Westpac Banking Corp Sells 7,281 Shares of Carvana Co. (NYSE:CVNA)

Westpac Banking Corp reduced its stake in shares of Carvana Co. (NYSE:CVNA - Free Report) by 46.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,343 shares of the company's stock after selling 7,281 shares during the quarter. Westpac Banking Corp's holdings in Carvana were worth $1,697,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Whale Rock Capital Management LLC bought a new position in shares of Carvana in the 3rd quarter worth $162,953,000. Norges Bank acquired a new position in shares of Carvana during the 4th quarter worth about $179,364,000. Vanguard Group Inc. increased its stake in shares of Carvana by 5.6% in the 4th quarter. Vanguard Group Inc. now owns 11,425,367 shares of the company's stock valued at $2,323,463,000 after acquiring an additional 610,234 shares during the last quarter. Lord Abbett & CO. LLC raised its position in shares of Carvana by 1,454.1% in the 3rd quarter. Lord Abbett & CO. LLC now owns 538,473 shares of the company's stock valued at $93,754,000 after acquiring an additional 503,824 shares during the period. Finally, Arrowstreet Capital Limited Partnership acquired a new stake in shares of Carvana in the 4th quarter valued at approximately $86,636,000. Institutional investors and hedge funds own 56.71% of the company's stock.

Carvana Stock Up 24.5 %

Shares of NYSE:CVNA traded up $43.28 during midday trading on Wednesday, hitting $219.60. The stock had a trading volume of 10,804,999 shares, compared to its average volume of 4,073,783. The company has a quick ratio of 2.12, a current ratio of 3.64 and a debt-to-equity ratio of 3.82. The business's 50-day simple moving average is $218.19 and its 200-day simple moving average is $219.77. Carvana Co. has a 12 month low of $67.61 and a 12 month high of $292.84. The company has a market cap of $46.81 billion, a P/E ratio of 139.87 and a beta of 3.61.

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Carvana (NYSE:CVNA - Get Free Report) last issued its earnings results on Wednesday, February 19th. The company reported $0.56 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 for the quarter, compared to analysts' expectations of $3.32 billion. On average, sell-side analysts forecast that Carvana Co. will post 2.85 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on CVNA shares. Evercore ISI lowered their price target on Carvana from $250.00 to $240.00 and set an "in-line" rating for the company in a report on Tuesday, March 11th. William Blair restated an "outperform" rating on shares of Carvana in a report on Thursday, February 20th. Robert W. Baird cut their price target on shares of Carvana from $250.00 to $200.00 and set a "neutral" rating on the stock in a research note on Friday, April 4th. Royal Bank of Canada increased their price objective on shares of Carvana from $280.00 to $320.00 and gave the stock an "outperform" rating in a research report on Thursday, February 20th. Finally, Wedbush set a $250.00 price objective on shares of Carvana and gave the company a "neutral" rating in a research report on Wednesday, February 19th. Six research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $253.59.

Insider Transactions at Carvana

In other news, CFO Mark W. Jenkins sold 10,000 shares of the company's stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $250.12, for a total value of $2,501,200.00. Following the transaction, the chief financial officer now owns 219,962 shares of the company's stock, valued at approximately $55,016,895.44. This represents a 4.35 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Benjamin E. Huston sold 50,000 shares of Carvana stock in a transaction that occurred on Monday, April 7th. The stock was sold at an average price of $150.90, for a total value of $7,545,000.00. Following the sale, the chief operating officer now directly owns 123,803 shares of the company's stock, valued at approximately $18,681,872.70. The trade was a 28.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 330,810 shares of company stock worth $69,243,820. 16.36% of the stock is owned by company insiders.

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.