CIBC Asset Management Inc Increases Stock Position in Carvana Co. (NYSE:CVNA)

CIBC Asset Management Inc grew its position in Carvana Co. (NYSE:CVNA) by 40.8% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 4,740 shares of the company’s stock after acquiring an additional 1,374 shares during the period. CIBC Asset Management Inc’s holdings in Carvana were worth $964,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of CVNA. Eagle Asset Management Inc. purchased a new stake in Carvana during the 3rd quarter worth approximately $50,531,000. Oak Thistle LLC increased its stake in Carvana by 115.9% during the 4th quarter. Oak Thistle LLC now owns 3,238 shares of the company’s stock worth $658,000 after buying an additional 1,738 shares during the period. Assenagon Asset Management S.A. increased its stake in Carvana by 33.3% during the 4th quarter. Assenagon Asset Management S.A. now owns 382,607 shares of the company’s stock worth $77,807,000 after buying an additional 95,497 shares during the period. Central Pacific Bank Trust Division purchased a new stake in Carvana during the 4th quarter worth approximately $609,000. Finally, Calamos Advisors LLC purchased a new stake in Carvana during the 4th quarter worth approximately $1,106,000. 56.71% of the stock is owned by institutional investors and hedge funds.

Carvana Stock Down 9.9 %

Shares of NYSE:CVNA opened at $223.14 on Friday. The stock has a market cap of $46.33 billion, a P/E ratio of 142.13 and a beta of 3.37. The firm has a fifty day moving average price of $234.35 and a 200 day moving average price of $208.28. The company has a debt-to-equity ratio of 3.82, a current ratio of 3.64 and a quick ratio of 2.12. Carvana Co. has a 1-year low of $49.38 and a 1-year high of $292.84.

Carvana (NYSE:CVNA) last released its earnings results on Wednesday, February 19th. The company reported $0.56 EPS for the quarter, topping the consensus estimate of $0.29 by $0.27. Carvana had a net margin of 1.54% and a return on equity of 36.59%. The company had revenue of $3.55 billion during the quarter, compared to analysts’ expectations of $3.32 billion. Sell-side analysts predict that Carvana Co. will post 2.85 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on CVNA shares. Wells Fargo & Company dropped their price objective on shares of Carvana from $300.00 to $275.00 and set an “overweight” rating on the stock in a research report on Monday, January 6th. Wedbush set a $250.00 price objective on shares of Carvana and gave the company a “neutral” rating in a research report on Wednesday. Citigroup increased their price objective on shares of Carvana from $277.00 to $320.00 and gave the company a “buy” rating in a research report on Friday. Evercore ISI increased their price objective on shares of Carvana from $240.00 to $245.00 and gave the company an “in-line” rating in a research report on Tuesday, December 3rd. Finally, JPMorgan Chase & Co. upped their target price on shares of Carvana from $300.00 to $350.00 and gave the company an “overweight” rating in a report on Friday, January 31st. Nine research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $265.06.

Insider Transactions at Carvana

In other news, CFO Mark W. Jenkins sold 20,000 shares of the firm’s stock in a transaction on Friday, February 14th. The shares were sold at an average price of $275.68, for a total value of $5,513,600.00. Following the completion of the sale, the chief financial officer now owns 199,962 shares in the company, valued at approximately $55,125,524.16. This trade represents a 9.09 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Daniel J. Gill sold 44,000 shares of the firm’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $259.47, for a total transaction of $11,416,680.00. Following the completion of the sale, the insider now owns 191,225 shares of the company’s stock, valued at $49,617,150.75. This trade represents a 18.71 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 173,629 shares of company stock worth $44,833,799. Company insiders own 17.12% of the company’s stock.

Carvana Company Profile

Carvana Co, together with its subsidiaries, operates an e-commerce platform for buying and selling used cars in the United States. Its platform allows customers to research and identify a vehicle; inspect it using company's 360-degree vehicle imaging technology; obtain financing and warranty coverage; purchase the vehicle; and schedule delivery or pick-up from their desktop or mobile devices.