Maryland State Retirement & Pension System grew its position in shares of Carvana Co. (NYSE:CVNA – Free Report) by 23.4% in the second quarter, HoldingsChannel reports. The firm owned 6,241 shares of the company’s stock after buying an additional 1,184 shares during the quarter. Maryland State Retirement & Pension System’s holdings in Carvana were worth $2,103,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently made changes to their positions in CVNA. Wealth Enhancement Advisory Services LLC grew its position in shares of Carvana by 16.1% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 2,513 shares of the company’s stock valued at $511,000 after purchasing an additional 348 shares in the last quarter. Farther Finance Advisors LLC lifted its holdings in shares of Carvana by 333.1% in the 1st quarter. Farther Finance Advisors LLC now owns 3,482 shares of the company’s stock valued at $740,000 after acquiring an additional 2,678 shares during the last quarter. Yousif Capital Management LLC lifted its holdings in shares of Carvana by 4.1% in the 1st quarter. Yousif Capital Management LLC now owns 1,266 shares of the company’s stock valued at $265,000 after acquiring an additional 50 shares during the last quarter. GAMMA Investing LLC lifted its holdings in shares of Carvana by 31.4% in the 1st quarter. GAMMA Investing LLC now owns 1,030 shares of the company’s stock valued at $215,000 after acquiring an additional 246 shares during the last quarter. Finally, Integrated Advisors Network LLC bought a new position in shares of Carvana in the 1st quarter valued at about $773,000. Hedge funds and other institutional investors own 56.71% of the company’s stock.
Analysts Set New Price Targets
A number of research analysts recently commented on CVNA shares. Wall Street Zen raised shares of Carvana from a “hold” rating to a “buy” rating in a report on Saturday. 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. Royal Bank Of Canada increased their price target on shares of Carvana from $400.00 to $460.00 and gave the company an “outperform” rating in a report on Thursday, July 31st. Piper Sandler increased their price target on shares of Carvana from $340.00 to $440.00 and gave the company an “overweight” rating in a report on Thursday, July 31st. Finally, Wells Fargo & Company increased their price target on shares of Carvana from $390.00 to $425.00 and gave the company an “overweight” rating in a report on Thursday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $407.44.
Insider Transactions at Carvana
In other news, major shareholder Ernest C. Garcia II sold 100,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 16th. The shares were sold at an average price of $352.40, for a total transaction of $35,240,000.00. Following the transaction, the insider directly owned 35,892,792 shares of the company’s stock, valued at approximately $12,648,619,900.80. This trade represents a 0.28% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Daniel J. Gill sold 80,000 shares of the firm’s stock in a transaction that occurred on Thursday, July 31st. The stock was sold at an average price of $398.91, for a total transaction of $31,912,800.00. Following the transaction, the insider directly owned 197,832 shares in the company, valued at approximately $78,917,163.12. This trade represents a 28.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,996,820 shares of company stock valued at $719,703,146. 17.12% of the stock is currently owned by company insiders.
Carvana Stock Down 8.2%
Shares of NYSE CVNA opened at $330.58 on Friday. 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 company has a market cap of $71.14 billion, a P/E ratio of 82.85, a PEG ratio of 1.18 and a beta of 3.55. Carvana Co. has a 1 year low of $148.25 and a 1 year high of $413.33. The firm has a 50-day simple moving average of $365.17 and a two-hundred day simple moving average of $314.56.
Carvana (NYSE:CVNA – Get Free Report) last announced its quarterly earnings data on Wednesday, July 30th. The company reported $1.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $0.19. The business had revenue of $4.84 billion during the quarter, compared to the consensus estimate of $4.54 billion. Carvana had a net margin of 3.46% and a return on equity of 40.57%. The firm’s quarterly revenue was up 41.9% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.05) earnings per share. Research analysts anticipate that Carvana Co. will post 2.85 earnings per share 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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