Nissay Asset Management Corp Japan Grows Stake in Carvana Co. $CVNA

Nissay Asset Management Corp Japan increased its position in shares of Carvana Co. (NYSE:CVNA) by 398.5% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 85,987 shares of the company’s stock after acquiring an additional 68,738 shares during the period. Nissay Asset Management Corp Japan’s holdings in Carvana were worth $5,660,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Navellier & Associates Inc. increased its position in shares of Carvana by 119.9% in the second quarter. Navellier & Associates Inc. now owns 32,153 shares of the company’s stock valued at $2,116,000 after buying an additional 17,531 shares in the last quarter. Kingsview Wealth Management LLC raised its stake in shares of Carvana by 334.1% during the 2nd quarter. Kingsview Wealth Management LLC now owns 20,304 shares of the company’s stock worth $1,336,000 after buying an additional 15,627 shares during the last quarter. Livforsakringsbolaget Skandia Omsesidigt purchased a new stake in shares of Carvana in the 2nd quarter worth about $263,000. Rakuten Investment Management Inc. boosted its position in shares of Carvana by 447.0% in the 2nd quarter. Rakuten Investment Management Inc. now owns 112,967 shares of the company’s stock worth $7,198,000 after buying an additional 92,316 shares in the last quarter. Finally, Fulcrum Asset Management LLP acquired a new stake in Carvana in the 2nd quarter valued at about $552,000. Institutional investors and hedge funds own 56.71% of the company’s stock.

Analysts Set New Price Targets

Several research firms have weighed in on CVNA. Evercore set a $75.00 target price on shares of Carvana in a report on Thursday, July 30th. Needham & Company LLC reiterated a “buy” rating and issued a $120.00 price target on shares of Carvana in a research report on Thursday, July 30th. Argus dropped their price objective on shares of Carvana from $500.00 to $100.00 in a research note on Monday, May 11th. UBS Group restated a “buy” rating and set a $83.00 price objective on shares of Carvana in a research report on Friday, July 31st. Finally, Weiss Ratings raised Carvana from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, August 5th. One research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and seven have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Carvana currently has an average rating of “Moderate Buy” and an average target price of $84.14.

Insider Buying and Selling at Carvana

In related news, COO Benjamin E. Huston sold 50,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $68.55, for a total transaction of $3,427,500.00. Following the sale, the chief operating officer owned 458,755 shares in the company, valued at approximately $31,447,655.25. This trade represents a 9.83% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Ira J. Platt sold 15,000 shares of Carvana stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of $75.50, for a total transaction of $1,132,500.00. Following the completion of the sale, the director directly owned 186,470 shares of the company’s stock, valued at $14,078,485. The trade was a 7.45% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 302,147 shares of company stock valued at $20,418,064. 15.19% of the stock is owned by corporate insiders.

Carvana Price Performance

NYSE:CVNA opened at $74.24 on Monday. The firm has a market cap of $81.70 billion, a price-to-earnings ratio of 41.06, a price-to-earnings-growth ratio of 2.69 and a beta of 3.46. The company has a current ratio of 3.93, a quick ratio of 2.33 and a debt-to-equity ratio of 0.94. The company’s 50-day moving average is $68.10 and its two-hundred day moving average is $68.34. Carvana Co. has a 12-month low of $54.46 and a 12-month high of $97.38.

Carvana (NYSE:CVNA) last released its quarterly earnings results on Wednesday, July 29th. The company reported $0.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.39 by $0.03. The company had revenue of $7.38 billion for the quarter, compared to analysts’ expectations of $6.90 billion. Carvana had a net margin of 6.26% and a return on equity of 37.06%. The firm’s revenue for the quarter was up 52.4% compared to the same quarter last year. During the same period last year, the company earned $1.51 EPS. Research analysts expect that Carvana Co. will post 1.68 EPS for the current year.

About Carvana

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.