Carvana Co. (NYSE:CVNA) Shares Bought by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. grew its stake in Carvana Co. (NYSE:CVNA) by 3.3% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,227 shares of the company’s stock after buying an additional 72 shares during the period. PNC Financial Services Group Inc.’s holdings in Carvana were worth $466,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Blueshift Asset Management LLC lifted its position in Carvana by 100.6% in the first quarter. Blueshift Asset Management LLC now owns 7,147 shares of the company’s stock valued at $1,494,000 after acquiring an additional 3,585 shares during the last quarter. Commerce Bank grew its holdings in shares of Carvana by 1.6% during the first quarter. Commerce Bank now owns 4,446 shares of the company’s stock worth $930,000 after purchasing an additional 69 shares during the last quarter. Alberta Investment Management Corp increased its position in shares of Carvana by 15.0% during the first quarter. Alberta Investment Management Corp now owns 19,900 shares of the company’s stock worth $4,161,000 after purchasing an additional 2,600 shares in the last quarter. Natixis Advisors LLC lifted its holdings in shares of Carvana by 28.5% in the 1st quarter. Natixis Advisors LLC now owns 109,400 shares of the company’s stock valued at $22,873,000 after purchasing an additional 24,289 shares during the last quarter. Finally, Arkadios Wealth Advisors purchased a new stake in shares of Carvana in the 1st quarter valued at about $242,000. Institutional investors and hedge funds own 56.71% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on CVNA. Royal Bank Of Canada raised their price target on Carvana from $400.00 to $460.00 and gave the stock an “outperform” rating in a research note on Thursday, July 31st. Needham & Company LLC raised their target price on shares of Carvana from $340.00 to $500.00 and gave the stock a “buy” rating in a research report on Thursday, July 31st. Citigroup reaffirmed an “outperform” rating on shares of Carvana in a report on Thursday, July 31st. Wedbush upgraded shares of Carvana to a “hold” rating in a research note on Thursday, May 8th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Carvana from $350.00 to $415.00 and gave the company an “overweight” rating in a research note on Thursday, July 31st. Six equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $383.47.

Carvana Price Performance

Shares of NYSE:CVNA opened at $350.17 on Thursday. Carvana Co. has a 52 week low of $124.39 and a 52 week high of $413.33. The company has a 50-day moving average price of $337.83 and a 200 day moving average price of $274.03. The company has a market cap of $75.36 billion, a P/E ratio of 87.76, a PEG ratio of 1.14 and a beta of 3.57. The company has a quick ratio of 2.58, a current ratio of 4.00 and a debt-to-equity ratio of 2.51.

Carvana (NYSE:CVNA) last posted its quarterly earnings results on Wednesday, July 30th. The company reported $1.28 EPS for the quarter, beating the consensus estimate of $1.09 by $0.19. Carvana had a return on equity of 40.57% and a net margin of 3.46%. The business had revenue of $4.84 billion during the quarter, compared to analysts’ expectations of $4.54 billion. During the same period last year, the firm earned ($0.05) EPS. The company’s quarterly revenue was up 41.9% compared to the same quarter last year. Research analysts predict that Carvana Co. will post 2.85 earnings per share for the current year.

Insider Buying and Selling at Carvana

In related news, major shareholder Ernest C. Garcia II sold 100,000 shares of the firm’s stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $346.99, for a total value of $34,699,000.00. Following the completion of the sale, the insider owned 37,092,317 shares in the company, valued at $12,870,663,075.83. This trade represents a 0.27% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Ernest C. Garcia II sold 93,376 shares of the company’s stock in a transaction dated Thursday, July 31st. The stock was sold at an average price of $394.16, for a total transaction of $36,805,084.16. Following the transaction, the insider owned 6,624 shares in the company, valued at $2,610,915.84. The trade was a 93.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,881,302 shares of company stock valued at $1,001,283,751 in the last quarter. 17.12% of the stock is currently owned by company insiders.

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.