Vanguard Group Inc grew its stake in Carvana Co (NYSE:CVNA) by 41.5% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,621,582 shares of the company’s stock after purchasing an additional 768,256 shares during the quarter. Vanguard Group Inc owned approximately 1.82% of Carvana worth $154,909,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently made changes to their positions in CVNA. Rhumbline Advisers boosted its position in Carvana by 75.5% during the second quarter. Rhumbline Advisers now owns 27,810 shares of the company’s stock worth $1,157,000 after acquiring an additional 11,966 shares during the last quarter. Bank of New York Mellon Corp boosted its position in Carvana by 10.4% during the second quarter. Bank of New York Mellon Corp now owns 653,628 shares of the company’s stock worth $27,191,000 after acquiring an additional 61,358 shares during the last quarter. Russell Investments Group Ltd. boosted its position in Carvana by 622.9% during the second quarter. Russell Investments Group Ltd. now owns 10,084 shares of the company’s stock worth $419,000 after acquiring an additional 8,689 shares during the last quarter. Schwab Charles Investment Management Inc. boosted its position in Carvana by 108.8% during the second quarter. Schwab Charles Investment Management Inc. now owns 61,055 shares of the company’s stock worth $2,540,000 after acquiring an additional 31,808 shares during the last quarter. Finally, BlackRock Inc. boosted its position in Carvana by 94.3% during the second quarter. BlackRock Inc. now owns 1,858,986 shares of the company’s stock worth $77,335,000 after acquiring an additional 902,271 shares during the last quarter. Institutional investors and hedge funds own 26.48% of the company’s stock.
A number of equities analysts recently weighed in on CVNA shares. Craig Hallum restated a “hold” rating on shares of Carvana in a research report on Thursday, September 13th. Wells Fargo & Co boosted their price target on shares of Carvana from $60.00 to $72.00 and gave the stock an “outperform” rating in a research report on Monday, October 1st. Wolfe Research started coverage on shares of Carvana in a research report on Tuesday, October 2nd. They set an “outperform” rating on the stock. Wedbush set a $52.00 price target on shares of Carvana and gave the stock a “hold” rating in a research report on Thursday, October 4th. Finally, Zacks Investment Research upgraded shares of Carvana from a “sell” rating to a “hold” rating in a research report on Tuesday, October 9th. Five research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $59.70.
Shares of CVNA stock opened at $34.15 on Friday. The company has a debt-to-equity ratio of 1.55, a current ratio of 2.04 and a quick ratio of 1.30. Carvana Co has a 12 month low of $16.02 and a 12 month high of $72.59.
Carvana (NYSE:CVNA) last issued its earnings results on Wednesday, November 7th. The company reported ($0.40) EPS for the quarter, missing analysts’ consensus estimates of ($0.37) by ($0.03). Carvana had a negative return on equity of 35.13% and a negative net margin of 5.01%. The firm had revenue of $535.00 million for the quarter, compared to analysts’ expectations of $509.09 million. During the same period last year, the firm earned ($0.29) earnings per share. Carvana’s revenue for the quarter was up 137.8% on a year-over-year basis. Sell-side analysts forecast that Carvana Co will post -1.64 earnings per share for the current fiscal year.
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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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