Carvana Co. $CVNA Stock Sold by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. cut its stake in shares of Carvana Co. (NYSE:CVNA) by 10.4% during the 3rd quarter, Holdings Channel.com reports. The firm owned 1,337,060 shares of the company’s stock after selling 154,718 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Carvana were worth $83,620,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently bought and sold shares of the stock. State Street Corp grew its holdings in Carvana by 417.1% during the second quarter. State Street Corp now owns 29,435,364 shares of the company’s stock valued at $1,937,436,000 after purchasing an additional 23,742,422 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake 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 worth $218,867,000 after buying an additional 2,579,295 shares during the period. Amundi raised its stake in shares of Carvana by 379.7% in the second quarter. Amundi now owns 2,421,045 shares of the company’s stock worth $159,353,000 after buying an additional 1,916,349 shares during the period. Spruce House Investment Management LLC raised its stake in shares of Carvana by 2.6% in the first quarter. Spruce House Investment Management LLC now owns 2,335,000 shares of the company’s stock worth $734,077,000 after buying an additional 60,000 shares during the period. Finally, The Manufacturers Life Insurance Company lifted its position in shares of Carvana by 384.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 1,898,095 shares of the company’s stock valued at $124,933,000 after buying an additional 1,506,145 shares in the last quarter. 56.71% of the stock is currently owned by hedge funds and other institutional investors.

Carvana Trading Down 0.9%

Shares of Carvana stock opened at $71.38 on Wednesday. Carvana Co. has a twelve month low of $54.46 and a twelve month 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 business has a 50-day moving average price of $65.81 and a 200-day moving average price of $69.20. The firm has a market cap of $78.55 billion, a price-to-earnings ratio of 35.84, a PEG ratio of 1.85 and a beta of 3.66.

Carvana (NYSE:CVNA) last announced its quarterly earnings results on Wednesday, October 28th. The company reported $0.39 EPS for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.05). The firm had revenue of $8.04 billion for the quarter, compared to the consensus estimate of $7.71 billion. Carvana had a net margin of 6.21% and a return on equity of 34.77%. Carvana’s quarterly revenue was up 42.4% on a year-over-year basis. During the same period in the previous year, the company posted $1.03 earnings per share. Equities research analysts anticipate that Carvana Co. will post 1.59 EPS for the current fiscal year.

Analyst Ratings Changes

CVNA has been the subject of a number of recent research reports. 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. Morgan Stanley restated an “overweight” rating on shares of Carvana in a research note on Thursday, October 29th. BTIG Research set a $82.00 target price on shares of Carvana and gave the stock a “buy” rating in a research note on Thursday, October 29th. Stephens reaffirmed an “overweight” rating and set a $83.00 price target (down from $91.50) on shares of Carvana in a report on Tuesday, October 6th. Finally, Oppenheimer set a $90.00 price target on shares of Carvana and gave the stock an “outperform” rating in a research report on Wednesday, September 30th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and eight have assigned a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $82.09.

Insider Buying and Selling at Carvana

In other news, insider Daniel J. Gill sold 253,639 shares of the firm’s stock in a transaction dated Tuesday, November 3rd. The shares were sold at an average price of $71.46, for a total value of $18,125,042.94. Following the completion of the sale, the insider owned 773,548 shares in the company, valued at approximately $55,277,740.08. This trade represents a 24.69% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Mark W. Jenkins sold 63,750 shares of Carvana stock in a transaction dated Thursday, October 1st. The stock was sold at an average price of $61.64, for a total transaction of $3,929,550.00. Following the transaction, the chief financial officer directly owned 1,142,502 shares of the company’s stock, valued at approximately $70,423,823.28. This represents a 5.28% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 606,320 shares of company stock valued at $42,716,866. Insiders own 15.19% of the company’s stock.

More Carvana News

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

Carvana Company Profile

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.