CIBC Asset Management Inc Has $586,000 Stock Holdings in Carvana Co. (NYSE:CVNA)

CIBC Asset Management Inc grew its stake in Carvana Co. (NYSE:CVNA) by 3.5% in the 3rd quarter, Holdings Channel.com reports. The fund owned 3,366 shares of the company’s stock after purchasing an additional 115 shares during the quarter. CIBC Asset Management Inc’s holdings in Carvana were worth $586,000 as of its most recent SEC filing.

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

Insiders Place Their Bets

In other Carvana news, Director Gregory B. Sullivan sold 5,000 shares of the business’s stock in a transaction dated Tuesday, November 5th. The stock was sold at an average price of $235.00, for a total transaction of $1,175,000.00. Following the completion of the transaction, the director now owns 53,407 shares of the company’s stock, valued at approximately $12,550,645. The trade was a 8.56 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Mark W. Jenkins sold 208,495 shares of the firm’s stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $224.43, for a total transaction of $46,792,532.85. Following the completion of the sale, the chief financial officer now owns 90,732 shares in the company, valued at approximately $20,362,982.76. The trade was a 69.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,427,249 shares of company stock worth $437,470,322 over the last three months. Insiders own 17.18% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on CVNA. Needham & Company LLC lifted their price target on Carvana from $200.00 to $300.00 and gave the stock a “buy” rating in a report on Thursday, October 31st. Jefferies Financial Group boosted their target price on Carvana from $150.00 to $185.00 and gave the stock a “hold” rating in a report on Tuesday, October 22nd. Wedbush raised their price target on Carvana from $150.00 to $175.00 and gave the company a “neutral” rating in a report on Monday, October 7th. Royal Bank of Canada raised shares of Carvana to a “sector perform” rating and increased their price objective for the company from $166.00 to $170.00 in a research report on Monday, August 19th. Finally, Morgan Stanley raised shares of Carvana from an “underweight” rating to an “equal weight” rating and lifted their target price for the stock from $110.00 to $260.00 in a report on Tuesday, November 5th. Eleven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, Carvana has a consensus rating of “Hold” and an average price target of $217.71.

Carvana Stock Performance

CVNA opened at $244.38 on Thursday. The firm has a market cap of $50.74 billion, a P/E ratio of 24,462.46 and a beta of 3.37. The business’s fifty day moving average is $199.47 and its 200-day moving average is $152.61. Carvana Co. has a 52-week low of $29.84 and a 52-week high of $259.39. 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) last issued its earnings results on Wednesday, October 30th. The company reported $0.64 EPS for the quarter, beating the consensus estimate of $0.23 by $0.41. The firm had revenue of $3.66 billion during the quarter, compared to analyst estimates of $3.47 billion. Carvana’s quarterly revenue was up 31.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.23 earnings per share. Sell-side analysts expect that Carvana Co. will post 0.62 EPS for the current fiscal year.

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.