Allspring Global Investments Holdings LLC Has $68.15 Million Position in Carvana Co. $CVNA

Allspring Global Investments Holdings LLC lessened its holdings in shares of Carvana Co. (NYSE:CVNA) by 4.9% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 218,359 shares of the company’s stock after selling 11,174 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.10% of Carvana worth $68,148,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of the business. Wealthfront Advisers LLC increased its position in shares of Carvana by 2.0% during the first quarter. Wealthfront Advisers LLC now owns 27,919 shares of the company’s stock worth $8,777,000 after acquiring an additional 559 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of Carvana by 2.4% in the first quarter. Bank of New York Mellon Corp now owns 710,264 shares of the company’s stock worth $223,293,000 after purchasing an additional 16,692 shares during the last quarter. Checchi Capital Advisers LLC purchased a new stake in shares of Carvana in the first quarter worth approximately $212,000. Principal Financial Group Inc. lifted its holdings in shares of Carvana by 3.6% in the first quarter. Principal Financial Group Inc. now owns 161,426 shares of the company’s stock valued at $50,749,000 after purchasing an additional 5,568 shares in the last quarter. Finally, Fifth Third Bancorp lifted its holdings in shares of Carvana by 3,547.9% in the first quarter. Fifth Third Bancorp now owns 14,154 shares of the company’s stock valued at $4,450,000 after purchasing an additional 13,766 shares in the last quarter. Institutional investors and hedge funds own 56.71% of the company’s stock.

Insider Buying and Selling

In other news, Director J Danforth Quayle sold 14,525 shares of the company’s stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $70.00, for a total value of $1,016,750.00. Following the completion of the transaction, the director directly owned 214,960 shares in the company, valued at approximately $15,047,200. This represents a 6.33% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Thomas Taira sold 5,597 shares of the stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $67.15, for a total value of $375,838.55. Following the transaction, the insider owned 315,075 shares in the company, valued at $21,157,286.25. This trade represents a 1.75% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 396,962 shares of company stock valued at $28,525,088 in the last three months. 15.19% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on CVNA shares. Morgan Stanley upped their price target on Carvana from $90.00 to $102.00 and gave the stock an “overweight” rating in a report on Thursday, April 30th. Gordon Haskett lifted their price objective on shares of Carvana from $67.00 to $85.00 and gave the stock a “hold” rating in a report on Thursday, April 30th. Wells Fargo & Company upped their target price on shares of Carvana from $85.00 to $95.00 and gave the stock an “overweight” rating in a research note on Thursday, April 30th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Carvana in a report on Thursday, June 18th. Finally, Royal Bank Of Canada reiterated an “outperform” rating and issued a $92.00 target price on shares of Carvana in a report on Friday, June 12th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, Carvana presently has an average rating of “Moderate Buy” and an average target price of $92.92.

Carvana Stock Down 4.5%

Shares of NYSE CVNA opened at $67.50 on Friday. The company has a current ratio of 4.09, a quick ratio of 2.57 and a debt-to-equity ratio of 1.05. The business has a 50-day moving average of $67.86 and a 200-day moving average of $72.29. The firm has a market capitalization of $74.04 billion, a price-to-earnings ratio of 41.06, a PEG ratio of 11.90 and a beta of 3.46. Carvana Co. has a 12 month low of $54.46 and a 12 month high of $97.38.

Carvana (NYSE:CVNA) last announced its earnings results on Wednesday, April 29th. The company reported $1.69 earnings per share for the quarter, beating analysts’ consensus estimates of $0.32 by $1.37. The business had revenue of $6.43 billion for the quarter, compared to the consensus estimate of $6.12 billion. Carvana had a net margin of 6.40% and a return on equity of 41.46%. Sell-side analysts expect that Carvana Co. will post 1.58 earnings per share for the current fiscal year.

About Carvana

Carvana Co is an online-only retailer of used vehicles that operates a consumer-facing e-commerce platform for buying and selling cars. The company markets and sells inspected, reconditioned pre-owned vehicles through its website, where shoppers can browse inventory, view detailed 360-degree photos and vehicle history reports, finance purchases, and arrange delivery or pickup. Carvana’s model is built around a digital end-to-end car buying experience that aims to simplify vehicle transactions compared with traditional dealerships.

Its products and services include direct retail sales of used cars, trade-in and purchase offers for consumer vehicles, vehicle financing and related protection products, and a seven-day return policy that allows customers to test a vehicle in everyday use.