Northern Trust Corp increased its position in Carvana Co (NYSE:CVNA) by 154.0% in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 380,552 shares of the company’s stock after acquiring an additional 230,704 shares during the quarter. Northern Trust Corp’s holdings in Carvana were worth $15,831,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. First Mercantile Trust Co. purchased a new stake in Carvana in the 2nd quarter worth about $122,000. Global X Management Co LLC purchased a new stake in Carvana in the 2nd quarter worth about $124,000. Legal & General Group Plc increased its holdings in Carvana by 61.1% in the 2nd quarter. Legal & General Group Plc now owns 4,251 shares of the company’s stock worth $177,000 after acquiring an additional 1,612 shares during the last quarter. United Services Automobile Association purchased a new stake in Carvana in the 2nd quarter worth about $206,000. Finally, Wsfs Capital Management LLC purchased a new stake in Carvana in the 2nd quarter worth about $208,000. 25.95% of the stock is owned by institutional investors.
In other news, major shareholder Ddfs Partnership Lp sold 253,877 shares of the business’s stock in a transaction dated Tuesday, September 11th. The stock was sold at an average price of $69.30, for a total transaction of $17,593,676.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Ernest C. Garcia II sold 99,092 shares of the business’s stock in a transaction dated Thursday, October 4th. The stock was sold at an average price of $53.84, for a total value of $5,335,113.28. Following the transaction, the insider now directly owns 52,937,458 shares of the company’s stock, valued at approximately $2,850,152,738.72. The disclosure for this sale can be found here. Insiders have sold a total of 2,471,036 shares of company stock valued at $151,403,886 in the last ninety days. Insiders own 21.69% of the company’s stock.
Carvana (NYSE:CVNA) last posted its earnings results on Wednesday, August 8th. The company reported ($0.37) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.34) by ($0.03). The company had revenue of $475.29 million for the quarter, compared to analysts’ expectations of $425.16 million. Carvana had a negative net margin of 5.30% and a negative return on equity of 33.44%. The firm’s quarterly revenue was up 127.0% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.28) EPS. Equities analysts expect that Carvana Co will post -1.5 EPS for the current fiscal year.
CVNA has been the subject of several recent research reports. Zacks Investment Research raised Carvana from a “sell” rating to a “hold” rating in a report on Tuesday, October 9th. Robert W. Baird lifted their price objective on Carvana from $33.00 to $53.00 and gave the stock an “outperform” rating in a report on Monday, July 9th. Citigroup lifted their price objective on Carvana from $67.00 to $77.00 and gave the stock a “buy” rating in a report on Tuesday, September 11th. They noted that the move was a valuation call. Stephens initiated coverage on Carvana in a report on Tuesday, September 4th. They issued an “equal weight” rating for the company. Finally, JMP Securities lifted their price objective on Carvana from $35.00 to $63.00 and gave the stock a “market outperform” rating in a report on Thursday, August 9th. One research analyst has rated the stock with a sell rating, four have given a hold rating and ten have given a buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $55.86.
Carvana Co, together with its subsidiaries, operates an e-commerce platform for buying used cars in the United States. The company purchases, reconditions, sells, and delivers vehicles. Its platform allows customers to research and identify a vehicle; inspect it using company's proprietary 360-degree vehicle imaging technology; obtain financing and warranty coverage; purchase the vehicle; and schedule delivery or pick-up.
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