Carvana Co. (NYSE:CVNA) Shares Sold by Mackenzie Financial Corp

Mackenzie Financial Corp reduced its position in shares of Carvana Co. (NYSE:CVNA) by 20.5% during the fourth quarter, Holdings Channel.com reports. The fund owned 4,904 shares of the company’s stock after selling 1,268 shares during the quarter. Mackenzie Financial Corp’s holdings in Carvana were worth $260,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of the company. Diversified Trust Co increased its stake in Carvana by 6.0% in the 4th quarter. Diversified Trust Co now owns 5,659 shares of the company’s stock worth $300,000 after purchasing an additional 319 shares in the last quarter. Arizona State Retirement System increased its stake in Carvana by 1.5% in the 3rd quarter. Arizona State Retirement System now owns 25,698 shares of the company’s stock worth $1,079,000 after purchasing an additional 377 shares in the last quarter. Blue Trust Inc. purchased a new position in Carvana in the 4th quarter worth about $29,000. New York State Common Retirement Fund increased its stake in Carvana by 1.4% in the 3rd quarter. New York State Common Retirement Fund now owns 40,263 shares of the company’s stock worth $1,690,000 after purchasing an additional 563 shares in the last quarter. Finally, PFG Investments LLC increased its stake in Carvana by 2.5% in the 4th quarter. PFG Investments LLC now owns 25,438 shares of the company’s stock worth $1,347,000 after purchasing an additional 615 shares in the last quarter. 56.71% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, major shareholder Ernest C. Garcia II sold 50,000 shares of the company’s stock in a transaction that occurred on Thursday, April 11th. The stock was sold at an average price of $80.13, for a total transaction of $4,006,500.00. Following the completion of the transaction, the insider now directly owns 3,312,500 shares in the company, valued at $265,430,625. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, major shareholder Ernest C. Garcia II sold 50,000 shares of the company’s stock in a transaction on Thursday, April 11th. The stock was sold at an average price of $80.13, for a total value of $4,006,500.00. Following the completion of the transaction, the insider now directly owns 3,312,500 shares in the company, valued at $265,430,625. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Ernest C. Garcia III sold 9,390 shares of the company’s stock in a transaction on Tuesday, April 2nd. The shares were sold at an average price of $82.83, for a total value of $777,773.70. Following the completion of the transaction, the chief executive officer now owns 861,458 shares of the company’s stock, valued at $71,354,566.14. The disclosure for this sale can be found here. In the last ninety days, insiders sold 187,883 shares of company stock worth $15,505,178. 17.12% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of brokerages have commented on CVNA. Evercore ISI decreased their price objective on Carvana from $78.00 to $77.00 and set an “in-line” rating for the company in a research report on Tuesday, April 16th. Wedbush restated a “neutral” rating and set a $80.00 price objective (up from $60.00) on shares of Carvana in a research report on Thursday. JPMorgan Chase & Co. raised their price objective on Carvana from $65.00 to $70.00 and gave the stock a “neutral” rating in a research report on Thursday, April 18th. Royal Bank of Canada upgraded Carvana from an “underperform” rating to a “sector perform” rating and raised their price objective for the stock from $45.00 to $90.00 in a research report on Friday, March 8th. Finally, JMP Securities restated a “market outperform” rating and set a $80.00 price objective on shares of Carvana in a research report on Wednesday, April 17th. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $55.87.

Carvana Stock Performance

CVNA opened at $84.31 on Monday. The business has a 50 day moving average price of $77.47 and a 200 day moving average price of $53.92. Carvana Co. has a twelve month low of $6.70 and a twelve month high of $94.04. The firm has a market cap of $17.02 billion, a P/E ratio of 156.13 and a beta of 3.32.

Carvana (NYSE:CVNA) last posted its earnings results on Thursday, February 22nd. The company reported ($1.00) earnings per share for the quarter, missing the consensus estimate of ($0.95) by ($0.05). The company had revenue of $2.42 billion during the quarter, compared to analysts’ expectations of $2.56 billion. During the same period in the prior year, the business posted ($0.97) EPS. The business’s revenue was down 14.6% on a year-over-year basis. As a group, analysts anticipate that Carvana Co. will post -3.32 earnings per share for the current fiscal year.

Carvana Profile

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.