Mirae Asset Global Investments Co. Ltd. Lowers Stake in Carvana Co. $CVNA

Mirae Asset Global Investments Co. Ltd. lessened its stake in Carvana Co. (NYSE:CVNA) by 14.1% in the 3rd quarter, Holdings Channel.com reports. The firm owned 7,853 shares of the company’s stock after selling 1,288 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Carvana were worth $2,962,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Los Angeles Capital Management LLC boosted its holdings in Carvana by 1,950.7% in the second quarter. Los Angeles Capital Management LLC now owns 111,190 shares of the company’s stock valued at $37,467,000 after acquiring an additional 105,768 shares during the last quarter. Federated Hermes Inc. grew its position in Carvana by 124.9% in the third quarter. Federated Hermes Inc. now owns 265,921 shares of the company’s stock valued at $100,316,000 after acquiring an additional 147,683 shares in the last quarter. Hudson Bay Capital Management LP increased its stake in Carvana by 158.0% during the 2nd quarter. Hudson Bay Capital Management LP now owns 16,478 shares of the company’s stock worth $5,552,000 after buying an additional 10,090 shares during the period. Massachusetts Financial Services Co. MA boosted its holdings in Carvana by 11.2% in the third quarter. Massachusetts Financial Services Co. MA now owns 637,462 shares of the company’s stock valued at $240,476,000 after purchasing an additional 64,424 shares during the last quarter. Finally, Strs Ohio boosted its stake in shares of Carvana by 89.9% during the 3rd quarter. Strs Ohio now owns 37,756 shares of the company’s stock valued at $14,243,000 after buying an additional 17,878 shares during the last quarter. 56.71% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Carvana

In other Carvana news, Director Michael E. Maroone sold 30,928 shares of the firm’s stock in a transaction that occurred on Wednesday, December 3rd. The shares were sold at an average price of $400.34, for a total transaction of $12,381,715.52. Following the completion of the sale, the director directly owned 143,573 shares in the company, valued at $57,478,014.82. This trade represents a 17.72% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, COO Benjamin E. Huston sold 40,000 shares of the company’s stock in a transaction on Monday, December 8th. The shares were sold at an average price of $439.50, for a total value of $17,580,000.00. Following the completion of the transaction, the chief operating officer directly owned 100,758 shares in the company, valued at approximately $44,283,141. This represents a 28.42% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 409,006 shares of company stock worth $173,845,815 in the last three months. 16.36% of the stock is owned by insiders.

Carvana Price Performance

Shares of NYSE CVNA opened at $408.22 on Tuesday. The company has a current ratio of 4.05, a quick ratio of 2.55 and a debt-to-equity ratio of 1.63. The firm has a market cap of $88.80 billion, a PE ratio of 93.20, a PEG ratio of 0.96 and a beta of 3.57. Carvana Co. has a 1-year low of $148.25 and a 1-year high of $486.89. The company has a fifty day moving average price of $433.47 and a 200 day moving average price of $379.81.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the stock. BTIG Research lifted their price target on shares of Carvana from $450.00 to $535.00 and gave the company a “buy” rating in a report on Thursday, January 15th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating on shares of Carvana in a report on Tuesday, January 13th. Evercore ISI increased their price target on Carvana from $425.00 to $430.00 in a research report on Tuesday, January 27th. Wedbush upped their price objective on shares of Carvana from $400.00 to $500.00 and gave the company an “outperform” rating in a research note on Friday, December 19th. Finally, Barclays boosted their target price on shares of Carvana from $465.00 to $530.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 21st. Nineteen analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $474.27.

Carvana Company Profile

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.