The Manufacturers Life Insurance Company significantly increased its stake in Carvana Co. (NYSE:CVNA) during the fourth quarter, boosting its holdings by 16.4% according to the latest SEC filing. The firm now owns 199,542 shares of Carvana stock, valued at $40,579,000, representing 0.10% of the company.
Other institutional investors have also adjusted their positions in Carvana. Norges Bank initiated a new position in the company worth approximately $179,364,000. Vanguard Group Inc. increased its holdings by 5.6%, now owning 11,425,367 shares valued at $2,323,463,000. Other notable investors, including Lord Abbett & CO. LLC and Arrowstreet Capital Limited Partnership, have also acquired significant stakes in the company.
Analysts have recently commented on Carvana’s prospects. Royal Bank of Canada raised its price target to $320.00, maintaining an ‘outperform’ rating. Needham & Company LLC reaffirmed a ‘buy’ rating with a $340.00 target price. The company currently has a consensus rating of ‘Moderate Buy’ with an average price target of $254.76 among analysts.
Insider transactions have also been notable. Paul W. Breaux sold 1,362 shares on February 10th, while CFO Mark W. Jenkins sold 28,422 shares on February 18th. Despite these sales, company insiders collectively own 17.12% of the stock.
Carvana’s stock performance has been significant, with shares opening at $244.17. The company has a market capitalization of $52.05 billion and reported earnings per share of $0.56 for the quarter, exceeding analyst estimates. The business operates an e-commerce platform for used cars in the United States, utilizing 360-degree vehicle imaging technology.
