State Street Corp Boosts Holdings in Carvana Co. (NYSE:CVNA)

State Street Corp grew its position in Carvana Co. (NYSE:CVNA - Free Report) by 6.1% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,877,511 shares of the company's stock after purchasing an additional 107,610 shares during the period. State Street Corp owned approximately 0.90% of Carvana worth $326,893,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. Ridgewood Investments LLC acquired a new stake in shares of Carvana during the 2nd quarter worth approximately $32,000. Sugarloaf Wealth Management LLC acquired a new stake in shares of Carvana in the third quarter valued at approximately $32,000. Summit Securities Group LLC increased its stake in shares of Carvana by 110.0% in the 2nd quarter. Summit Securities Group LLC now owns 300 shares of the company's stock worth $39,000 after acquiring an additional 3,300 shares during the last quarter. Capital Performance Advisors LLP acquired a new stake in Carvana during the third quarter worth about $40,000. Finally, Fifth Third Bancorp raised its position in shares of Carvana by 450.8% during the 2nd quarter. Fifth Third Bancorp now owns 336 shares of the company's stock valued at $43,000 after buying an additional 275 shares during the period. 56.71% of the stock is owned by institutional investors and hedge funds.

Carvana Stock Up 6.1 %

NYSE CVNA traded up $14.43 during trading on Wednesday, reaching $250.95. 2,746,419 shares of the company's stock were exchanged, compared to its average volume of 4,568,402. The company has a 50 day moving average price of $224.38 and a two-hundred day moving average price of $166.35. The stock has a market cap of $52.10 billion, a P/E ratio of 23,646.50 and a beta of 3.32. Carvana Co. has a 1 year low of $37.47 and a 1 year high of $268.34. The company has a debt-to-equity ratio of 18.99, a quick ratio of 2.12 and a current ratio of 3.25.

Carvana (NYSE:CVNA - Get Free Report) last posted its earnings results on Wednesday, October 30th. The company reported $0.64 earnings per share for the quarter, topping the consensus estimate of $0.23 by $0.41. The business had revenue of $3.66 billion for the quarter, compared to analysts' expectations of $3.47 billion. During the same quarter in the previous year, the firm earned $0.23 EPS. Carvana's revenue for the quarter was up 31.8% compared to the same quarter last year. On average, equities research analysts anticipate that Carvana Co. will post 0.76 EPS for the current fiscal year.

Insider Buying and Selling

In related news, major shareholder Ernest C. Garcia II sold 100,000 shares of the stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $155.00, for a total transaction of $15,500,000.00. Following the completion of the sale, the insider now owns 40,058,131 shares in the company, valued at $6,209,010,305. This represents a 0.25 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Benjamin E. Huston sold 3,043 shares of Carvana stock in a transaction on Thursday, October 31st. The shares were sold at an average price of $240.00, for a total transaction of $730,320.00. Following the completion of the transaction, the chief operating officer now owns 218,686 shares in the company, valued at approximately $52,484,640. This represents a 1.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,022,063 shares of company stock worth $383,108,209 in the last ninety days. 17.12% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Needham & Company LLC boosted their price target on shares of Carvana from $300.00 to $330.00 and gave the company a "buy" rating in a research note on Monday. Piper Sandler raised their target price on Carvana from $151.00 to $225.00 and gave the company a "neutral" rating in a report on Thursday, October 31st. Wells Fargo & Company boosted their price target on shares of Carvana from $175.00 to $250.00 and gave the stock an "overweight" rating in a research note on Wednesday, October 23rd. JPMorgan Chase & Co. increased their price target on shares of Carvana from $230.00 to $300.00 and gave the stock an "overweight" rating in a research report on Thursday, October 31st. Finally, Stephens began coverage on shares of Carvana in a report on Thursday, September 12th. They issued an "overweight" rating and a $190.00 price objective for the company. Eleven investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, Carvana presently has an average rating of "Hold" and an average price target of $222.71.

Carvana 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.