Mirae Asset Global Investments Co. Ltd. Sells 7,238 Shares of Carvana Co. (NYSE:CVNA)

Mirae Asset Global Investments Co. Ltd. cut its position in Carvana Co. (NYSE:CVNA) by 8.8% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 75,448 shares of the company’s stock after selling 7,238 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Carvana were worth $3,994,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently bought and sold shares of the company. Geneos Wealth Management Inc. boosted its position in shares of Carvana by 17.0% in the first quarter. Geneos Wealth Management Inc. now owns 1,929 shares of the company’s stock valued at $230,000 after acquiring an additional 280 shares during the period. Diversified Trust Co raised its stake in Carvana by 6.0% during the 4th quarter. Diversified Trust Co now owns 5,659 shares of the company’s stock valued at $300,000 after purchasing an additional 319 shares during the last quarter. Arizona State Retirement System boosted its holdings in Carvana by 1.5% in the 3rd quarter. Arizona State Retirement System now owns 25,698 shares of the company’s stock valued at $1,079,000 after purchasing an additional 377 shares during the period. Mackenzie Financial Corp grew its position in Carvana by 21.4% in the 1st quarter. Mackenzie Financial Corp now owns 2,428 shares of the company’s stock worth $290,000 after purchasing an additional 428 shares during the last quarter. Finally, 1832 Asset Management L.P. bought a new position in shares of Carvana during the 1st quarter worth about $59,000. Institutional investors own 56.71% of the company’s stock.

Insider Activity

In related news, insider Paul W. Breaux sold 20,000 shares of the stock in a transaction that occurred on Friday, March 8th. The stock was sold at an average price of $89.00, for a total transaction of $1,780,000.00. Following the sale, the insider now directly owns 115,032 shares in the company, valued at approximately $10,237,848. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, insider Paul W. Breaux sold 20,000 shares of Carvana stock in a transaction dated Friday, March 8th. The stock was sold at an average price of $89.00, for a total value of $1,780,000.00. Following the completion of the transaction, the insider now directly owns 115,032 shares of the company’s stock, valued at $10,237,848. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Thomas Taira sold 4,197 shares of the company’s stock in a transaction dated Tuesday, April 2nd. The stock was sold at an average price of $82.84, for a total transaction of $347,679.48. Following the transaction, the insider now owns 164,827 shares in the company, valued at approximately $13,654,268.68. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 187,883 shares of company stock worth $15,505,178. Insiders own 17.18% of the company’s stock.

Carvana Stock Performance

Shares of NYSE:CVNA opened at $70.60 on Wednesday. The company’s fifty day moving average is $74.05 and its 200-day moving average is $51.87. Carvana Co. has a 52 week low of $6.70 and a 52 week high of $94.04. The company has a market capitalization of $14.25 billion, a PE ratio of 130.74 and a beta of 3.32.

Carvana (NYSE:CVNA) last announced its quarterly earnings results on Thursday, February 22nd. The company reported ($1.00) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.95) by ($0.05). The company had revenue of $2.42 billion for the quarter, compared to analysts’ expectations of $2.56 billion. The firm’s revenue was down 14.6% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.97) earnings per share. On average, analysts forecast that Carvana Co. will post -3.4 EPS for the current year.

Analysts Set New Price Targets

A number of research firms recently weighed in on CVNA. Evercore ISI decreased their target price on Carvana from $78.00 to $77.00 and set an “in-line” rating on the stock in a research report on Tuesday. JMP Securities lifted their price objective on Carvana from $60.00 to $80.00 and gave the stock a “market outperform” rating in a report on Friday, February 23rd. Royal Bank of Canada upgraded Carvana from an “underperform” rating to a “sector perform” rating and boosted their price objective for the company from $45.00 to $90.00 in a research report on Friday, March 8th. William Blair raised Carvana from a “market perform” rating to an “outperform” rating in a research report on Friday, February 23rd. Finally, Wedbush boosted their price target on shares of Carvana from $40.00 to $50.00 and gave the company a “neutral” rating in a report on Tuesday, February 20th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, Carvana has a consensus rating of “Hold” and a consensus target price of $50.53.

About Carvana

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.