Carvana Co. $CVNA Shares Bought by Truist Financial Corp

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

Several other hedge funds have also recently bought and sold shares of CVNA. Royal Bank of Canada grew its position in Carvana by 40.8% in the 1st quarter. Royal Bank of Canada now owns 29,867 shares of the company’s stock worth $6,243,000 after purchasing an additional 8,654 shares during the last quarter. Geneos Wealth Management Inc. raised its holdings in shares of 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 last quarter. Janney Montgomery Scott LLC boosted its position in shares of Carvana by 84.1% during the second quarter. Janney Montgomery Scott LLC now owns 1,797 shares of the company’s stock worth $606,000 after buying an additional 821 shares during the period. DAVENPORT & Co LLC bought a new position in Carvana in the 2nd quarter worth approximately $260,000. Finally, KLP Kapitalforvaltning AS grew its holdings in Carvana by 13.4% in the 2nd quarter. KLP Kapitalforvaltning AS now owns 44,100 shares of the company’s stock worth $14,860,000 after buying an additional 5,200 shares in the last quarter. 56.71% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. DA Davidson set a $360.00 target price on Carvana in a research note on Thursday, October 30th. Morgan Stanley reaffirmed an “overweight” rating on shares of Carvana in a report on Thursday, January 8th. Wedbush raised their target price 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. Argus assumed coverage on shares of Carvana in a research note on Monday, December 15th. They issued a “buy” rating and a $500.00 price target for the company. Finally, Barclays increased their price objective on shares of Carvana from $465.00 to $530.00 and gave the company an “overweight” rating in a report on Wednesday, January 21st. Nineteen investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Carvana has an average rating of “Moderate Buy” and a consensus price target of $474.27.

Carvana Stock Performance

Shares of CVNA opened at $384.30 on Friday. Carvana Co. has a 12-month low of $148.25 and a 12-month high of $486.89. The stock has a market capitalization of $83.60 billion, a P/E ratio of 87.74, a P/E/G ratio of 0.96 and a beta of 3.57. The firm’s 50 day moving average is $435.88 and its 200-day moving average is $380.37. The company has a debt-to-equity ratio of 1.63, a current ratio of 4.05 and a quick ratio of 2.55.

Insider Buying and Selling at Carvana

In related news, COO Benjamin E. Huston sold 10,000 shares of Carvana stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $411.27, for a total value of $4,112,700.00. Following the transaction, the chief operating officer directly owned 98,652 shares in the company, valued at $40,572,608.04. The trade was a 9.20% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Stephen R. Palmer sold 1,000 shares of the company’s stock in a transaction 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 sale, the vice president directly owned 37,192 shares of the company’s stock, valued at approximately $14,617,943.68. This represents a 2.62% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 432,756 shares of company stock worth $183,581,477. 17.12% of the stock is owned by 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.