MetLife Investment Advisors LLC lessened its position in Carvana Co (NYSE:CVNA) by 36.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 14,356 shares of the company’s stock after selling 8,121 shares during the period. MetLife Investment Advisors LLC’s holdings in Carvana were worth $470,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently modified their holdings of CVNA. First Mercantile Trust Co. increased its stake in shares of Carvana by 34.1% in the fourth quarter. First Mercantile Trust Co. now owns 3,061 shares of the company’s stock valued at $100,000 after buying an additional 779 shares during the period. CX Institutional acquired a new stake in shares of Carvana in the fourth quarter valued at about $106,000. Harel Insurance Investments & Financial Services Ltd. acquired a new stake in shares of Carvana in the fourth quarter valued at about $131,000. Fifth Third Bancorp acquired a new stake in shares of Carvana in the third quarter valued at about $157,000. Finally, Credit Suisse AG acquired a new stake in shares of Carvana in the third quarter valued at about $201,000. 34.47% of the stock is owned by institutional investors and hedge funds.
CVNA has been the subject of several recent research reports. Wells Fargo & Co reissued a “buy” rating and issued a $57.00 price target on shares of Carvana in a research note on Thursday, February 28th. Citigroup increased their price target on Carvana to $65.00 and gave the company a “buy” rating in a research note on Thursday, February 28th. B. Riley reissued a “buy” rating and issued a $91.00 price target (up previously from $72.00) on shares of Carvana in a research note on Monday, April 29th. Zacks Investment Research raised Carvana from a “sell” rating to a “hold” rating in a research note on Monday, March 18th. Finally, BMO Capital Markets increased their price target on Carvana from $35.00 to $40.00 and gave the company a “market perform” rating in a research note on Friday, March 1st. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have given a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $57.27.
Carvana (NYSE:CVNA) last announced its earnings results on Wednesday, February 27th. The company reported ($0.55) EPS for the quarter, missing the consensus estimate of ($0.47) by ($0.08). Carvana had a negative net margin of 3.16% and a negative return on equity of 21.06%. The business had revenue of $584.80 million for the quarter, compared to the consensus estimate of $601.14 million. During the same quarter in the previous year, the company earned ($0.36) EPS. The firm’s revenue for the quarter was up 120.6% on a year-over-year basis. On average, sell-side analysts expect that Carvana Co will post -1.7 EPS for the current fiscal year.
In other Carvana news, major shareholder Ernest C. Garcia II sold 316,678 shares of the stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $48.13, for a total value of $15,241,712.14. Following the transaction, the insider now owns 52,937,458 shares in the company, valued at $2,547,879,853.54. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, major shareholder Ernest C. Garcia II sold 307,419 shares of the stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $45.16, for a total value of $13,883,042.04. Following the completion of the transaction, the insider now owns 52,937,458 shares in the company, valued at approximately $2,390,655,603.28. The disclosure for this sale can be found here. In the last quarter, insiders sold 2,745,592 shares of company stock worth $151,698,203. Corporate insiders own 13.02% of the company’s stock.
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Carvana Company Profile
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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