PNC Financial Services Group Inc. Acquires 8,069 Shares of Carvana Co. $CVNA

PNC Financial Services Group Inc. boosted its holdings in Carvana Co. (NYSE:CVNA) by 169.9% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 12,817 shares of the company’s stock after buying an additional 8,069 shares during the period. PNC Financial Services Group Inc.’s holdings in Carvana were worth $4,029,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Oslo Pensjonsforsikring AS purchased a new stake in shares of Carvana during the first quarter worth $169,000. Andra AP fonden boosted its holdings in shares of Carvana by 360.0% in the first quarter. Andra AP fonden now owns 3,312 shares of the company’s stock worth $1,041,000 after acquiring an additional 2,592 shares during the period. Meeder Advisory Services Inc. grew its position in shares of Carvana by 3.9% in the first quarter. Meeder Advisory Services Inc. now owns 1,993 shares of the company’s stock valued at $627,000 after purchasing an additional 75 shares in the last quarter. Dimensional Fund Advisors LP grew its position in shares of Carvana by 10.4% in the first quarter. Dimensional Fund Advisors LP now owns 604,729 shares of the company’s stock valued at $190,009,000 after purchasing an additional 57,040 shares in the last quarter. Finally, Parallel Advisors LLC raised its stake in shares of Carvana by 24.1% during the 1st quarter. Parallel Advisors LLC now owns 933 shares of the company’s stock valued at $294,000 after purchasing an additional 181 shares during the period. Institutional investors own 56.71% of the company’s stock.

Carvana Trading Up 5.8%

Carvana stock opened at $63.99 on Tuesday. The stock has a market cap of $70.19 billion, a P/E ratio of 38.93, a PEG ratio of 13.57 and a beta of 3.46. Carvana Co. has a fifty-two week low of $54.46 and a fifty-two week high of $97.38. The firm’s fifty day moving average price is $66.95 and its 200-day moving average price is $71.37. The company has a debt-to-equity ratio of 1.05, a quick ratio of 2.57 and a current ratio of 4.09.

Carvana (NYSE:CVNA) last posted its earnings results on Wednesday, April 29th. The company reported $1.69 EPS for the quarter, topping the consensus estimate of $0.32 by $1.37. The business had revenue of $6.43 billion during 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%. Equities research analysts forecast that Carvana Co. will post 1.63 earnings per share for the current fiscal year.

Insider Transactions at Carvana

In other news, Director J Danforth Quayle sold 14,525 shares of Carvana stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $70.00, for a total transaction of $1,016,750.00. Following the completion of the sale, the director owned 214,960 shares in the company, valued at approximately $15,047,200. This trade represents a 6.33% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Stephen R. Palmer sold 5,000 shares of the business’s stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $68.53, for a total value of $342,650.00. Following the transaction, the vice president directly owned 144,934 shares of the company’s stock, valued at $9,932,327.02. The trade was a 3.33% decrease in their position. 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 quarter, insiders have sold 396,962 shares of company stock worth $28,525,088. 15.19% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on CVNA. Evercore increased their price objective on Carvana from $78.00 to $80.00 in a report on Tuesday, April 28th. DA Davidson lifted their target price on Carvana from $64.00 to $67.00 and gave the company a “neutral” rating in a report on Friday, May 1st. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $107.40 price target on shares of Carvana in a research report on Thursday, April 30th. Argus lowered their price target on shares of Carvana from $500.00 to $100.00 in a report on Monday, May 11th. Finally, BNP Paribas Exane raised their price objective on shares of Carvana from $77.60 to $85.80 in a research report on Thursday, April 30th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $92.65.

Carvana 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.