Retirement Systems of Alabama Acquires 252,896 Shares of Carvana Co. $CVNA

Retirement Systems of Alabama raised its holdings in Carvana Co. (NYSE:CVNA) by 58.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 683,978 shares of the company’s stock after purchasing an additional 252,896 shares during the period. Retirement Systems of Alabama owned 0.06% of Carvana worth $42,776,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of the business. Alps Advisors Inc. grew its stake in Carvana by 1.6% in the 3rd quarter. Alps Advisors Inc. now owns 15,820 shares of the company’s stock valued at $989,000 after buying an additional 252 shares in the last quarter. Alta Advisers Ltd purchased a new stake in shares of Carvana during the third quarter worth $325,000. Kestra Advisory Services LLC lifted its position in shares of Carvana by 120.0% during the third quarter. Kestra Advisory Services LLC now owns 10,682 shares of the company’s stock worth $668,000 after acquiring an additional 5,827 shares in the last quarter. TFB Advisors LLC purchased a new stake in shares of Carvana during the third quarter worth $349,000. Finally, Chicago Partners Investment Group LLC bought a new position in shares of Carvana in the third quarter worth $224,000. Hedge funds and other institutional investors own 56.71% of the company’s stock.

Insiders Place Their Bets

In other Carvana news, VP Stephen R. Palmer sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, November 2nd. The shares were sold at an average price of $71.71, for a total value of $358,550.00. Following the completion of the transaction, the vice president owned 112,840 shares of the company’s stock, valued at $8,091,756.40. The trade was a 4.24% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Mark W. Jenkins sold 63,750 shares of the stock in a transaction on Monday, November 2nd. The stock was 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 in the company, valued at $81,505,185.08. The trade was a 5.32% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 635,960 shares of company stock valued at $44,962,096 over the last three months. Corporate insiders own 15.19% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on CVNA shares. 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. Wells Fargo & Company reiterated an “overweight” rating and set a $75.00 price objective (down from $80.00) on shares of Carvana in a research note on Friday, October 23rd. Argus set a $100.00 price objective on Carvana in a report on Tuesday. Morgan Stanley restated an “overweight” rating on shares of Carvana in a research note on Thursday, October 29th. Finally, Evercore set a $75.00 target price on Carvana in a report on Thursday, July 30th. One analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and eight have assigned a Hold rating to the company. According to MarketBeat.com, Carvana presently has a consensus rating of “Moderate Buy” and an average price target of $82.09.

Carvana Stock Performance

NYSE:CVNA opened at $73.02 on Wednesday. The stock has a market cap of $80.56 billion, a P/E ratio of 36.66, a PEG ratio of 1.96 and a beta of 3.66. 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 business’s 50-day moving average price is $65.84 and its two-hundred day moving average price is $68.81. Carvana Co. has a twelve month low of $54.46 and a twelve month high of $97.38.

Carvana (NYSE:CVNA) last issued its quarterly earnings data 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 for the quarter, compared to analysts’ expectations of $7.71 billion. Carvana had a return on equity of 34.77% and a net margin of 6.21%. The firm’s revenue for the quarter was up 42.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.03 EPS. As a group, equities analysts predict that Carvana Co. will post 1.59 EPS for the current fiscal year.

About Carvana

Carvana Co. operates an online platform for buying and selling used cars. Customers can browse vehicle listings, arrange financing, value a trade-in, and complete much of the purchase process online. The company also offers vehicle delivery or pickup, including at some locations with its distinctive car vending machines. Founded in 2012, Carvana has expanded its operations across the United States. Its services and vehicle availability vary by market, and the company supports its online marketplace with inspection, reconditioning, and logistics operations.