Carvana Co. $CVNA Stock Position Raised by Truist Financial Corp

Truist Financial Corp boosted its position in shares of Carvana Co. (NYSE:CVNA) by 28.9% during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 8,515 shares of the company’s stock after purchasing an additional 1,908 shares during the period. Truist Financial Corp’s holdings in Carvana were worth $3,212,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of the business. Royal Bank of Canada boosted its position in shares of Carvana by 40.8% in the first quarter. Royal Bank of Canada now owns 29,867 shares of the company’s stock worth $6,243,000 after buying an additional 8,654 shares during the period. Geneos Wealth Management Inc. raised its position in Carvana by 251.4% during the first quarter. Geneos Wealth Management Inc. now owns 253 shares of the company’s stock valued at $53,000 after buying an additional 181 shares during the period. Janney Montgomery Scott LLC lifted its stake in Carvana by 84.1% in the 2nd quarter. Janney Montgomery Scott LLC now owns 1,797 shares of the company’s stock worth $606,000 after acquiring an additional 821 shares in the last quarter. DAVENPORT & Co LLC acquired a new stake in Carvana during the 2nd quarter worth about $260,000. Finally, KLP Kapitalforvaltning AS grew its stake in Carvana by 13.4% during the 2nd quarter. KLP Kapitalforvaltning AS now owns 44,100 shares of the company’s stock valued at $14,860,000 after acquiring an additional 5,200 shares in the last quarter. Hedge funds and other institutional investors own 56.71% of the company’s stock.

Carvana Stock Down 2.2%

CVNA stock opened at $384.30 on Friday. The firm has a market cap of $83.60 billion, a PE ratio of 87.74, 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 simple moving average of $435.88 and a 200 day simple moving average of $380.37. The company has a current ratio of 4.05, a quick ratio of 2.55 and a debt-to-equity ratio of 1.63.

Analysts Set New Price Targets

A number of research firms have recently issued reports on CVNA. Bank of America increased their price target on shares of Carvana from $455.00 to $515.00 and gave the stock a “buy” rating in a research report on Tuesday, January 13th. Wedbush increased their target price on shares of Carvana from $400.00 to $500.00 and gave the stock an “outperform” rating in a research report on Friday, December 19th. DA Davidson set a $360.00 target price on shares of Carvana in a research note on Thursday, October 30th. Argus initiated coverage on shares of Carvana in a research note on Monday, December 15th. They issued a “buy” rating and a $500.00 price target on the stock. Finally, Deutsche Bank Aktiengesellschaft reissued a “buy” rating on shares of Carvana in a research report on Tuesday, January 13th. Nineteen equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, Carvana has a consensus rating of “Moderate Buy” and a consensus price target of $474.27.

Insider Buying and Selling

In other news, CFO Mark W. Jenkins sold 12,750 shares of the company’s stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $410.19, for a total transaction of $5,229,922.50. Following the completion of the sale, the chief financial officer owned 202,817 shares in the company, valued at approximately $83,193,505.23. This represents a 5.91% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP Stephen R. Palmer sold 1,000 shares of the firm’s stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $393.04, for a total value of $393,040.00. Following the completion of the transaction, the vice president directly owned 37,192 shares in the company, valued at $14,617,943.68. The trade was a 2.62% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 432,756 shares of company stock valued at $183,581,477. 17.12% of the stock is owned by corporate insiders.

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.