State Street Corp Acquires New Position in Carvana Co. (CVNA)
State Street Corp acquired a new stake in shares of Carvana Co. (NYSE:CVNA) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 215,218 shares of the company’s stock, valued at approximately $4,405,000. State Street Corp owned about 1.39% of Carvana at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. FMR LLC acquired a new stake in shares of Carvana during the second quarter worth $26,992,000. Royal Bank of Canada acquired a new stake in shares of Carvana during the second quarter worth $15,354,000. Principal Financial Group Inc. acquired a new stake in shares of Carvana during the second quarter worth $14,998,000. Goodnow Investment Group LLC acquired a new stake in shares of Carvana during the second quarter worth $11,706,000. Finally, Vanguard Group Inc. acquired a new stake in shares of Carvana during the second quarter worth $10,730,000. Hedge funds and other institutional investors own 15.20% of the company’s stock.
A number of analysts have weighed in on CVNA shares. Craig Hallum increased their target price on shares of Carvana from $16.00 to $24.00 and gave the stock a “buy” rating in a report on Wednesday, August 9th. Robert W. Baird reissued an “outperform” rating and set a $22.00 target price (down from $23.00) on shares of Carvana in a report on Thursday, August 10th. Susquehanna Bancshares reissued a “neutral” rating and set a $16.00 target price (up from $12.00) on shares of Carvana in a report on Friday, August 11th. Wells Fargo & Company reissued an “outperform” rating and set a $23.00 target price on shares of Carvana in a report on Sunday, August 20th. Finally, Wedbush reissued a “neutral” rating and set a $18.14 target price (down from $20.00) on shares of Carvana in a report on Friday, September 15th. Three research analysts have rated the stock with a sell rating, three have given a hold rating and ten have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $19.77.
Shares of Carvana Co. (NYSE CVNA) opened at $20.55 on Thursday. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.71 and a current ratio of 1.50. Carvana Co. has a twelve month low of $8.14 and a twelve month high of $23.70.
Carvana (NYSE:CVNA) last released its quarterly earnings data on Tuesday, November 7th. The company reported ($0.29) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.30) by $0.01. Carvana had a negative net margin of 11.81% and a negative return on equity of 153.67%. The business had revenue of $225.40 million for the quarter, compared to analysts’ expectations of $243.61 million. analysts forecast that Carvana Co. will post -1.19 EPS for the current year.
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Carvana Company Profile
Carvana Co is an e-commerce platform for buying used cars. On the Company’s platform, consumers can research and identify a vehicle, inspect it using its proprietary 360-degree vehicle imaging technology, obtain financing and warranty coverage, purchase the vehicle and schedule delivery or pick-up, all from their desktop or mobile devices.
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