First Citizens Bank & Trust Co. Buys New Holdings in Carvana Co. $CVNA

First Citizens Bank & Trust Co. purchased a new position in shares of Carvana Co. (NYSE:CVNA) during the 3rd quarter, Holdings Channel.com reports. The firm purchased 10,890 shares of the company’s stock, valued at approximately $681,000.

Several other large investors have also made changes to their positions in CVNA. State Street Corp increased its stake in Carvana by 417.1% in the second quarter. State Street Corp now owns 29,435,364 shares of the company’s stock valued at $1,937,436,000 after acquiring an additional 23,742,422 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Carvana by 345.8% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,325,237 shares of the company’s stock valued at $218,867,000 after purchasing an additional 2,579,295 shares in the last quarter. Amundi boosted its holdings in shares of Carvana by 379.7% in the 2nd quarter. Amundi now owns 2,421,045 shares of the company’s stock valued at $159,353,000 after purchasing an additional 1,916,349 shares in the last quarter. The Manufacturers Life Insurance Company increased its stake in shares of Carvana by 384.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 1,898,095 shares of the company’s stock valued at $124,933,000 after purchasing an additional 1,506,145 shares during the last quarter. Finally, Bank of America Corp DE increased its stake in shares of Carvana by 372.0% in the 2nd quarter. Bank of America Corp DE now owns 1,791,844 shares of the company’s stock valued at $117,939,000 after purchasing an additional 1,412,188 shares during the last quarter. Institutional investors and hedge funds own 56.71% of the company’s stock.

Carvana Trading Down 2.8%

NYSE CVNA opened at $58.95 on Friday. The business’s 50-day moving average price is $68.05 and its two-hundred day moving average price is $68.58. Carvana Co. has a 12 month low of $54.46 and a 12 month high of $97.38. The firm has a market capitalization of $64.87 billion, a PE ratio of 33.53, a price-to-earnings-growth ratio of 1.78 and a beta of 3.55. The company has a current ratio of 3.93, a quick ratio of 2.33 and a debt-to-equity ratio of 0.94.

Carvana (NYSE:CVNA) last issued its quarterly earnings data on Wednesday, July 29th. The company reported $0.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.39 by $0.03. The company had revenue of $7.38 billion during the quarter, compared to the consensus estimate of $6.90 billion. Carvana had a return on equity of 37.06% and a net margin of 6.26%. The firm’s revenue was up 52.4% compared to the same quarter last year. During the same period last year, the company earned $1.51 earnings per share. On average, analysts expect that Carvana Co. will post 1.65 EPS for the current year.

Analysts Set New Price Targets

CVNA has been the subject of several recent analyst reports. Robert W. Baird set a $72.00 price objective on Carvana in a research report on Thursday, July 30th. Citizens Jmp decreased their target price on Carvana from $103.00 to $83.00 and set a “market outperform” rating on the stock in a research report on Thursday, July 30th. Oppenheimer set a $90.00 target price on Carvana and gave the company an “outperform” rating in a research report on Wednesday, September 30th. Zacks Research downgraded Carvana from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 15th. Finally, BNP Paribas Exane dropped their target price on shares of Carvana from $86.00 to $69.00 and set a “hold” rating for the company in a report on Thursday, July 30th. One research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $83.04.

Insider Buying and Selling at Carvana

In other news, CFO Mark W. Jenkins sold 63,750 shares of the business’s stock in a transaction that occurred on Thursday, October 1st. The shares were sold at an average price of $61.64, for a total value of $3,929,550.00. Following the transaction, the chief financial officer owned 1,142,502 shares in the company, valued at approximately $70,423,823.28. The trade was a 5.28% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Benjamin Huston sold 50,000 shares of the company’s stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $71.55, for a total transaction of $3,577,500.00. Following the completion of the sale, the chief operating officer directly owned 478,693 shares in the company, valued at approximately $34,250,484.15. This represents a 9.46% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 358,161 shares of company stock worth $24,164,285. Company insiders own 15.19% of the company’s stock.

Carvana Company Profile

Carvana Co is an online used-car retailer that enables customers to research, purchase, finance, trade in and sell vehicles through its digital platform. The company’s services are designed to allow customers to complete much of the vehicle-buying process online, including selecting a vehicle, arranging financing, completing documentation and scheduling delivery or pickup.

Carvana offers a broad selection of used cars, trucks and sport utility vehicles. Its platform includes vehicle listings with photographs and inspection information, while its operations support vehicle reconditioning, logistics and customer delivery.