Mirae Asset Global Investments Co. Ltd. Acquires New Position in Carvana Co. $CVNA

Mirae Asset Global Investments Co. Ltd. acquired a new stake in Carvana Co. (NYSE:CVNA) during the 3rd quarter, Holdings Channel.com reports. The fund acquired 214,564 shares of the company’s stock, valued at approximately $13,419,000.

Other large investors have also made changes to their positions in the company. Annis Gardner Whiting Capital Advisors LLC raised its holdings in shares of Carvana by 152.6% during the first quarter. Annis Gardner Whiting Capital Advisors LLC now owns 96 shares of the company’s stock worth $30,000 after purchasing an additional 58 shares during the last quarter. Meeder Advisory Services Inc. lifted its position in Carvana by 3.9% during the first quarter. Meeder Advisory Services Inc. now owns 1,993 shares of the company’s stock valued at $627,000 after purchasing an additional 75 shares during the period. Ascentis Independent Advisors acquired a new position in Carvana during the first quarter valued at $26,000. Whipplewood Advisors LLC purchased a new stake in Carvana in the first quarter valued at $36,000. Finally, NorthRock Partners LLC boosted its holdings in Carvana by 4.4% in the second quarter. NorthRock Partners LLC now owns 4,135 shares of the company’s stock valued at $272,000 after purchasing an additional 175 shares during the last quarter. 56.71% of the stock is owned by hedge funds and other institutional investors.

Carvana News Summary

Here are the key news stories impacting Carvana this week:

• Neutral Sentiment: CFO Mark Jenkins sold 63,750 shares and VP Stephen Palmer sold 5,000 shares. Both transactions were made under pre-arranged Rule 10b5-1 plans, which can make them less indicative of a change in the executives’ outlook. Jenkins SEC filing Palmer SEC filing
• Negative Sentiment: Other reported sales included insider Daniel Gill’s 253,639 shares, plus sales by directors J. Quayle and Ira Platt. The sales add to concerns about insider sentiment, although the filings do not establish the sellers’ reasons. Gill SEC filing
• Negative Sentiment: Analysts trimmed growth assumptions, resulting in a lower fair-value estimate for Carvana. This could weigh on the stock by tempering expectations for future performance. Carvana fair-value article

Carvana Price Performance

NYSE:CVNA opened at $71.38 on Wednesday. Carvana Co. has a 52 week low of $54.46 and a 52 week high of $97.38. The company has a quick ratio of 2.43, a current ratio of 4.05 and a debt-to-equity ratio of 0.86. The stock has a market capitalization of $78.55 billion, a PE ratio of 36.15, a price-to-earnings-growth ratio of 1.85 and a beta of 3.66. The stock’s 50-day moving average price is $65.81 and its 200-day moving average price is $69.20.

Carvana (NYSE:CVNA) last released its quarterly earnings results on Wednesday, October 28th. The company reported $0.39 earnings per share for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.05). The business had revenue of $8.04 billion during the quarter, compared to analyst estimates of $7.71 billion. Carvana had a return on equity of 34.77% and a net margin of 6.21%. The business’s revenue for the quarter was up 42.4% compared to the same quarter last year. During the same period in the previous year, the company posted $1.03 EPS. As a group, equities analysts expect that Carvana Co. will post 1.59 EPS for the current fiscal year.

Insider Activity

In other Carvana news, insider Daniel J. Gill sold 253,639 shares of the stock in a transaction dated Tuesday, November 3rd. The shares were sold at an average price of $71.46, for a total value of $18,125,042.94. Following the completion of the sale, the insider owned 773,548 shares in the company, valued at approximately $55,277,740.08. This represents a 24.69% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Ira J. Platt sold 30,000 shares of Carvana stock in a transaction that occurred on Tuesday, November 3rd. The stock was sold at an average price of $71.74, for a total value of $2,152,200.00. Following the transaction, the director owned 186,470 shares in the company, valued at approximately $13,377,357.80. The trade was a 13.86% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 606,320 shares of company stock worth $42,716,866. Company insiders own 15.19% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have weighed in on CVNA. Weiss Ratings lowered Carvana from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Tuesday, September 22nd. Oppenheimer set a $90.00 target price on Carvana and gave the stock an “outperform” rating in a research note on Wednesday, September 30th. Zacks Research cut Carvana from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 15th. Evercore set a $75.00 price target on Carvana in a report on Thursday, July 30th. Finally, Robert W. Baird set a $72.00 price target on Carvana in a report on Thursday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and eight have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $82.09.

Carvana Company Profile

Carvana Co (NYSE: CVNA) is an online automotive retailer that sells used vehicles through its digital platform. Customers can browse vehicles, review detailed descriptions and vehicle history information, arrange financing, complete transactions online and choose home delivery or pickup at a Carvana location.

The company also provides vehicle trade-in services and offers related products, including vehicle protection plans and other automotive services. Carvana is known for its automated, glass-enclosed vehicle vending machines, which provide an alternative pickup experience in select markets.

Founded in 2012 and headquartered in Tempe, Arizona, Carvana began operations as an online used-car retailer in 2013 and went public in 2017.