of $97.38.

Carvana (NYSE:CVNA) last issued its quarterly earnings results on Wednesday, April 29th. The company reported $1.69 EPS for the quarter, topping the consensus estimate of $0.32 by $1.37. The business had revenue of $6.43 billion for the quarter, compared to analysts’ expectations of $6.12 billion. Carvana had a net margin of 6.40% and a return on equity of 41.46%. Equities analysts expect that Carvana Co. will post 1.63 EPS for the current fiscal year.

Insider Transactions at Carvana

In other Carvana news, Director J Danforth Quayle sold 14,525 shares of the stock in a transaction that occurred on Wednesday, June 10th. The stock was sold at an average price of $70.00, for a total transaction of $1,016,750.00. Following the transaction, the director owned 214,960 shares of the company’s stock, valued at $15,047,200. This trade represents a 6.33% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Benjamin E. Huston sold 50,000 shares of Carvana stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $68.55, for a total value of $3,427,500.00. Following the completion of the transaction, the chief operating officer owned 458,755 shares of the company’s stock, valued at approximately $31,447,655.25. The trade was a 9.83% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 396,962 shares of company stock valued at $28,525,088 over the last 90 days. Corporate insiders own 15.19% of the company’s stock.

About Carvana

Carvana Co is an online-only retailer of used vehicles that operates a consumer-facing e-commerce platform for buying and selling cars. The company markets and sells inspected, reconditioned pre-owned vehicles through its website, where shoppers can browse inventory, view detailed 360-degree photos and vehicle history reports, finance purchases, and arrange delivery or pickup. Carvana’s model is built around a digital end-to-end car buying experience that aims to simplify vehicle transactions compared with traditional dealerships.

Its products and services include direct retail sales of used cars, trade-in and purchase offers for consumer vehicles, vehicle financing and related protection products, and a seven-day return policy that allows customers to test a vehicle in everyday use.