Allspring Global Investments Holdings LLC Cuts Stock Holdings in Carvana Co. $CVNA

Allspring Global Investments Holdings LLC reduced its stake in shares of Carvana Co. (NYSE:CVNA) by 4.9% during the first quarter, Holdings Channel reports. The institutional investor owned 218,359 shares of the company’s stock after selling 11,174 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Carvana were worth $68,148,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of CVNA. Ascentis Independent Advisors purchased a new position in Carvana in the 1st quarter worth approximately $26,000. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in shares of Carvana during the fourth quarter valued at approximately $29,000. Farmers & Merchants Investments Inc. bought a new position in shares of Carvana in the fourth quarter worth approximately $29,000. Motiv8 Investments LLC bought a new position in shares of Carvana in the fourth quarter worth approximately $33,000. Finally, Whipplewood Advisors LLC purchased a new position in shares of Carvana in the first quarter worth $36,000. Hedge funds and other institutional investors own 56.71% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on CVNA shares. Needham & Company LLC reiterated a “buy” rating and set a $120.00 price target on shares of Carvana in a report on Friday, June 5th. Zacks Research lowered shares of Carvana from a “strong-buy” rating to a “hold” rating in a report on Wednesday. Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a $107.40 price objective on shares of Carvana in a research report on Thursday, April 30th. Citizens Jmp increased their target price on shares of Carvana from $92.00 to $103.00 and gave the stock a “market outperform” rating in a report on Friday, May 1st. Finally, DA Davidson increased their target price on shares of Carvana from $64.00 to $67.00 and gave the stock a “neutral” rating in a report on Friday, May 1st. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $92.92.

Insider Transactions at Carvana

In other news, CFO Mark W. Jenkins sold 63,750 shares of Carvana stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $68.34, for a total value of $4,356,675.00. Following the completion of the transaction, the chief financial officer owned 1,029,580 shares of the company’s stock, valued at $70,361,497.20. The trade was a 5.83% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Ira J. Platt sold 15,000 shares of the company’s stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $67.83, for a total transaction of $1,017,450.00. Following the completion of the transaction, the director owned 186,470 shares in the company, valued at approximately $12,648,260.10. The trade was a 7.45% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 396,962 shares of company stock valued at $28,525,088. 15.19% of the stock is currently owned by corporate insiders.

Carvana Stock Performance

Shares of CVNA opened at $67.50 on Friday. The company has a quick ratio of 2.57, a current ratio of 4.09 and a debt-to-equity ratio of 1.05. The business’s 50 day moving average price is $67.86 and its 200-day moving average price is $72.29. Carvana Co. has a 52 week low of $54.46 and a 52 week high of $97.38. The stock has a market cap of $74.04 billion, a P/E ratio of 41.06, a P/E/G ratio of 11.90 and a beta of 3.46.

Carvana (NYSE:CVNA) last posted its quarterly earnings results on Wednesday, April 29th. The company reported $1.69 earnings per share for the quarter, topping the consensus estimate of $0.32 by $1.37. Carvana had a return on equity of 41.46% and a net margin of 6.40%.The company had revenue of $6.43 billion for the quarter, compared to the consensus estimate of $6.12 billion. Equities research analysts anticipate that Carvana Co. will post 1.58 earnings per share for the current fiscal year.

Carvana Profile

Carvana Co is an online-only retailer of used vehicles that operates a consumer-facing e-commerce platform for buying and selling cars. The company markets and sells inspected, reconditioned pre-owned vehicles through its website, where shoppers can browse inventory, view detailed 360-degree photos and vehicle history reports, finance purchases, and arrange delivery or pickup. Carvana’s model is built around a digital end-to-end car buying experience that aims to simplify vehicle transactions compared with traditional dealerships.

Its products and services include direct retail sales of used cars, trade-in and purchase offers for consumer vehicles, vehicle financing and related protection products, and a seven-day return policy that allows customers to test a vehicle in everyday use.