214,564 Shares in Carvana Co. $CVNA Acquired by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. purchased a new stake in Carvana Co. (NYSE:CVNA) during the third quarter, according to its most recent filing with the SEC. The firm purchased 214,564 shares of the company’s stock, valued at approximately $13,419,000.

A number of other institutional investors and hedge funds have also made changes to their positions in CVNA. Annis Gardner Whiting Capital Advisors LLC lifted its position in shares of Carvana by 152.6% during the first quarter. Annis Gardner Whiting Capital Advisors LLC now owns 96 shares of the company’s stock valued at $30,000 after buying an additional 58 shares during the last quarter. Meeder Advisory Services Inc. boosted its holdings in shares of Carvana by 3.9% in the 1st quarter. Meeder Advisory Services Inc. now owns 1,993 shares of the company’s stock valued at $627,000 after buying an additional 75 shares in the last quarter. Ascentis Independent Advisors purchased a new position in shares of Carvana in the 1st quarter worth approximately $26,000. Whipplewood Advisors LLC purchased a new position in shares of Carvana in the 1st quarter worth approximately $36,000. Finally, NorthRock Partners LLC raised its stake in shares of Carvana by 4.4% during the 2nd quarter. NorthRock Partners LLC now owns 4,135 shares of the company’s stock worth $272,000 after acquiring an additional 175 shares in the last quarter. 56.71% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, insider Daniel J. Gill sold 253,639 shares of the firm’s stock in a transaction on Tuesday, November 3rd. The stock was sold at an average price of $71.46, for a total value of $18,125,042.94. Following the completion of the transaction, the insider owned 773,548 shares in the company, valued at $55,277,740.08. This trade represents a 24.69% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director J Quayle sold 14,520 shares of Carvana stock in a transaction dated Friday, October 30th. The stock was sold at an average price of $68.88, for a total value of $1,000,137.60. Following the sale, the director directly owned 214,960 shares of the company’s stock, valued at approximately $14,806,444.80. This represents a 6.33% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 606,320 shares of company stock valued at $42,716,866. 15.19% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

CVNA has been the subject of a number of analyst reports. Needham & Company LLC decreased their target price on shares of Carvana from $120.00 to $100.00 and set a “buy” rating for the company in a research report on Thursday, October 29th. BTIG Research set a $82.00 price target on shares of Carvana and gave the stock a “buy” rating in a report on Thursday, October 29th. Citigroup reaffirmed a “market outperform” rating on shares of Carvana in a report on Wednesday, October 28th. BNP Paribas Exane reduced their price target on Carvana from $69.00 to $67.00 and set a “neutral” rating on the stock in a research report on Thursday, October 29th. Finally, Morgan Stanley reiterated an “overweight” rating on shares of Carvana in a report on Thursday, October 29th. One research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and eight have given a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $82.09.

Carvana Stock Performance

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 price-to-earnings-growth ratio of 1.85 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 firm’s 50-day moving average price is $65.81 and its 200-day moving average price is $69.20. Carvana Co. has a 52-week low of $54.46 and a 52-week high of $97.38.

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

Key Stories Impacting Carvana

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

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.