KLP Kapitalforvaltning AS Buys Shares of 38,000 Carvana Co. (NYSE:CVNA)

KLP Kapitalforvaltning AS purchased a new position in shares of Carvana Co. (NYSE:CVNA) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 38,000 shares of the company’s stock, valued at approximately $7,728,000.

A number of other large investors have also made changes to their positions in CVNA. Charles Schwab Investment Management Inc. grew its position in Carvana by 9.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 462,962 shares of the company’s stock worth $94,148,000 after buying an additional 39,089 shares during the period. Plato Investment Management Ltd boosted its stake in shares of Carvana by 135.5% during the 4th quarter. Plato Investment Management Ltd now owns 5,204 shares of the company’s stock worth $1,062,000 after acquiring an additional 2,994 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Carvana by 37.7% in the 4th quarter. Bank of New York Mellon Corp now owns 478,488 shares of the company’s stock worth $97,305,000 after acquiring an additional 130,942 shares during the period. Oak Thistle LLC increased its stake in Carvana by 115.9% in the 4th quarter. Oak Thistle LLC now owns 3,238 shares of the company’s stock valued at $658,000 after purchasing an additional 1,738 shares in the last quarter. Finally, Assenagon Asset Management S.A. raised its holdings in Carvana by 33.3% during the fourth quarter. Assenagon Asset Management S.A. now owns 382,607 shares of the company’s stock worth $77,807,000 after purchasing an additional 95,497 shares during the last quarter. Hedge funds and other institutional investors own 56.71% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently commented on CVNA shares. Robert W. Baird increased their price target on shares of Carvana from $200.00 to $250.00 and gave the company a “neutral” rating in a research report on Thursday, February 20th. Citigroup raised their price target on Carvana from $277.00 to $320.00 and gave the stock a “buy” rating in a research report on Friday, February 21st. JPMorgan Chase & Co. upped their price objective on Carvana from $350.00 to $365.00 and gave the company an “overweight” rating in a research report on Friday, March 7th. Royal Bank of Canada lifted their price objective on Carvana from $280.00 to $320.00 and gave the stock an “outperform” rating in a research report on Thursday, February 20th. Finally, Piper Sandler upgraded shares of Carvana from a “neutral” rating to an “overweight” rating and set a $225.00 target price on the stock in a report on Thursday, March 20th. Seven equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, Carvana has an average rating of “Moderate Buy” and a consensus price target of $262.71.

Carvana Price Performance

Shares of NYSE CVNA opened at $213.61 on Tuesday. 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 $67.61 and a 1-year high of $292.84. The company has a market capitalization of $45.53 billion, a price-to-earnings ratio of 136.06 and a beta of 3.56. The business has a 50-day moving average of $227.95 and a 200-day moving average of $215.96.

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

Insider Activity

In other news, insider Paul W. Breaux sold 1,362 shares of the stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $270.08, for a total transaction of $367,848.96. Following the completion of the transaction, the insider now directly owns 153,240 shares in the company, valued at approximately $41,387,059.20. This represents a 0.88 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, COO Benjamin E. Huston sold 50,000 shares of Carvana stock in a transaction on Friday, March 14th. The stock was sold at an average price of $178.49, for a total transaction of $8,924,500.00. Following the completion of the sale, the chief operating officer now owns 196,278 shares of the company’s stock, valued at approximately $35,033,660.22. This trade represents a 20.30 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 119,784 shares of company stock worth $27,524,344. 17.12% of the stock is currently owned by company insiders.

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.