Rakuten Investment Management Inc. Acquires New Position in Carvana Co. $CVNA

Rakuten Investment Management Inc. acquired a new stake in Carvana Co. (NYSE:CVNA) during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor acquired 8,767 shares of the company’s stock, valued at approximately $3,307,000.

Other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of Carvana by 1.8% during the 2nd quarter. Vanguard Group Inc. now owns 12,764,230 shares of the company’s stock valued at $4,301,035,000 after acquiring an additional 229,387 shares in the last quarter. State Street Corp boosted its position in Carvana by 15.0% during the second quarter. State Street Corp now owns 2,765,046 shares of the company’s stock valued at $931,710,000 after purchasing an additional 361,624 shares during the last quarter. Geode Capital Management LLC grew its stake in Carvana by 11.0% in the second quarter. Geode Capital Management LLC now owns 2,232,179 shares of the company’s stock valued at $750,301,000 after purchasing an additional 221,161 shares in the last quarter. Sands Capital Management LLC increased its position in Carvana by 1,374.3% in the 2nd quarter. Sands Capital Management LLC now owns 901,227 shares of the company’s stock worth $303,677,000 after purchasing an additional 840,096 shares during the last quarter. Finally, Norges Bank purchased a new stake in shares of Carvana during the 2nd quarter worth about $259,468,000. Institutional investors and hedge funds own 56.71% of the company’s stock.

Insiders Place Their Bets

In related news, VP Stephen R. Palmer sold 1,000 shares of the business’s stock in a transaction on Friday, January 2nd. The shares were sold at an average price of $419.48, for a total transaction of $419,480.00. Following the transaction, the vice president owned 38,744 shares of the company’s stock, valued at approximately $16,252,333.12. The trade was a 2.52% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Mark W. Jenkins sold 12,750 shares of the company’s stock in a transaction on Friday, January 2nd. The shares were sold at an average price of $403.02, for a total transaction of $5,138,505.00. Following the transaction, the chief financial officer owned 204,036 shares of the company’s stock, valued at approximately $82,230,588.72. The trade was a 5.88% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 467,626 shares of company stock valued at $192,090,109 in the last 90 days. 17.12% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on CVNA shares. Royal Bank Of Canada reiterated an “outperform” rating and set a $460.00 price target on shares of Carvana in a report on Thursday, October 30th. DA Davidson set a $360.00 target price on shares of Carvana in a research note on Thursday, October 30th. Citigroup increased their price target on shares of Carvana from $445.00 to $550.00 and gave the stock a “buy” rating in a research note on Friday, December 12th. JPMorgan Chase & Co. lifted their price objective on shares of Carvana from $425.00 to $490.00 and gave the company an “overweight” rating in a research note on Tuesday, October 21st. Finally, BTIG Research upped their price objective on shares of Carvana from $450.00 to $535.00 and gave the stock a “buy” rating in a report on Thursday, January 15th. Nineteen analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, Carvana has a consensus rating of “Moderate Buy” and an average target price of $468.59.

Carvana Trading Up 4.9%

Carvana stock opened at $477.44 on Friday. The business’s 50-day simple moving average is $416.97 and its 200-day simple moving average is $375.02. Carvana Co. has a 52 week low of $148.25 and a 52 week high of $485.33. The firm has a market capitalization of $103.86 billion, a PE ratio of 109.00, a PEG ratio of 1.09 and a beta of 3.54. The company has a debt-to-equity ratio of 1.63, a quick ratio of 2.55 and a current ratio of 4.05.

Carvana (NYSE:CVNA) last released its earnings results on Wednesday, October 29th. The company reported $1.03 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.29 by ($0.26). Carvana had a net margin of 3.44% and a return on equity of 30.62%. The business had revenue of $5.65 billion during the quarter, compared to analyst estimates of $5.04 billion. During the same period last year, the business earned $0.64 EPS. The business’s quarterly revenue was up 54.5% compared to the same quarter last year. Equities research analysts forecast that Carvana Co. will post 2.85 earnings per share for the current year.

About Carvana

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.