Handelsbanken Fonder AB Sells 1,700 Shares of Carvana Co. (NYSE:CVNA)

Handelsbanken Fonder AB trimmed its holdings in Carvana Co. (NYSE:CVNA) by 8.9% in the 4th quarter, Holdings Channel reports. The fund owned 17,500 shares of the company’s stock after selling 1,700 shares during the quarter. Handelsbanken Fonder AB’s holdings in Carvana were worth $926,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Blue Trust Inc. bought a new position in shares of Carvana in the 4th quarter worth about $29,000. Vanguard Group Inc. increased its stake in shares of Carvana by 0.7% in the 3rd quarter. Vanguard Group Inc. now owns 9,367,976 shares of the company’s stock worth $393,268,000 after acquiring an additional 62,820 shares in the last quarter. Quantbot Technologies LP bought a new position in shares of Carvana in the 3rd quarter worth about $2,879,000. Charles Schwab Investment Management Inc. increased its stake in shares of Carvana by 56.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 778,561 shares of the company’s stock worth $32,684,000 after acquiring an additional 280,851 shares in the last quarter. Finally, TD Asset Management Inc bought a new position in shares of Carvana in the 3rd quarter worth about $22,906,000. 56.71% of the stock is currently owned by institutional investors.

Insider Transactions at Carvana

In other news, CEO Ernest C. Garcia III sold 9,390 shares of the stock in a transaction that occurred 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 transaction, the chief executive officer now owns 861,458 shares in the company, valued at approximately $71,354,566.14. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Neha Parikh bought 1,300 shares of the firm’s stock in a transaction on Friday, March 1st. The shares were bought at an average price of $77.00 per share, for a total transaction of $100,100.00. Following the purchase, the director now owns 58,495 shares in the company, valued at $4,504,115. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Ernest C. Garcia III sold 9,390 shares of the firm’s stock in a transaction that occurred on Tuesday, April 2nd. The stock was sold at an average price of $82.83, for a total transaction of $777,773.70. Following the sale, the chief executive officer now owns 861,458 shares in the company, valued at approximately $71,354,566.14. The disclosure for this sale can be found here. Insiders have sold 187,883 shares of company stock worth $15,505,178 in the last quarter. Company insiders own 17.12% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on CVNA. Royal Bank of Canada upgraded shares of Carvana from an “underperform” rating to a “sector perform” rating and increased their price target for the stock from $45.00 to $90.00 in a research note on Friday, March 8th. JPMorgan Chase & Co. increased their price objective on shares of Carvana from $65.00 to $70.00 and gave the company a “neutral” rating in a research report on Thursday, April 18th. Wedbush reissued a “neutral” rating and set a $80.00 price objective (up from $60.00) on shares of Carvana in a research report on Thursday. Robert W. Baird increased their price objective on shares of Carvana from $60.00 to $65.00 and gave the company a “neutral” rating in a research report on Friday, April 19th. Finally, Jefferies Financial Group raised shares of Carvana from an “underperform” rating to a “hold” rating and increased their price objective for the company from $30.00 to $85.00 in a research report on Tuesday, March 12th. One analyst has rated the stock with a sell rating, twelve have given a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $55.87.

Carvana Stock Up 8.8 %

Shares of NYSE CVNA opened at $84.31 on Monday. The firm’s 50-day moving average price is $77.47 and its 200-day moving average price is $53.92. Carvana Co. has a 52-week low of $6.70 and a 52-week high of $94.04. The company has a market cap of $17.02 billion, a PE ratio of 156.13 and a beta of 3.32.

Carvana (NYSE:CVNA) last issued its quarterly earnings data 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 firm had revenue of $2.42 billion for the quarter, compared to analysts’ expectations of $2.56 billion. During the same quarter in the previous year, the business earned ($0.97) EPS. The firm’s revenue for the quarter was down 14.6% on a year-over-year basis. As a group, equities research analysts anticipate that Carvana Co. will post -3.32 EPS for the current fiscal year.

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.