Carvana Co. $CVNA Stock Position Decreased by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA reduced its position in Carvana Co. (NYSE:CVNA) by 2.2% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 347,914 shares of the company’s stock after selling 7,791 shares during the period. Pictet Asset Management Holding SA’s holdings in Carvana were worth $21,759,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of CVNA. State Street Corp raised 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 purchasing an additional 23,742,422 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Carvana by 345.8% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,325,237 shares of the company’s stock worth $218,867,000 after purchasing an additional 2,579,295 shares in the last quarter. Amundi boosted its position in Carvana by 379.7% during the second quarter. Amundi now owns 2,421,045 shares of the company’s stock worth $159,353,000 after purchasing an additional 1,916,349 shares in the last quarter. The Manufacturers Life Insurance Company grew its holdings in Carvana by 384.3% in the second quarter. The Manufacturers Life Insurance Company now owns 1,898,095 shares of the company’s stock valued at $124,933,000 after purchasing an additional 1,506,145 shares during the last quarter. Finally, Bank of America Corp DE grew its holdings in Carvana by 372.0% in the second quarter. Bank of America Corp DE now owns 1,791,844 shares of the company’s stock valued at $117,939,000 after purchasing an additional 1,412,188 shares during the last quarter. 56.71% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, Director J Quayle sold 14,520 shares of the company’s stock in a transaction on Friday, October 30th. The stock was sold at an average price of $68.88, for a total value of $1,000,137.60. Following the sale, the director directly owned 214,960 shares in the company, valued at $14,806,444.80. This represents a 6.33% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Daniel Gill sold 253,639 shares of the stock in a transaction on Tuesday, November 3rd. The shares were sold at an average price of $71.46, for a total value of $18,125,042.94. Following the sale, the insider directly owned 773,548 shares in the company, valued at approximately $55,277,740.08. The trade was a 24.69% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 635,960 shares of company stock valued at $44,962,096. Insiders own 15.19% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. BNP Paribas Exane dropped their price target on Carvana from $69.00 to $67.00 and set a “neutral” rating for the company in a research report on Thursday, October 29th. Oppenheimer set a $90.00 price objective on shares of Carvana and gave the stock an “outperform” rating in a research report on Wednesday, September 30th. Morgan Stanley reiterated an “overweight” rating on shares of Carvana in a research report on Thursday, October 29th. Royal Bank Of Canada set a $82.00 price objective on shares of Carvana and gave the company an “outperform” rating in a research note on Thursday, July 30th. Finally, Deutsche Bank restated a “buy” rating and set a $85.00 target price on shares of Carvana in a report on Thursday, October 29th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and eight have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $82.09.

Carvana Price Performance

CVNA stock opened at $73.87 on Thursday. Carvana Co. has a 1 year low of $54.46 and a 1 year high of $97.38. The company has a debt-to-equity ratio of 0.86, a quick ratio of 2.43 and a current ratio of 4.05. The stock’s 50 day moving average price is $65.87 and its 200 day moving average price is $68.70. The firm has a market cap of $81.50 billion, a P/E ratio of 37.08, a PEG ratio of 1.87 and a beta of 3.66.

Carvana (NYSE:CVNA) last announced its earnings results on Wednesday, October 28th. The company reported $0.39 EPS for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.05). The company had revenue of $8.04 billion for the quarter, compared to analyst estimates of $7.71 billion. Carvana had a net margin of 6.21% and a return on equity of 34.77%. Carvana’s quarterly revenue was up 42.4% compared to the same quarter last year. During the same quarter last year, the company posted $1.03 EPS. On average, sell-side analysts expect that Carvana Co. will post 1.59 earnings per share for the current fiscal year.

About Carvana

Carvana Co. operates an online platform for buying and selling used cars. Customers can browse vehicle listings, arrange financing, value a trade-in, and complete much of the purchase process online. The company also offers vehicle delivery or pickup, including at some locations with its distinctive car vending machines. Founded in 2012, Carvana has expanded its operations across the United States. Its services and vehicle availability vary by market, and the company supports its online marketplace with inspection, reconditioning, and logistics operations.