iA Global Asset Management Inc. Takes Position in Carvana Co. $CVNA

iA Global Asset Management Inc. bought a new stake in Carvana Co. (NYSE:CVNA) during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 2,906 shares of the company’s stock, valued at approximately $1,096,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in CVNA. Los Angeles Capital Management LLC increased its holdings in shares of Carvana by 1,950.7% in the 2nd quarter. Los Angeles Capital Management LLC now owns 111,190 shares of the company’s stock valued at $37,467,000 after acquiring an additional 105,768 shares during the last quarter. Hudson Bay Capital Management LP increased its stake in Carvana by 158.0% in the second quarter. Hudson Bay Capital Management LP now owns 16,478 shares of the company’s stock valued at $5,552,000 after purchasing an additional 10,090 shares during the last quarter. Massachusetts Financial Services Co. MA raised its holdings in Carvana by 11.2% during the third quarter. Massachusetts Financial Services Co. MA now owns 637,462 shares of the company’s stock worth $240,476,000 after purchasing an additional 64,424 shares in the last quarter. Allspring Global Investments Holdings LLC raised its holdings in Carvana by 14.2% during the third quarter. Allspring Global Investments Holdings LLC now owns 193,879 shares of the company’s stock worth $76,662,000 after purchasing an additional 24,129 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership purchased a new stake in shares of Carvana during the 2nd quarter worth approximately $183,102,000. Institutional investors and hedge funds own 56.71% of the company’s stock.

Insider Activity

In related news, insider Daniel J. Gill sold 40,000 shares of Carvana stock in a transaction on Friday, December 12th. The shares were sold at an average price of $475.24, for a total value of $19,009,600.00. Following the transaction, the insider directly owned 191,106 shares in the company, valued at $90,821,215.44. This trade represents a 17.31% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Mark W. Jenkins sold 12,750 shares of the business’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 completion of the transaction, the chief financial officer directly owned 204,036 shares in the company, valued at $82,230,588.72. This represents a 5.88% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 467,626 shares of company stock valued at $192,090,109. 17.12% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

CVNA has been the topic of a number of recent analyst reports. Bank of America increased their target price on shares of Carvana from $455.00 to $515.00 and gave the company a “buy” rating in a research report on Tuesday, January 13th. Stephens upped their price objective on shares of Carvana from $454.00 to $519.00 and gave the company an “overweight” rating in a research note on Friday, January 9th. Weiss Ratings reiterated a “hold (c)” rating on shares of Carvana in a research report on Monday, December 29th. Evercore ISI boosted their target price on Carvana from $420.00 to $425.00 and gave the company an “in-line” rating in a report on Tuesday, December 23rd. Finally, Barclays raised their price target on Carvana from $465.00 to $530.00 and gave the stock an “overweight” rating in a research note on Wednesday. Nineteen investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, Carvana has a consensus rating of “Moderate Buy” and an average target price of $468.59.

Carvana Stock Performance

NYSE CVNA opened at $473.08 on Friday. The firm has a market cap of $102.91 billion, a P/E ratio of 108.01, a P/E/G ratio of 1.14 and a beta of 3.54. Carvana Co. has a 52-week low of $148.25 and a 52-week high of $486.89. The business’s 50-day moving average price is $420.06 and its 200 day moving average price is $376.03. The company has a quick ratio of 2.55, a current ratio of 4.05 and a debt-to-equity ratio of 1.63.

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

Carvana Company 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.