Central Pacific Bank Trust Division Reduces Position in Carvana Co. $CVNA

Central Pacific Bank Trust Division trimmed its holdings in shares of Carvana Co. (NYSE:CVNA) by 28.5% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 2,150 shares of the company’s stock after selling 855 shares during the quarter. Central Pacific Bank Trust Division’s holdings in Carvana were worth $724,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. AG2R LA Mondiale Gestion D Actifs purchased a new stake in shares of Carvana during the first quarter worth about $1,448,000. Swedbank AB increased its position in shares of Carvana by 29.2% during the first quarter. Swedbank AB now owns 69,013 shares of the company’s stock worth $14,429,000 after acquiring an additional 15,600 shares during the last quarter. Strs Ohio bought a new stake in Carvana in the first quarter valued at about $852,000. Geneos Wealth Management Inc. increased its holdings in Carvana by 251.4% in the first quarter. Geneos Wealth Management Inc. now owns 253 shares of the company’s stock valued at $53,000 after buying an additional 181 shares during the last quarter. Finally, IFM Investors Pty Ltd increased its holdings in Carvana by 0.6% in the first quarter. IFM Investors Pty Ltd now owns 21,061 shares of the company’s stock valued at $4,403,000 after buying an additional 135 shares during the last quarter. 56.71% of the stock is owned by hedge funds and other institutional investors.

Carvana Stock Performance

Shares of CVNA stock opened at $361.66 on Friday. The company has a quick ratio of 2.58, a current ratio of 4.00 and a debt-to-equity ratio of 2.51. The business has a 50 day moving average of $354.06 and a two-hundred day moving average of $290.39. Carvana Co. has a 52 week low of $140.23 and a 52 week high of $413.33. The company has a market cap of $77.83 billion, a P/E ratio of 90.64, a PEG ratio of 1.17 and a beta of 3.51.

Carvana (NYSE:CVNA) last issued its earnings results on Wednesday, July 30th. The company reported $1.28 EPS for the quarter, beating analysts’ consensus estimates of $1.09 by $0.19. Carvana had a return on equity of 40.57% and a net margin of 3.46%.The company had revenue of $4.84 billion during the quarter, compared to the consensus estimate of $4.54 billion. During the same period in the previous year, the firm posted ($0.05) earnings per share. Carvana’s quarterly revenue was up 41.9% compared to the same quarter last year. As a group, analysts anticipate that Carvana Co. will post 2.85 EPS for the current year.

Analysts Set New Price Targets

Several brokerages recently weighed in on CVNA. Piper Sandler boosted their price objective on Carvana from $340.00 to $440.00 and gave the company an “overweight” rating in a report on Thursday, July 31st. JPMorgan Chase & Co. boosted their price objective on Carvana from $350.00 to $415.00 and gave the company an “overweight” rating in a report on Thursday, July 31st. Royal Bank Of Canada boosted their price objective on Carvana from $400.00 to $460.00 and gave the company an “outperform” rating in a report on Thursday, July 31st. Citigroup reissued an “outperform” rating on shares of Carvana in a report on Thursday, July 31st. Finally, DA Davidson boosted their price objective on Carvana from $260.00 to $380.00 and gave the company a “neutral” rating in a report on Thursday, July 31st. Twelve research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $383.47.

Insider Activity at Carvana

In other news, major shareholder Ernest C. Garcia II sold 100,000 shares of the business’s stock in a transaction that occurred on Tuesday, July 8th. The stock was sold at an average price of $353.76, for a total transaction of $35,376,000.00. Following the completion of the transaction, the insider directly owned 36,437,346 shares in the company, valued at approximately $12,890,075,520.96. The trade was a 0.27% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, major shareholder Ernest C. Garcia II sold 93,376 shares of the business’s stock in a transaction that occurred on Thursday, July 31st. The stock was sold at an average price of $394.16, for a total value of $36,805,084.16. Following the transaction, the insider owned 6,624 shares of the company’s stock, valued at approximately $2,610,915.84. This represents a 93.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 2,423,157 shares of company stock valued at $856,602,667. Insiders own 17.12% of the company’s stock.

Carvana Company Profile

Carvana Co, together with its subsidiaries, operates an e-commerce platform for buying and selling used cars in the United States. Its platform allows customers to research and identify a vehicle; inspect it using company's 360-degree vehicle imaging technology; obtain financing and warranty coverage; purchase the vehicle; and schedule delivery or pick-up from their desktop or mobile devices.