BI Asset Management Fondsmaeglerselskab A S Lowers Stock Position in Carvana Co. $CVNA

BI Asset Management Fondsmaeglerselskab A S cut its stake in shares of Carvana Co. (NYSE:CVNA) by 86.6% in the first quarter, Holdings Channel.com reports. The fund owned 2,369 shares of the company’s stock after selling 15,346 shares during the period. BI Asset Management Fondsmaeglerselskab A S’s holdings in Carvana were worth $745,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in CVNA. Thurston Springer Miller Herd & Titak Inc. acquired a new position in shares of Carvana in the 4th quarter worth approximately $29,000. Farmers & Merchants Investments Inc. acquired a new position in Carvana during the fourth quarter worth $29,000. Motiv8 Investments LLC acquired a new position in Carvana during the fourth quarter worth $33,000. Salomon & Ludwin LLC lifted its stake in Carvana by 112.5% during the fourth quarter. Salomon & Ludwin LLC now owns 85 shares of the company’s stock worth $37,000 after purchasing an additional 45 shares in the last quarter. Finally, Flagship Harbor Advisors LLC purchased a new position in shares of Carvana during the fourth quarter worth $42,000. 56.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on CVNA shares. Citigroup reaffirmed an “outperform” rating on shares of Carvana in a research note on Friday, May 1st. BNP Paribas Exane increased their target price on Carvana from $77.60 to $85.80 in a research note on Thursday, April 30th. Morgan Stanley raised their target price on Carvana from $90.00 to $102.00 and gave the company an “overweight” rating in a report on Thursday, April 30th. Needham & Company LLC reaffirmed a “buy” rating and issued a $120.00 target price on shares of Carvana in a research report on Friday, June 5th. Finally, Bank of America boosted their price target on shares of Carvana from $72.00 to $82.00 and gave the stock a “neutral” rating in a research note on Tuesday, April 21st. Two research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Carvana currently has a consensus rating of “Moderate Buy” and a consensus target price of $93.14.

Insider Activity

In other Carvana news, Director J Danforth Quayle sold 14,525 shares of the stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $70.00, for a total value of $1,016,750.00. Following the sale, the director owned 214,960 shares of the company’s stock, valued at $15,047,200. This trade represents a 6.33% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Mark W. Jenkins sold 63,750 shares of Carvana stock in a transaction dated Wednesday, April 1st. The shares were sold at an average price of $62.07, for a total value of $3,956,962.50. Following the completion of the transaction, the chief financial officer owned 985,445 shares of the company’s stock, valued at $61,166,571.15. The trade was a 6.08% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 415,812 shares of company stock worth $29,056,896 over the last three months. Company insiders own 15.19% of the company’s stock.

Carvana Stock Performance

NYSE:CVNA opened at $66.22 on Friday. Carvana Co. has a 52 week low of $54.46 and a 52 week high of $97.38. The company has a fifty day simple moving average of $71.45 and a two-hundred day simple moving average of $74.78. The company has a quick ratio of 2.57, a current ratio of 4.09 and a debt-to-equity ratio of 1.05. The company has a market cap of $72.63 billion, a price-to-earnings ratio of 40.28, a price-to-earnings-growth ratio of 11.46 and a beta of 3.45.

Carvana (NYSE:CVNA) last announced its quarterly earnings data on Wednesday, April 29th. The company reported $1.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.32 by $1.37. The business had revenue of $6.43 billion for the quarter, compared to analysts’ expectations of $6.12 billion. Carvana had a return on equity of 41.46% and a net margin of 6.40%. As a group, equities analysts anticipate that Carvana Co. will post 1.58 earnings per share for the current fiscal year.

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.