Sumitomo Mitsui Trust Group Inc. Invests $439,000 in Carvana Co. (NYSE:CVNA)

Sumitomo Mitsui Trust Group Inc. acquired a new stake in Carvana Co. (NYSE:CVNA) during the third quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 2,520 shares of the company’s stock, valued at approximately $439,000.

Several other institutional investors and hedge funds also recently made changes to their positions in CVNA. Entropy Technologies LP lifted its stake in Carvana by 428.5% in the third quarter. Entropy Technologies LP now owns 23,541 shares of the company’s stock valued at $4,099,000 after buying an additional 19,087 shares during the period. State of New Jersey Common Pension Fund D increased its stake in shares of Carvana by 5.4% in the 3rd quarter. State of New Jersey Common Pension Fund D now owns 39,281 shares of the company’s stock valued at $6,839,000 after acquiring an additional 2,004 shares in the last quarter. Colonial River Investments LLC acquired a new position in shares of Carvana during the 3rd quarter valued at $786,000. Axxcess Wealth Management LLC bought a new position in Carvana during the third quarter worth $784,000. Finally, Sigma Planning Corp acquired a new stake in Carvana in the third quarter worth $228,000. Institutional investors own 56.71% of the company’s stock.

Insider Activity

In other news, major shareholder Ernest C. Garcia II sold 100,000 shares of Carvana stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $155.94, for a total value of $15,594,000.00. Following the completion of the transaction, the insider now owns 90,814 shares in the company, valued at $14,161,535.16. This trade represents a 52.41 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Mark W. Jenkins sold 20,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $241.78, for a total transaction of $4,835,600.00. Following the completion of the sale, the chief financial officer now directly owns 170,732 shares in the company, valued at approximately $41,279,582.96. This trade represents a 10.49 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,427,249 shares of company stock valued at $437,470,322 in the last three months. Company insiders own 17.18% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently issued reports on CVNA. Wells Fargo & Company increased their price objective on shares of Carvana from $175.00 to $250.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 23rd. Morgan Stanley upgraded Carvana from an “underweight” rating to an “equal weight” rating and increased their price target for the stock from $110.00 to $260.00 in a report on Tuesday, November 5th. Bank of America boosted their price objective on Carvana from $185.00 to $210.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Jefferies Financial Group increased their target price on Carvana from $150.00 to $185.00 and gave the stock a “hold” rating in a report on Tuesday, October 22nd. Finally, Citigroup lifted their price target on shares of Carvana from $125.00 to $195.00 and gave the company a “neutral” rating in a research report on Thursday, October 3rd. Eleven investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $217.71.

Carvana Stock Performance

Shares of CVNA opened at $249.38 on Wednesday. The stock has a 50 day moving average of $197.26 and a 200 day moving average of $151.96. The company has a market capitalization of $51.78 billion, a price-to-earnings ratio of 24,962.96 and a beta of 3.37. Carvana Co. has a 12 month low of $29.84 and a 12 month high of $259.39. The company has a current ratio of 3.25, a quick ratio of 2.12 and a debt-to-equity ratio of 18.99.

Carvana (NYSE:CVNA) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $0.64 earnings per share for the quarter, beating the consensus estimate of $0.23 by $0.41. The company had revenue of $3.66 billion for the quarter, compared to the consensus estimate of $3.47 billion. Carvana’s quarterly revenue was up 31.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.23 EPS. As a group, sell-side analysts forecast that Carvana Co. will post 0.62 earnings per share for the current year.

Carvana Company Profile

Carvana Co, together with its subsidiaries, operates an e-commerce platform for buying and selling used cars in the United States. Its platform allows customers to research and identify a vehicle; inspect it using company's 360-degree vehicle imaging technology; obtain financing and warranty coverage; purchase the vehicle; and schedule delivery or pick-up from their desktop or mobile devices.