Carvana Co. $CVNA Shares Sold by Assetmark Inc.

Assetmark Inc. cut its stake in shares of Carvana Co. (NYSE:CVNA) by 37.5% during the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 13,448 shares of the company’s stock after selling 8,063 shares during the period. Assetmark Inc.’s holdings in Carvana were worth $4,228,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD boosted its stake in shares of Carvana by 8.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 17,726,838 shares of the company’s stock valued at $7,481,081,000 after buying an additional 1,407,762 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of Carvana by 24.7% during the fourth quarter. Vanguard Group Inc. now owns 16,783,101 shares of the company’s stock valued at $7,082,804,000 after purchasing an additional 3,328,115 shares during the last quarter. State Street Corp increased its position in Carvana by 93.7% in the fourth quarter. State Street Corp now owns 5,714,779 shares of the company’s stock worth $2,411,751,000 after buying an additional 2,764,759 shares during the period. Capital Research Global Investors increased its holdings in shares of Carvana by 42.9% in the 4th quarter. Capital Research Global Investors now owns 5,700,953 shares of the company’s stock worth $2,405,959,000 after acquiring an additional 1,711,144 shares during the period. Finally, Geode Capital Management LLC increased its stake in shares of Carvana by 55.4% in the fourth quarter. Geode Capital Management LLC now owns 3,880,711 shares of the company’s stock valued at $1,632,763,000 after purchasing an additional 1,382,852 shares during the period. 56.71% of the stock is owned by hedge funds and other institutional investors.

Carvana Stock Down 4.3%

Shares of NYSE:CVNA opened at $62.75 on Thursday. The company has a 50 day moving average of $67.31 and a 200-day moving average of $71.83. The stock has a market cap of $68.83 billion, a price-to-earnings ratio of 38.17, a P/E/G ratio of 10.69 and a beta of 3.46. Carvana Co. has a one year low of $54.46 and a one year high of $97.38. The company has a debt-to-equity ratio of 1.05, a current ratio of 4.09 and a quick ratio of 2.57.

Carvana (NYSE:CVNA) last posted its quarterly 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. Carvana had a return on equity of 41.46% and a net margin of 6.40%.The company had revenue of $6.43 billion for the quarter, compared to the consensus estimate of $6.12 billion. On average, sell-side analysts forecast that Carvana Co. will post 1.64 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on CVNA shares. BTIG Research reaffirmed a “buy” rating and set a $97.00 target price on shares of Carvana in a research note on Friday, June 5th. Citigroup reissued an “outperform” rating on shares of Carvana in a research report on Friday, May 1st. Barclays restated an “overweight” rating and issued a $94.00 price target (up from $93.00) on shares of Carvana in a research report on Tuesday. Robert W. Baird set a $88.00 target price on shares of Carvana in a research note on Friday, May 15th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Carvana from $91.00 to $93.00 and gave the company an “overweight” rating in a research note on Thursday, April 30th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $92.53.

Insider Buying and Selling

In other Carvana news, VP Stephen R. Palmer sold 5,000 shares of the stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $68.53, for a total value of $342,650.00. Following the sale, the vice president directly owned 144,934 shares in the company, valued at approximately $9,932,327.02. This trade represents a 3.33% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Benjamin E. Huston sold 50,000 shares of the firm’s stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $68.55, for a total value of $3,427,500.00. Following the sale, the chief operating officer directly owned 458,755 shares in the company, valued at $31,447,655.25. The trade was a 9.83% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 396,962 shares of company stock valued at $28,525,088. 15.19% of the stock is owned by company insiders.

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.