Carvana (NYSE:CVNA) CFO Mark Jenkins Sells 63,750 Shares of Stock

Carvana Co. (NYSE:CVNA) CFO Mark Jenkins sold 63,750 shares of the firm’s stock in a transaction that occurred on Monday, November 2nd. The shares were sold at an average price of $71.78, for a total transaction of $4,575,975.00. Following the completion of the transaction, the chief financial officer directly owned 1,135,486 shares of the company’s stock, valued at approximately $81,505,185.08. The trade was a 5.32% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Carvana Price Performance

Shares of CVNA opened at $71.38 on Wednesday. The company has a market cap of $78.55 billion, a P/E ratio of 36.15, a PEG ratio of 1.85 and a beta of 3.66. Carvana Co. has a fifty-two week low of $54.46 and a fifty-two week high of $97.38. 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’s 50 day moving average price is $65.81 and its 200 day moving average price is $69.20.

Carvana (NYSE:CVNA) last issued its quarterly earnings results on Wednesday, October 28th. The company reported $0.39 EPS for the quarter, missing the consensus estimate 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%. The business’s quarterly revenue was up 42.4% on a year-over-year basis. During the same period in the prior year, the business earned $1.03 EPS. On average, research analysts forecast that Carvana Co. will post 1.59 earnings per share for the current fiscal year.

Carvana News Summary

Here are the key news stories impacting Carvana this week:

• Neutral Sentiment: CFO Mark Jenkins sold 63,750 shares and VP Stephen Palmer sold 5,000 shares. Both transactions were made under pre-arranged Rule 10b5-1 plans, which can make them less indicative of a change in the executives’ outlook. Jenkins SEC filing Palmer SEC filing
• Negative Sentiment: Other reported sales included insider Daniel Gill’s 253,639 shares, plus sales by directors J. Quayle and Ira Platt. The sales add to concerns about insider sentiment, although the filings do not establish the sellers’ reasons. Gill SEC filing
• Negative Sentiment: Analysts trimmed growth assumptions, resulting in a lower fair-value estimate for Carvana. This could weigh on the stock by tempering expectations for future performance. Carvana fair-value article

Institutional Investors Weigh In On Carvana

Several hedge funds have recently modified their holdings of CVNA. State Street Corp raised its position in Carvana by 417.1% during 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. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Carvana by 345.8% in 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 purchasing an additional 2,579,295 shares during the last quarter. Amundi grew its position in shares of Carvana by 379.7% in the second quarter. Amundi now owns 2,421,045 shares of the company’s stock valued at $159,353,000 after purchasing an additional 1,916,349 shares during the last quarter. The Manufacturers Life Insurance Company grew its position in shares of Carvana by 384.3% in the second quarter. The Manufacturers Life Insurance Company now owns 1,898,095 shares of the company’s stock valued at $124,933,000 after purchasing an additional 1,506,145 shares during the last quarter. Finally, Bank of America Corp DE increased its stake in shares of Carvana by 372.0% during the 2nd quarter. Bank of America Corp DE now owns 1,791,844 shares of the company’s stock worth $117,939,000 after purchasing an additional 1,412,188 shares in the last quarter. 56.71% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts recently commented on the company. BNP Paribas Exane lowered their target price on Carvana from $69.00 to $67.00 and set a “neutral” rating for the company in a research note on Thursday, October 29th. BTIG Research set a $82.00 price target on Carvana and gave the company a “buy” rating in a research report on Thursday, October 29th. Citigroup reiterated a “market outperform” rating on shares of Carvana in a research note on Wednesday, October 28th. Stephens reissued an “overweight” rating and set a $83.00 price objective (down from $91.50) on shares of Carvana in a research report on Tuesday, October 6th. Finally, Morgan Stanley reaffirmed an “overweight” rating on shares of Carvana in a report on Thursday, October 29th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $82.09.

About Carvana

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.