PNC Financial Services Group Inc. Increases Stock Position in Carvana Co. $CVNA

PNC Financial Services Group Inc. increased its position in shares of Carvana Co. (NYSE:CVNA) by 169.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 12,817 shares of the company’s stock after purchasing an additional 8,069 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Carvana were worth $4,029,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Oslo Pensjonsforsikring AS purchased a new stake in Carvana in the 1st quarter valued at about $169,000. Andra AP fonden boosted its stake in shares of Carvana by 360.0% in the 1st quarter. Andra AP fonden now owns 3,312 shares of the company’s stock worth $1,041,000 after buying an additional 2,592 shares during the last quarter. Meeder Advisory Services Inc. grew its holdings in shares of Carvana by 3.9% in the first quarter. Meeder Advisory Services Inc. now owns 1,993 shares of the company’s stock valued at $627,000 after acquiring an additional 75 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Carvana by 10.4% in the first 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 in the last quarter. Finally, Parallel Advisors LLC increased its position in shares of Carvana by 24.1% during the first quarter. Parallel Advisors LLC now owns 933 shares of the company’s stock valued at $294,000 after acquiring an additional 181 shares during the last quarter. 56.71% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages recently commented on CVNA. DA Davidson lifted their price target on Carvana from $64.00 to $67.00 and gave the stock a “neutral” rating in a report on Friday, May 1st. Jefferies Financial Group reduced their price objective on Carvana from $95.00 to $90.00 and set a “buy” rating for the company in a research note on Tuesday, July 14th. Robert W. Baird set a $88.00 target price on Carvana in a research report on Friday, May 15th. BTIG Research reiterated a “buy” rating and set a $97.00 target price on shares of Carvana in a research note on Friday, June 5th. Finally, Stephens boosted their price target on shares of Carvana from $86.00 to $97.00 in a report on Thursday, April 30th. One research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $92.65.

Carvana Price Performance

Carvana stock opened at $63.99 on Tuesday. Carvana Co. has a 12 month low of $54.46 and a 12 month high of $97.38. The company has a current ratio of 4.09, a quick ratio of 2.57 and a debt-to-equity ratio of 1.05. The business’s 50 day simple moving average is $66.95 and its 200 day simple moving average is $71.37. The company has a market cap of $70.19 billion, a price-to-earnings ratio of 38.93, a PEG ratio of 13.57 and a beta of 3.46.

Carvana (NYSE:CVNA) last announced its quarterly earnings data on Wednesday, April 29th. The company reported $1.69 earnings per share for the quarter, beating the consensus estimate of $0.32 by $1.37. Carvana had a return on equity of 41.46% and a net margin of 6.40%.The business had revenue of $6.43 billion during the quarter, compared to analyst estimates of $6.12 billion. Sell-side analysts forecast that Carvana Co. will post 1.63 EPS for the current year.

Insider Activity

In related news, insider Thomas Taira sold 5,597 shares of the business’s stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $67.15, for a total value of $375,838.55. Following the sale, the insider directly owned 315,075 shares in the company, valued at approximately $21,157,286.25. The trade was a 1.75% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Mark W. Jenkins sold 63,750 shares of the business’s stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $77.44, for a total value of $4,936,672.50. Following the completion of the sale, the chief financial officer owned 1,050,635 shares in the company, valued at $81,359,073.13. This represents a 5.72% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 396,962 shares of company stock worth $28,525,088. 15.19% of the stock is owned by company insiders.

Carvana Company Profile

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.