Morgan Stanley Investment Managem 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 12.01% to 14.13 million shares with purchase of 1.51 million shares. This fresh investment now brings its stake to 12.39% valued currently at $442.4 million. In addition, The Vanguard Group, Inc. raised its holdings by 46169.0 to 9.15 million shares. And BlackRock Fund Advisors has lifted its position by 134.75% or 3.4 million shares – to 5.93 million shares.
With over 4.58 million Carvana Co. (CVNA) shares trading Tuesday and a closing price of $47.16 on the day, the dollar volume was approximately $216.12 million. The shares have shown a positive half year performance of 32.58% and its price on 01/09/24 lost nearly -2.42%. Currently, there are 106.04M common shares owned by the public and among those 94.11M shares have been available to trade.
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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 $38.94. The analysts have set the share’s price value over the next 12 months at a high of $62.00 and a low of $15.00. The average price target is -21.11% below its recent price level and a downside to the estimated low will see the stock lose -214.4% over that period. But an upside of 23.94% will see the stock hit the forecast high price target while median target price for the stock is $37.00.
Insiders at the company have transacted a total of 115 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 24 of these insider trades were purchases, accounting for 981,584 shares. Insider sales of the common stock occurred on 91 occasions, with total insider shares sold totaling 198,573 shares.
The top 3 mutual fund holders in Carvana Co. are Morgan Stanley Instl. Fund-Growth, Vanguard Total Stock Market ETF, and T Rowe Price Blue Chip Growth Fun. Morgan Stanley Instl. Fund-Growth owns 3.25 million shares of the company’s stock, all valued at over $101.85 million. The company sold 25532.0 shares recently to bring their total holdings to about 2.85% of the shares outstanding. Vanguard Total Stock Market ETF bought 3774.0 shares to see its total holdings expand to 3.0 million shares valued at over $94.02 million and representing 2.63% of the shares outstanding. T Rowe Price Blue Chip Growth Fun bought 2.62 million shares to bring its total holdings to over 2.62 million shares at a value of $82.03 million. T Rowe Price Blue Chip Growth Fun now owns shares totaling to 2.30% of the shares outstanding.
Shares of Carvana Co. (NYSE: CVNA) opened at $47.01, down -$1.32 from a prior closing price of $48.33. However, the script later moved the day high at 48.74, down -2.42%. The company’s stock has a 5-day price change of -3.50% and 21.33% over the past three months. CVNA shares are trading -10.92% year to date (YTD), with the 12-month market performance up to 969.39% higher. It has a 12-month low price of $4.35 and touched a high of $62.59 over the same period. CVNA has an average intraday trading volume of 8.78 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 -6.03%, 19.83%, and 51.53% respectively.
Institutional ownership of Carvana Co. (NYSE: CVNA) shares accounts for 90.49% of the company’s 106.04M shares outstanding. Mutual fund holders own 36.44%, while other institutional holders and individual stakeholders account for 54.12% and 15.68% respectively.
It has a market capitalization of $5.38B and a beta (3y monthly) value of 3.20. The earnings-per-share (ttm) stands at -$5.87. Price movements for the stock have been influenced by the stock’s volatility, which stands at 5.98% over the week and 8.79% over the month.
Analysts forecast that Carvana Co. (CVNA) will achieve an EPS of -$0.9 for the current quarter, -$0.97 for the next quarter and -$3.11 for 2024. The lowest estimate earnings-per-share for the quarter is -$2.18 while analysts give the company a high EPS estimate of -$0.32. Comparatively, EPS for the current quarter was $0.39 a year ago. Earnings per share for the fiscal year are expected to increase by 106.66%, and -387.64% 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 3.26. Specifically, 1 Wall Street analysts polled rate the stock as a buy, while 18 of the 23 advise that investors “hold,” and 4 rated it as a “Sell.”
Looking at the support for the CVNA, a number of firms have released research notes about the stock. JP Morgan stated their Neutral rating for the stock in a research note on December 04, 2023, with the firm’s price target at $25-$40.
