Franklin Resources Inc. Sells 1,787 Shares of Carvana Co. (NYSE:CVNA)

Franklin Resources Inc. cut its stake in shares of Carvana Co. (NYSE:CVNA) by 3.5% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 49,514 shares of the company’s stock after selling 1,787 shares during the quarter. Franklin Resources Inc.’s holdings in Carvana were worth $9,363,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Raymond James & Associates increased its holdings in Carvana by 154.1% during the 2nd quarter. Raymond James & Associates now owns 10,544 shares of the company’s stock worth $1,357,000 after purchasing an additional 6,394 shares during the period. Fifth Third Bancorp increased its stake in shares of Carvana by 450.8% during the second quarter. Fifth Third Bancorp now owns 336 shares of the company’s stock valued at $43,000 after buying an additional 275 shares during the period. Allspring Global Investments Holdings LLC raised its holdings in shares of Carvana by 3,218.0% in the second quarter. Allspring Global Investments Holdings LLC now owns 3,318 shares of the company’s stock valued at $427,000 after acquiring an additional 3,218 shares in the last quarter. Summit Securities Group LLC lifted its stake in Carvana by 110.0% in the second quarter. Summit Securities Group LLC now owns 300 shares of the company’s stock worth $39,000 after acquiring an additional 3,300 shares during the period. Finally, K.J. Harrison & Partners Inc bought a new position in Carvana during the 2nd quarter worth about $1,931,000. 56.71% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Carvana

In other news, COO Benjamin E. Huston sold 3,043 shares of the business’s stock in a transaction dated Thursday, October 31st. The stock was sold at an average price of $240.00, for a total value of $730,320.00. Following the completion of the transaction, the chief operating officer now owns 218,686 shares of the company’s stock, valued at $52,484,640. The trade was a 1.37 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, major shareholder Ernest C. Garcia II sold 100,000 shares of the firm’s stock in a transaction dated Friday, September 27th. The stock was sold at an average price of $169.88, for a total value of $16,988,000.00. Following the sale, the insider now directly owns 39,258,131 shares in the company, valued at approximately $6,669,171,294.28. This trade represents a 0.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,841,908 shares of company stock worth $357,778,785. Company insiders own 17.12% of the company’s stock.

Wall Street Analysts Forecast Growth

CVNA has been the subject of several recent research reports. Wells Fargo & Company boosted their price target on shares of Carvana from $175.00 to $250.00 and gave the company an “overweight” rating in a report on Wednesday, October 23rd. Robert W. Baird upped their target price on Carvana from $160.00 to $240.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. Jefferies Financial Group lifted their price target on Carvana from $150.00 to $185.00 and gave the company a “hold” rating in a report on Tuesday, October 22nd. Stephens initiated coverage on Carvana in a research note on Thursday, September 12th. They set an “overweight” rating and a $190.00 price objective for the company. Finally, Bank of America lifted their target price on Carvana from $185.00 to $210.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Eleven investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $222.71.

Carvana Stock Performance

Shares of CVNA stock opened at $224.46 on Friday. The business has a fifty day moving average of $233.54 and a 200 day moving average of $173.18. Carvana Co. has a 1 year low of $40.21 and a 1 year high of $268.34. The company has a debt-to-equity ratio of 18.99, a current ratio of 3.25 and a quick ratio of 2.12. The firm has a market capitalization of $46.60 billion, a price-to-earnings ratio of 22,468.47 and a beta of 3.32.

Carvana (NYSE:CVNA) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $0.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.23 by $0.41. The firm had revenue of $3.66 billion during the quarter, compared to analysts’ expectations of $3.47 billion. The company’s revenue for the quarter was up 31.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.23 earnings per share. As a group, research analysts expect that Carvana Co. will post 0.76 earnings per share for the current 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.