M&T Bank Corp Acquires Shares of 6,809 Carvana Co. (NYSE:CVNA)

M&T Bank Corp bought a new position in Carvana Co. (NYSE:CVNA) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 6,809 shares of the company’s stock, valued at approximately $1,185,000.

Other institutional investors also recently modified their holdings of the company. Ridgewood Investments LLC purchased a new position in Carvana in the second quarter valued at about $32,000. Sugarloaf Wealth Management LLC bought a new stake in shares of Carvana in the 3rd quarter valued at approximately $32,000. Summit Securities Group LLC grew its stake in shares of Carvana by 110.0% in the 2nd quarter. Summit Securities Group LLC now owns 300 shares of the company’s stock valued at $39,000 after buying an additional 3,300 shares in the last quarter. Capital Performance Advisors LLP acquired a new position in Carvana in the third quarter worth approximately $40,000. Finally, Fifth Third Bancorp raised its position in 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 acquiring an additional 275 shares in the last quarter. Institutional investors and hedge funds own 56.71% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. Wedbush raised their target price on Carvana from $150.00 to $175.00 and gave the company a “neutral” rating in a report on Monday, October 7th. Jefferies Financial Group boosted their target price on Carvana from $150.00 to $185.00 and gave the stock a “hold” rating in a report on Tuesday, October 22nd. Robert W. Baird increased their price target on Carvana from $160.00 to $240.00 and gave the company a “neutral” rating in a report on Thursday, October 31st. Morgan Stanley upgraded shares of Carvana from an “underweight” rating to an “equal weight” rating and boosted their price objective for the stock from $110.00 to $260.00 in a research note on Tuesday, November 5th. Finally, Citigroup raised their target price on shares of Carvana from $125.00 to $195.00 and gave the company a “neutral” rating in a research note on Thursday, October 3rd. Eleven research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, Carvana has a consensus rating of “Hold” and an average price target of $222.71.

Insider Buying and Selling at Carvana

In other Carvana news, CFO Mark W. Jenkins sold 208,495 shares of the stock in a transaction dated Monday, November 4th. The stock was 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 of the company’s stock, valued at approximately $20,362,982.76. This represents a 69.68 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Ryan S. Keeton sold 24,845 shares of the firm’s stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $247.90, for a total value of $6,159,075.50. Following the transaction, the insider now owns 151,029 shares in the company, valued at approximately $37,440,089.10. This trade represents a 14.13 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 2,071,908 shares of company stock valued at $395,374,785. 17.12% of the stock is currently owned by insiders.

Carvana Trading Up 0.2 %

Shares of CVNA opened at $248.25 on Monday. The stock’s fifty day simple moving average is $228.64 and its 200-day simple moving average is $169.36. The firm has a market capitalization of $51.54 billion, a PE ratio of 24,825.00 and a beta of 3.32. Carvana Co. has a 12-month low of $40.21 and a 12-month 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.

Carvana (NYSE:CVNA) last released its earnings results on Wednesday, October 30th. The company reported $0.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.23 by $0.41. The business had revenue of $3.66 billion for the quarter, compared to analyst estimates of $3.47 billion. During the same quarter in the previous year, the company posted $0.23 earnings per share. The business’s revenue for the quarter was up 31.8% on a year-over-year basis. As a group, research analysts predict that Carvana Co. will post 0.76 earnings per share for the current year.

Carvana 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.