M&T Bank Corp Acquires 7,725 Shares of Carvana Co. $CVNA

M&T Bank Corp raised its holdings in Carvana Co. (NYSE:CVNA) by 125.2% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 13,895 shares of the company’s stock after buying an additional 7,725 shares during the period. M&T Bank Corp’s holdings in Carvana were worth $4,682,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Price T Rowe Associates Inc. MD increased its holdings in shares of Carvana by 13.9% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 14,950,011 shares of the company’s stock worth $3,125,749,000 after acquiring an additional 1,823,218 shares during the last quarter. Vanguard Group Inc. lifted its holdings in Carvana by 9.7% during the 1st quarter. Vanguard Group Inc. now owns 12,534,843 shares of the company’s stock valued at $2,620,785,000 after purchasing an additional 1,109,476 shares during the last quarter. Norges Bank bought a new position in Carvana during the second quarter worth $259,468,000. Massachusetts Financial Services Co. MA bought a new position in Carvana during the second quarter worth $193,091,000. Finally, Alyeska Investment Group L.P. acquired a new position in shares of Carvana in the first quarter valued at $71,856,000. 56.71% of the stock is owned by institutional investors and hedge funds.

Carvana Trading Up 1.0%

Shares of NYSE:CVNA opened at $399.10 on Friday. The business’s 50 day simple moving average is $345.91 and its 200 day simple moving average is $344.74. Carvana Co. has a 1 year low of $148.25 and a 1 year high of $413.33. The company has a debt-to-equity ratio of 1.63, a current ratio of 4.05 and a quick ratio of 2.55. The company has a market capitalization of $86.82 billion, a P/E ratio of 91.12, a P/E/G ratio of 1.43 and a beta of 3.51.

Carvana (NYSE:CVNA) last released its earnings results on Wednesday, October 29th. The company reported $1.03 earnings per share for the quarter, missing analysts’ consensus estimates of $1.29 by ($0.26). The company had revenue of $5.65 billion for the quarter, compared to the consensus estimate of $5.04 billion. Carvana had a net margin of 3.44% and a return on equity of 30.62%. The business’s revenue was up 54.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.64 earnings per share. On average, research analysts anticipate that Carvana Co. will post 2.85 EPS for the current fiscal year.

Insider Buying and Selling at Carvana

In other news, insider Thomas Taira sold 25,000 shares of the business’s stock in a transaction that occurred on Wednesday, December 3rd. The shares were sold at an average price of $400.00, for a total value of $10,000,000.00. Following the completion of the transaction, the insider directly owned 80,832 shares in the company, valued at approximately $32,332,800. The trade was a 23.62% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Michael E. Maroone sold 30,928 shares of the company’s stock in a transaction that occurred on Wednesday, December 3rd. The stock was sold at an average price of $400.34, for a total transaction of $12,381,715.52. Following the sale, the director directly owned 143,573 shares of the company’s stock, valued at approximately $57,478,014.82. This trade represents a 17.72% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 432,380 shares of company stock valued at $160,355,855 over the last three months. 17.12% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on CVNA shares. Bank of America cut their target price on shares of Carvana from $405.00 to $385.00 and set a “buy” rating for the company in a research note on Thursday, October 30th. Jefferies Financial Group reissued a “buy” rating on shares of Carvana in a report on Tuesday, November 25th. Stephens restated an “overweight” rating and set a $440.00 price objective on shares of Carvana in a research report on Tuesday, September 23rd. Needham & Company LLC restated a “buy” rating and set a $500.00 price objective on shares of Carvana in a report on Monday, November 17th. Finally, Zacks Research downgraded Carvana from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 4th. Eighteen investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat, Carvana currently has a consensus rating of “Moderate Buy” and an average price target of $422.10.

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.