PNC Financial Services Group Inc. Buys 965 Shares of Carvana Co. (NYSE:CVNA)

PNC Financial Services Group Inc. grew its stake in Carvana Co. (NYSE:CVNA) by 63.7% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 2,481 shares of the company’s stock after buying an additional 965 shares during the period. PNC Financial Services Group Inc.’s holdings in Carvana were worth $131,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Morgan Stanley lifted its holdings in Carvana by 13.8% in the 3rd quarter. Morgan Stanley now owns 14,756,510 shares of the company’s stock worth $619,478,000 after purchasing an additional 1,784,009 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of Carvana by 7.0% during the fourth quarter. Vanguard Group Inc. now owns 10,023,579 shares of the company’s stock worth $530,648,000 after acquiring an additional 655,603 shares during the last quarter. First Trust Advisors LP grew its stake in Carvana by 17.1% during the fourth quarter. First Trust Advisors LP now owns 1,483,944 shares of the company’s stock valued at $78,560,000 after acquiring an additional 216,893 shares in the last quarter. Goodnow Investment Group LLC increased its holdings in Carvana by 1.6% in the 4th quarter. Goodnow Investment Group LLC now owns 1,464,528 shares of the company’s stock valued at $77,532,000 after acquiring an additional 23,140 shares during the last quarter. Finally, Steadview Capital Management LLC boosted its holdings in shares of Carvana by 15.6% during the 4th quarter. Steadview Capital Management LLC now owns 876,905 shares of the company’s stock valued at $46,423,000 after purchasing an additional 118,500 shares during the last quarter. Hedge funds and other institutional investors own 56.71% of the company’s stock.

Insider Activity

In related news, major shareholder Ernest C. Garcia II sold 50,000 shares of the firm’s stock in a transaction dated Thursday, April 11th. The shares were sold at an average price of $80.13, for a total value of $4,006,500.00. Following the transaction, the insider now owns 3,312,500 shares of the company’s stock, valued at approximately $265,430,625. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, major shareholder Ernest C. Garcia II sold 50,000 shares of the business’s stock in a transaction that occurred on Thursday, April 11th. The stock was sold at an average price of $80.13, for a total value of $4,006,500.00. Following the completion of the sale, the insider now owns 3,312,500 shares in the company, valued at $265,430,625. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Thomas Taira sold 68,556 shares of the stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $102.74, for a total value of $7,043,443.44. Following the completion of the transaction, the insider now directly owns 186,397 shares in the company, valued at approximately $19,150,427.78. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,923,946 shares of company stock valued at $212,520,806. 17.18% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

CVNA has been the topic of several research reports. TD Cowen lifted their target price on Carvana from $58.00 to $70.00 and gave the stock a “hold” rating in a report on Monday, April 29th. Royal Bank of Canada increased their target price on Carvana from $90.00 to $130.00 and gave the company a “sector perform” rating in a research report on Thursday, May 2nd. JPMorgan Chase & Co. boosted their price target on shares of Carvana from $130.00 to $150.00 and gave the stock an “overweight” rating in a research report on Monday, June 10th. Evercore ISI increased their price objective on shares of Carvana from $118.00 to $135.00 and gave the company an “in-line” rating in a research report on Tuesday. Finally, JMP Securities boosted their target price on shares of Carvana from $135.00 to $150.00 and gave the stock a “market outperform” rating in a report on Friday, June 7th. One research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $88.50.

Carvana Price Performance

Shares of NYSE:CVNA opened at $127.84 on Friday. The firm has a market capitalization of $25.90 billion, a PE ratio of 56.07 and a beta of 3.37. The business has a 50 day simple moving average of $111.89 and a two-hundred day simple moving average of $80.41. Carvana Co. has a 1 year low of $23.43 and a 1 year high of $136.92.

Carvana (NYSE:CVNA) last posted its quarterly earnings data on Wednesday, May 1st. The company reported ($0.41) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.76) by $0.35. The business had revenue of $3.06 billion for the quarter, compared to analysts’ expectations of $2.72 billion. Equities research analysts expect that Carvana Co. will post -0.75 EPS for the current fiscal year.

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.