The State Board of Administration of Florida Retirement System has increased its investment in Carvana Co. (NYSE: CVNA) by 16.1% during the second quarter of 2023, now holding a stake valued at $41.33 million. This follows the acquisition of an additional 17,044 shares, bringing the total to 122,655 shares as reported in its most recent filing with the Securities and Exchange Commission (SEC).
In a broader context, several institutional investors and hedge funds have also adjusted their positions in Carvana. For instance, Warren Street Wealth Advisors LLC upped its stake by 2.8%, now owning 1,153 shares valued at approximately $388,000. Similarly, MAI Capital Management increased its holdings by 1.8%, owning 1,757 shares worth around $592,000 after acquiring additional shares in the last quarter.
Other notable investors include Kingsview Wealth Management LLC, which raised its stake by 1.2% to 4,611 shares valued at $1.55 million, and Northwestern Mutual Wealth Management Co., which boosted its position by 5.2% in the first quarter. Parkside Financial Bank & Trust made a significant move, increasing its position by 29.6% during the second quarter, now holding 267 shares valued at $90,000. Notably, institutional investors collectively own 56.71% of Carvana’s stock.
Carvana’s Recent Stock Performance
On the trading front, shares of Carvana opened at $374.50. The company’s 50-day moving average stands at $345.17, while the 200-day moving average is at $342.25. Key financial metrics include a debt-to-equity ratio of 1.63, a current ratio of 4.05, and a quick ratio of 2.55. Carvana currently holds a market capitalization of $81.47 billion and exhibits a price-to-earnings (P/E) ratio of 85.50.
The stock has experienced significant fluctuations, with a fifty-two week low of $148.25 and a high of $413.33.
Insider Transactions and Analyst Ratings
In recent insider trading news, Ryan S. Keeton, an insider at Carvana, sold 32,370 shares on October 31, valued at approximately $9.77 million. Following this transaction, Keeton retains 115,456 shares in the company, worth approximately $34.83 million. This sale represents a 21.90% reduction in his ownership.
Additionally, Ira J. Platt, a director, sold 14,000 shares on September 10 for a total of $5.31 million, which equates to a 65.94% decrease in his holdings. Over the last ninety days, insiders have sold 366,452 shares valued at $133.49 million, with insiders currently holding 17.12% of the stock.
Analyst ratings have varied, with Morgan Stanley setting a price target of $450.00 on October 20. Wedbush upgraded Carvana from a “neutral” to an “outperform” rating, increasing its target price from $380.00 to $400.00. Conversely, Wall Street Zen downgraded the stock from a “buy” to a “hold” rating. Currently, seventeen analysts have rated Carvana as a “Buy,” while six have issued a “Hold” rating. According to MarketBeat, Carvana maintains a consensus rating of “Moderate Buy” with an average target price of $420.70.
Carvana Co. operates as an e-commerce platform for buying and selling used cars in the United States, offering customers the ability to research vehicles, obtain financing, and schedule delivery or pick-up from both desktop and mobile devices. As the company navigates a rapidly changing automotive market, its recent financial activity highlights the ongoing interest from institutional investors and the potential for growth in the sector.
