Generali Asset Management SPA SGR decreased its position in Carvana Co. (NYSE:CVNA – Free Report) by 59.2% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 3,099 shares of the company’s stock after selling 4,505 shares during the quarter. Generali Asset Management SPA SGR’s holdings in Carvana were worth $1,044,000 at the end of the most recent reporting period.
A number of other hedge funds also recently bought and sold shares of CVNA. Price T Rowe Associates Inc. MD lifted its position in Carvana by 13.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 14,950,011 shares of the company’s stock worth $3,125,749,000 after buying an additional 1,823,218 shares during the last quarter. Vanguard Group Inc. lifted its position in Carvana by 9.7% in the 1st quarter. Vanguard Group Inc. now owns 12,534,843 shares of the company’s stock worth $2,620,785,000 after buying an additional 1,109,476 shares during the last quarter. Alyeska Investment Group L.P. bought a new stake in Carvana in the 1st quarter worth approximately $71,856,000. Contour Asset Management LLC lifted its position in Carvana by 71.4% in the 1st quarter. Contour Asset Management LLC now owns 643,114 shares of the company’s stock worth $134,462,000 after buying an additional 267,994 shares during the last quarter. Finally, National Pension Service bought a new stake in Carvana in the 1st quarter worth approximately $39,090,000. Institutional investors own 56.71% of the company’s stock.
Wall Street Analyst Weigh In
A number of research firms recently weighed in on CVNA. Royal Bank Of Canada boosted their target price on Carvana from $400.00 to $460.00 and gave the stock an “outperform” rating in a research report on Thursday, July 31st. Piper Sandler lifted their price target on Carvana from $340.00 to $440.00 and gave the stock an “overweight” rating in a research note on Thursday, July 31st. Bank of America lifted their price target on Carvana from $375.00 to $425.00 and gave the stock a “buy” rating in a research note on Thursday, July 31st. Needham & Company LLC lifted their price target on Carvana from $340.00 to $500.00 and gave the stock a “buy” rating in a research note on Thursday, July 31st. Finally, Wall Street Zen raised Carvana from a “hold” rating to a “buy” rating in a research note on Saturday, October 11th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $407.44.
Insider Activity
In related news, major shareholder Ernest C. Garcia II sold 100,000 shares of the company’s stock in a transaction on Friday, August 1st. The stock was sold at an average price of $371.30, for a total value of $37,130,000.00. Following the sale, the insider directly owned 35,142,792 shares of the company’s stock, valued at $13,048,518,669.60. This represents a 0.28% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Ernest C. Garcia II sold 93,376 shares of the company’s stock in a transaction on Thursday, July 31st. The stock was sold at an average price of $394.16, for a total value of $36,805,084.16. Following the completion of the sale, the insider directly owned 6,624 shares in the company, valued at approximately $2,610,915.84. The trade was a 93.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,678,292 shares of company stock valued at $608,812,907. Company insiders own 17.12% of the company’s stock.
Carvana Price Performance
CVNA opened at $333.28 on Friday. The company has a debt-to-equity ratio of 2.51, a quick ratio of 2.58 and a current ratio of 4.00. Carvana Co. has a 52-week low of $148.25 and a 52-week high of $413.33. The stock has a market capitalization of $71.72 billion, a PE ratio of 83.53, a price-to-earnings-growth ratio of 1.12 and a beta of 3.55. The stock’s 50 day moving average price is $364.10 and its 200-day moving average price is $319.28.
Carvana (NYSE:CVNA – Get Free Report) last posted its earnings results on Wednesday, July 30th. The company reported $1.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.19. Carvana had a return on equity of 40.57% and a net margin of 3.46%.The firm had revenue of $4.84 billion for the quarter, compared to analysts’ expectations of $4.54 billion. During the same period in the previous year, the firm earned ($0.05) earnings per share. The business’s revenue was up 41.9% compared to the same quarter last year. On average, equities research analysts predict that Carvana Co. will post 2.85 EPS 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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