The Manufacturers Life Insurance Company Has $21.48 Million Stock Holdings in Carvana Co. (NYSE:CVNA)

The Manufacturers Life Insurance Company lifted its position in Carvana Co. (NYSE:CVNA) by 9.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 166,904 shares of the company’s stock after acquiring an additional 15,088 shares during the period. The Manufacturers Life Insurance Company owned approximately 0.08% of Carvana worth $21,484,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of CVNA. Hsbc Holdings PLC raised its holdings in Carvana by 107.4% during the 4th quarter. Hsbc Holdings PLC now owns 30,580 shares of the company’s stock worth $1,612,000 after buying an additional 15,832 shares during the period. Parallel Advisors LLC raised its holdings in Carvana by 39.0% during the 4th quarter. Parallel Advisors LLC now owns 692 shares of the company’s stock worth $37,000 after buying an additional 194 shares during the period. Campbell & CO Investment Adviser LLC acquired a new stake in Carvana during the 4th quarter worth approximately $409,000. Rafferty Asset Management LLC raised its holdings in Carvana by 38.6% during the 4th quarter. Rafferty Asset Management LLC now owns 43,792 shares of the company’s stock worth $2,318,000 after buying an additional 12,193 shares during the period. Finally, Blueshift Asset Management LLC acquired a new stake in Carvana during the 4th quarter worth approximately $307,000. 56.71% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Carvana news, major shareholder Ernest C. Garcia II sold 75,000 shares of Carvana stock in a transaction on Monday, July 8th. The shares were sold at an average price of $124.69, for a total transaction of $9,351,750.00. Following the completion of the transaction, the insider now directly owns 262,500 shares of the company’s stock, valued at $32,731,125. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, insider Daniel J. Gill sold 30,000 shares of Carvana stock in a transaction on Friday, September 20th. The stock was sold at an average price of $175.00, for a total transaction of $5,250,000.00. Following the completion of the sale, the insider now owns 328,329 shares of the company’s stock, valued at $57,457,575. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Ernest C. Garcia II sold 75,000 shares of Carvana stock in a transaction on Monday, July 8th. The stock was sold at an average price of $124.69, for a total value of $9,351,750.00. Following the sale, the insider now directly owns 262,500 shares of the company’s stock, valued at approximately $32,731,125. The disclosure for this sale can be found here. Insiders sold a total of 2,611,866 shares of company stock valued at $382,591,784 over the last ninety days. 17.12% of the stock is currently owned by company insiders.

Carvana Price Performance

NYSE:CVNA opened at $175.74 on Wednesday. Carvana Co. has a 1-year low of $25.09 and a 1-year high of $178.40. The company has a current ratio of 3.11, a quick ratio of 2.02 and a debt-to-equity ratio of 47.20. The firm has a fifty day simple moving average of $148.52 and a 200 day simple moving average of $120.21. The stock has a market capitalization of $35.60 billion, a PE ratio of 77.08 and a beta of 3.43.

Carvana (NYSE:CVNA) last released its quarterly earnings data on Wednesday, July 31st. The company reported $0.14 EPS for the quarter. The company had revenue of $3.41 billion for the quarter, compared to the consensus estimate of $3.23 billion. On average, research analysts expect that Carvana Co. will post 0.27 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have commented on CVNA shares. Royal Bank of Canada upgraded shares of Carvana to a “sector perform” rating and raised their target price for the stock from $166.00 to $170.00 in a report on Monday, August 19th. TD Cowen raised their price target on shares of Carvana from $110.00 to $148.00 and gave the stock a “hold” rating in a research note on Thursday, August 1st. Morgan Stanley raised their price target on shares of Carvana from $75.00 to $110.00 and gave the stock an “underweight” rating in a research note on Thursday, August 1st. Needham & Company LLC raised their price target on shares of Carvana from $160.00 to $200.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. Finally, Bank of America reaffirmed a “buy” rating and set a $185.00 price target on shares of Carvana in a research note on Tuesday, September 17th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $155.12.

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.