Bank of Nova Scotia Buys Shares of 127,593 Carvana Co. (NYSE:CVNA)

Bank of Nova Scotia bought a new stake in Carvana Co. (NYSE:CVNA) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 127,593 shares of the company’s stock, valued at approximately $25,947,000.

Several other large investors also recently bought and sold shares of CVNA. Captrust Financial Advisors acquired a new stake in Carvana in the third quarter valued at $270,000. Stifel Financial Corp increased its position in Carvana by 65.3% during the 3rd quarter. Stifel Financial Corp now owns 5,434 shares of the company’s stock worth $946,000 after purchasing an additional 2,147 shares in the last quarter. State Street Corp raised its stake in Carvana by 6.1% in the 3rd quarter. State Street Corp now owns 1,877,511 shares of the company’s stock valued at $326,893,000 after purchasing an additional 107,610 shares during the last quarter. National Bank of Canada FI raised its stake in Carvana by 47.7% in the 3rd quarter. National Bank of Canada FI now owns 1,421 shares of the company’s stock valued at $247,000 after purchasing an additional 459 shares during the last quarter. Finally, Orion Portfolio Solutions LLC acquired a new position in Carvana in the 3rd quarter valued at about $326,000. Institutional investors and hedge funds own 56.71% of the company’s stock.

Insider Activity at Carvana

In other Carvana news, insider Paul W. Breaux sold 1,362 shares of the business’s stock in a transaction on Monday, February 10th. The shares were sold at an average price of $270.08, for a total value of $367,848.96. Following the transaction, the insider now owns 153,240 shares in the company, valued at $41,387,059.20. The trade was a 0.88 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Mark W. Jenkins sold 28,422 shares of the business’s stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $288.85, for a total transaction of $8,209,694.70. Following the completion of the transaction, the chief financial officer now owns 219,962 shares in the company, valued at $63,536,023.70. This represents a 11.44 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 330,810 shares of company stock worth $69,243,820. 16.36% of the stock is currently owned by corporate insiders.

Carvana Stock Performance

NYSE:CVNA opened at $219.60 on Thursday. The company has a current ratio of 3.64, a quick ratio of 2.12 and a debt-to-equity ratio of 3.82. The firm has a market capitalization of $46.81 billion, a price-to-earnings ratio of 139.87 and a beta of 3.61. The firm’s fifty day simple moving average is $218.19 and its 200 day simple moving average is $219.77. Carvana Co. has a twelve month low of $67.61 and a twelve month high of $292.84.

Carvana (NYSE:CVNA) last posted its earnings results on Wednesday, February 19th. The company reported $0.56 earnings per share for the quarter, beating the consensus estimate of $0.29 by $0.27. The business had revenue of $3.55 billion for the quarter, compared to analyst estimates of $3.32 billion. Carvana had a net margin of 1.54% and a return on equity of 36.59%. As a group, equities research analysts expect that Carvana Co. will post 2.85 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on CVNA. Royal Bank of Canada boosted their target price on shares of Carvana from $280.00 to $320.00 and gave the company an “outperform” rating in a research note on Thursday, February 20th. Stephens reaffirmed an “overweight” rating and issued a $300.00 target price on shares of Carvana in a research note on Monday, March 3rd. Bank of America lowered their target price on shares of Carvana from $270.00 to $220.00 and set a “buy” rating for the company in a research note on Friday, March 14th. Wedbush set a $250.00 target price on shares of Carvana and gave the stock a “neutral” rating in a research note on Wednesday, February 19th. Finally, Evercore ISI lowered their target price on shares of Carvana from $250.00 to $240.00 and set an “in-line” rating for the company in a research note on Tuesday, March 11th. Six analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $253.59.

About Carvana

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.