Carvana Target of Unusually High Options Trading (CVNA)

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Carvana Co (NYSE:CVNA) was the target of some unusual options trading on Tuesday. Stock traders purchased 14,310 call options on the stock. This is an increase of 1,350% compared to the average volume of 987 call options.

NYSE CVNA opened at $33.13 on Thursday. The company has a debt-to-equity ratio of 1.55, a quick ratio of 1.30 and a current ratio of 2.04. Carvana has a 1 year low of $16.02 and a 1 year high of $72.59. The firm has a market capitalization of $4.61 billion, a P/E ratio of -27.38 and a beta of 2.30.

In related news, major shareholder Ernest C. Garcia II sold 19,882 shares of the company’s stock in a transaction dated Monday, November 19th. The shares were sold at an average price of $46.73, for a total transaction of $929,085.86. Following the completion of the sale, the insider now owns 52,937,458 shares of the company’s stock, valued at approximately $2,473,767,412.34. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Michael E. Maroone acquired 1,000 shares of the firm’s stock in a transaction dated Monday, November 26th. The stock was bought at an average price of $43.85 per share, for a total transaction of $43,850.00. Following the completion of the acquisition, the director now owns 30,000 shares in the company, valued at approximately $1,315,500. The disclosure for this purchase can be found here. Over the last ninety days, insiders purchased 936,000 shares of company stock worth $31,068,300 and sold 221,080 shares worth $10,314,799. Corporate insiders own 21.41% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. lifted its position in shares of Carvana by 13.0% in the 3rd quarter. BlackRock Inc. now owns 2,099,988 shares of the company’s stock worth $124,088,000 after buying an additional 241,002 shares during the last quarter. Credit Suisse AG bought a new stake in Carvana in the 3rd quarter valued at $201,000. First Mercantile Trust Co. boosted its stake in Carvana by 34.1% in the fourth quarter. First Mercantile Trust Co. now owns 3,061 shares of the company’s stock valued at $100,000 after buying an additional 779 shares in the last quarter. Point72 Hong Kong Ltd acquired a new position in shares of Carvana in the third quarter worth approximately $216,000. Finally, Northern Trust Corp increased its holdings in shares of Carvana by 154.0% during the second quarter. Northern Trust Corp now owns 380,552 shares of the company’s stock valued at $15,831,000 after acquiring an additional 230,704 shares in the last quarter. 26.54% of the stock is currently owned by hedge funds and other institutional investors.

A number of equities analysts recently commented on the company. Zacks Investment Research downgraded Carvana from a “hold” rating to a “sell” rating in a report on Thursday, November 1st. Seaport Global Securities started coverage on Carvana in a research report on Wednesday. They set a “neutral” rating for the company. They noted that the move was a valuation call. JMP Securities raised their price objective on Carvana from $63.00 to $64.00 and gave the company a “market outperform” rating in a research note on Tuesday, November 13th. Barrington Research restated a “buy” rating on shares of Carvana in a research report on Tuesday, November 13th. Finally, Bank of America upped their target price on Carvana from $60.00 to $72.00 and gave the stock a “buy” rating in a report on Thursday, November 8th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and ten have given a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $56.36.

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Carvana Company Profile

Carvana Co, together with its subsidiaries, operates an e-commerce platform for buying used cars in the United States. The company purchases, reconditions, sells, and delivers vehicles. Its platform allows customers to research and identify a vehicle; inspect it using company's proprietary 360-degree vehicle imaging technology; obtain financing and warranty coverage; purchase the vehicle; and schedule delivery or pick-up.

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