The Vanguard Group, Inc. recently announced the acquisition of new stake in Carvana Co. (NYSE:CVNA). The institutional investor has increased its shareholding in the Consumer Cyclical company by 5.98% to 9.11 million shares with purchase of 0.51 million shares. This fresh investment now brings its stake to 8.55% valued currently at $458.62 million. In addition, Fidelity Management & Research Co raised its holdings by 1651.0 to 4.67 million shares. And D. E. Shaw & Co. LP has lifted its position by 6,485.06% or 3.85 million shares – to 3.91 million shares.
With over 18.05 million Carvana Co. (CVNA) shares trading Friday and a closing price of $52.20 on the day, the dollar volume was approximately $942.39 million. The shares have shown a positive half year performance of 604.45% and its price on 09/15/23 lost nearly -6.55%. Currently, there are 106.22M common shares owned by the public and among those 96.44M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 23 analysts who have offered their price forecasts for CVNA have a consensus price objective of $43.06. The analysts have set the share’s price value over the next 12 months at a high of $63.00 and a low of $15.00. The average price target is -23.76% below its recent price level and a downside to the estimated low will see the stock lose -248.0% over that period. But an upside of 17.14% will see the stock hit the forecast high price target while median target price for the stock is $44.00.
Insiders at the company have transacted a total of 129 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 30 of these insider trades were purchases, accounting for 1,317,584 shares. Insider sales of the common stock occurred on 99 occasions, with total insider shares sold totaling 191,335 shares.
The top 3 mutual fund holders in Carvana Co. are Morgan Stanley Instl. Fund-Growth, Vanguard Total Stock Market ETF, and Vanguard Small Cap Index Fund. Morgan Stanley Instl. Fund-Growth owns 3.28 million shares of the company’s stock, all valued at over $165.02 million. The company sold 69275.0 shares recently to bring their total holdings to about 3.08% of the shares outstanding. Vanguard Total Stock Market ETF sold 255.0 shares to see its total holdings shrink to 3.0 million shares valued at over $151.2 million and representing 2.82% of the shares outstanding. Vanguard Small Cap Index Fund bought 10159.0 shares to bring its total holdings to over 2.49 million shares at a value of $125.31 million. Vanguard Small Cap Index Fund now owns shares totaling to 2.34% of the shares outstanding.
Shares of Carvana Co. (NYSE: CVNA) opened at $55.56, down -$0.3 from a prior closing price of $55.86. However, the script later moved the day high at 56.40, down -6.55%. The company’s stock has a 5-day price change of 11.16% and 97.88% over the past three months. CVNA shares are trading 1001.27% year to date (YTD), with the 12-month market performance up to 44.72% higher. It has a 12-month low price of $3.55 and touched a high of $57.19 over the same period. CVNA has an average intraday trading volume of 20.98 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 13.51%, 20.05%, and 178.17% respectively.
Institutional ownership of Carvana Co. (NYSE: CVNA) shares accounts for 94.96% of the company’s 106.22M shares outstanding. Mutual fund holders own 32.38%, while other institutional holders and individual stakeholders account for 59.51% and 16.82% respectively.
It has a market capitalization of $10.58B and a beta (3y monthly) value of 3.08. The earnings-per-share (ttm) stands at -$12.34. Price movements for the stock have been influenced by the stock’s volatility, which stands at 10.02% over the week and 8.47% over the month.
Analysts forecast that Carvana Co. (CVNA) will achieve an EPS of -$0.83 for the current quarter, -$0.88 for the next quarter and -$2.52 for 2024. The lowest estimate earnings-per-share for the quarter is -$1.45 while analysts give the company a high EPS estimate of -$0.22. Comparatively, EPS for the current quarter was -$2.67 a year ago. Earnings per share for the fiscal year are expected to decrease by -865.40%, and 32.40% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 23 brokerage firm advisors rate Carvana Co. (CVNA) as a “Hold” at a consensus score of 3.30. Specifically, 2 Wall Street analysts polled rate the stock as a buy, while 15 of the 23 advise that investors “hold,” and 6 rated it as a “Sell.”
Looking at the support for the CVNA, a number of firms have released research notes about the stock. Jefferies stated their Underperform rating for the stock in a research note on July 31, 2023, with the firm’s price target at $55-$30.