Commerce Bank Sells 210 Shares of Carvana Co. (NYSE:CVNA)

Commerce Bank cut its stake in Carvana Co. (NYSE:CVNA) by 4.7% during the third quarter, HoldingsChannel reports. The firm owned 4,237 shares of the company’s stock after selling 210 shares during the period. Commerce Bank’s holdings in Carvana were worth $738,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in CVNA. Driehaus Capital Management LLC grew its stake in Carvana by 124.9% in the 2nd quarter. Driehaus Capital Management LLC now owns 581,787 shares of the company’s stock worth $74,888,000 after acquiring an additional 323,153 shares in the last quarter. Integrated Advisors Network LLC boosted its holdings in shares of Carvana by 89.2% in the third quarter. Integrated Advisors Network LLC now owns 53,004 shares of the company’s stock valued at $9,229,000 after purchasing an additional 24,996 shares during the period. Swiss National Bank grew its stake in Carvana by 6.9% in the third quarter. Swiss National Bank now owns 207,900 shares of the company’s stock worth $36,197,000 after purchasing an additional 13,400 shares in the last quarter. Colonial River Investments LLC bought a new position in Carvana in the third quarter worth approximately $786,000. Finally, Highland Capital Management LLC purchased a new position in Carvana during the 3rd quarter worth $1,314,000. Hedge funds and other institutional investors own 56.71% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on CVNA shares. BTIG Research increased their price target on Carvana from $155.00 to $188.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Morgan Stanley raised shares of Carvana from an “underweight” rating to an “equal weight” rating and raised their target price for the company from $110.00 to $260.00 in a research report on Tuesday, November 5th. JMP Securities upped their price target on shares of Carvana from $200.00 to $320.00 and gave the stock a “market outperform” rating in a research report on Thursday, October 31st. Wells Fargo & Company lifted their price objective on shares of Carvana from $175.00 to $250.00 and gave the company an “overweight” rating in a report on Wednesday, October 23rd. Finally, Evercore ISI upped their target price on Carvana from $186.00 to $190.00 and gave the stock an “in-line” rating in a report on Wednesday, October 30th. Eleven analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $217.71.

Carvana Stock Up 0.6 %

CVNA stock opened at $260.80 on Tuesday. The stock has a market capitalization of $54.15 billion, a PE ratio of 26,106.11 and a beta of 3.37. Carvana Co. has a 52 week low of $29.84 and a 52 week high of $268.34. The company has a quick ratio of 2.12, a current ratio of 3.25 and a debt-to-equity ratio of 18.99. The firm has a 50 day moving average of $206.13 and a 200 day moving average of $155.75.

Carvana (NYSE:CVNA) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $0.64 earnings per share for the quarter, beating analysts’ consensus estimates of $0.23 by $0.41. The company had revenue of $3.66 billion for the quarter, compared to analysts’ expectations of $3.47 billion. Carvana’s quarterly revenue was up 31.8% compared to the same quarter last year. During the same period last year, the firm earned $0.23 earnings per share. Sell-side analysts forecast that Carvana Co. will post 0.76 earnings per share for the current year.

Insider Activity

In related news, CFO Mark W. Jenkins sold 208,495 shares of the stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $224.43, for a total value of $46,792,532.85. Following the transaction, the chief financial officer now owns 90,732 shares in the company, valued at approximately $20,362,982.76. This represents a 69.68 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Ernest C. Garcia II sold 100,000 shares of the firm’s stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $149.16, for a total transaction of $14,916,000.00. Following the transaction, the insider now directly owns 41,033,131 shares of the company’s stock, valued at $6,120,501,819.96. This represents a 0.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 2,318,063 shares of company stock valued at $420,434,579. Company insiders own 17.18% of the company’s stock.

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.