Carvana (NYSE:CVNA) Director Ira Platt Sells 30,000 Shares of Stock

Carvana Co. (NYSE:CVNA) Director Ira Platt sold 30,000 shares of the business’s stock in a transaction 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 sale, the director owned 186,470 shares of the company’s stock, valued at approximately $13,377,357.80. The trade was a 13.86% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Carvana Trading Down 0.9%

Shares of CVNA opened at $71.38 on Wednesday. The company has a quick ratio of 2.43, a current ratio of 4.05 and a debt-to-equity ratio of 0.86. Carvana Co. has a 12-month low of $54.46 and a 12-month high of $97.38. The firm 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 fifty day simple moving average is $65.81 and its 200-day simple moving average is $69.20.

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

Analyst Ratings Changes

Several research analysts have recently issued reports on CVNA shares. Jefferies Financial Group reaffirmed a “buy” rating on shares of Carvana in a research note on Thursday, October 29th. BTIG Research set a $82.00 price target on shares of Carvana and gave the stock a “buy” rating in a research note on Thursday, October 29th. Weiss Ratings lowered shares of Carvana from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday, September 22nd. Citigroup restated a “market outperform” rating on shares of Carvana in a report on Wednesday, October 28th. Finally, Evercore set a $75.00 price objective on shares of Carvana in a research note on Thursday, July 30th. One research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and eight have assigned a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $82.09.

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

Institutional Investors Weigh In On Carvana

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. State Street Corp boosted its holdings in Carvana by 417.1% during the second quarter. State Street Corp now owns 29,435,364 shares of the company’s stock worth $1,937,436,000 after buying an additional 23,742,422 shares during the last quarter. Spruce House Investment Management LLC increased its stake in shares of Carvana by 2.6% in the 1st quarter. Spruce House Investment Management LLC now owns 2,335,000 shares of the company’s stock valued at $734,077,000 after acquiring an additional 60,000 shares during the last quarter. Bank of New York Mellon Corp increased its stake in shares of Carvana by 2.4% in the 1st quarter. Bank of New York Mellon Corp now owns 710,264 shares of the company’s stock valued at $223,293,000 after acquiring an additional 16,692 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Carvana by 345.8% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,325,237 shares of the company’s stock valued at $218,867,000 after acquiring an additional 2,579,295 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its position in shares of Carvana by 10.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 604,729 shares of the company’s stock valued at $190,009,000 after acquiring an additional 57,040 shares during the period. Institutional investors own 56.71% of the company’s stock.

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.