Carvana Co. $CVNA Stock: Rakuten Investment Management Inc. Raises Holdings

Rakuten Investment Management Inc. boosted its stake in Carvana Co. (NYSE:CVNA) by 10.1% during the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 124,338 shares of the company’s stock after buying an additional 11,371 shares during the quarter. Rakuten Investment Management Inc.’s holdings in Carvana were worth $7,910,000 as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. State Street Corp raised its holdings in shares of Carvana by 417.1% in the second quarter. State Street Corp now owns 29,435,364 shares of the company’s stock worth $1,937,436,000 after acquiring an additional 23,742,422 shares during the last quarter. Spruce House Investment Management LLC lifted its position in shares of Carvana by 2.6% in the first quarter. Spruce House Investment Management LLC now owns 2,335,000 shares of the company’s stock valued at $734,077,000 after acquiring an additional 60,000 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of Carvana by 2.4% in the first quarter. Bank of New York Mellon Corp now owns 710,264 shares of the company’s stock valued at $223,293,000 after acquiring an additional 16,692 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of Carvana by 345.8% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,325,237 shares of the company’s stock valued at $218,867,000 after acquiring an additional 2,579,295 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in shares of Carvana by 10.4% during the first quarter. Dimensional Fund Advisors LP now owns 604,729 shares of the company’s stock valued at $190,009,000 after acquiring an additional 57,040 shares during the last quarter. Institutional investors and hedge funds own 56.71% of the company’s stock.

Insider Activity

In other Carvana news, COO Benjamin E. Huston sold 50,000 shares of the firm’s stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $71.55, for a total value of $3,577,500.00. Following the sale, the chief operating officer directly owned 478,693 shares of the company’s stock, valued at approximately $34,250,484.15. This trade represents a 9.46% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Daniel Gill sold 253,639 shares of the firm’s stock in a transaction dated Tuesday, November 3rd. The stock was sold at an average price of $71.46, for a total value of $18,125,042.94. Following the completion of the sale, the insider directly owned 773,548 shares in the company, valued at approximately $55,277,740.08. The trade was a 24.69% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 635,960 shares of company stock valued at $44,962,096 in the last three months. Company insiders own 15.19% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. Wells Fargo & Company reissued an “overweight” rating and issued a $75.00 target price (down from $80.00) on shares of Carvana in a research note on Friday, October 23rd. Stephens restated an “overweight” rating and issued a $83.00 target price (down from $91.50) on shares of Carvana in a report on Tuesday, October 6th. Royal Bank Of Canada set a $82.00 price target on shares of Carvana and gave the stock an “outperform” rating in a research note on Thursday, July 30th. Evercore set a $75.00 price target on shares of Carvana in a report on Thursday, July 30th. Finally, BTIG Research set a $82.00 price objective on shares of Carvana and gave the company a “buy” rating in a research report on Thursday, October 29th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and eight have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $82.09.

Carvana Trading Down 6.9%

Shares of Carvana stock opened at $72.18 on Friday. Carvana Co. has a fifty-two week low of $54.46 and a fifty-two week high of $97.38. The business’s fifty day moving average is $65.82 and its two-hundred day moving average is $69.03. The company has a quick ratio of 2.43, a current ratio of 4.05 and a debt-to-equity ratio of 0.86. The firm has a market cap of $79.44 billion, a PE ratio of 38.94, a P/E/G ratio of 1.99 and a beta of 3.66.

Carvana (NYSE:CVNA) last announced its quarterly earnings data on Wednesday, October 28th. The company reported $0.39 EPS for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.05). The business had revenue of $8.04 billion during the quarter, compared to analysts’ expectations of $7.71 billion. Carvana had a net margin of 6.21% and a return on equity of 34.77%. Carvana’s revenue for the quarter was up 42.4% on a year-over-year basis. During the same period in the prior year, the firm earned $1.03 EPS. Analysts anticipate that Carvana Co. will post 1.59 earnings per share for the current year.

Carvana Company Profile

Carvana Co (NYSE: CVNA) is an online automotive retailer that sells used vehicles through its digital platform. Customers can browse vehicles, review detailed descriptions and vehicle history information, arrange financing, complete transactions online and choose home delivery or pickup at a Carvana location.

The company also provides vehicle trade-in services and offers related products, including vehicle protection plans and other automotive services. Carvana is known for its automated, glass-enclosed vehicle vending machines, which provide an alternative pickup experience in select markets.

Founded in 2012 and headquartered in Tempe, Arizona, Carvana began operations as an online used-car retailer in 2013 and went public in 2017.