Cresset Asset Management LLC Decreases Position in Carvana Co. (NYSE:CVNA)

Cresset Asset Management LLC cut its position in shares of Carvana Co. (NYSE:CVNA - Free Report) by 51.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,531 shares of the company's stock after selling 2,720 shares during the quarter. Cresset Asset Management LLC's holdings in Carvana were worth $515,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of CVNA. Quent Capital LLC purchased a new stake in Carvana during the fourth quarter worth approximately $28,000. Global Retirement Partners LLC raised its holdings in shares of Carvana by 109.9% during the fourth quarter. Global Retirement Partners LLC now owns 149 shares of the company's stock worth $30,000 after purchasing an additional 78 shares during the period. Rialto Wealth Management LLC acquired a new stake in shares of Carvana during the fourth quarter worth $31,000. Venturi Wealth Management LLC lifted its position in Carvana by 79.2% in the 4th quarter. Venturi Wealth Management LLC now owns 224 shares of the company's stock valued at $46,000 after purchasing an additional 99 shares during the last quarter. Finally, Transce3nd LLC acquired a new position in shares of Carvana during the fourth quarter valued at approximately $48,000. 56.71% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on CVNA shares. Bank of America lifted their target price on shares of Carvana from $290.00 to $295.00 and gave the stock a "buy" rating in a research report on Thursday, May 8th. Evercore ISI reduced their target price on shares of Carvana from $250.00 to $240.00 and set an "in-line" rating for the company in a research note on Tuesday, March 11th. DA Davidson lifted their target price on shares of Carvana from $220.00 to $260.00 and gave the company a "neutral" rating in a research note on Thursday, February 20th. Needham & Company LLC restated a "buy" rating and issued a $340.00 price objective on shares of Carvana in a research note on Thursday, May 8th. Finally, Royal Bank of Canada upped their target price on shares of Carvana from $320.00 to $340.00 and gave the company an "outperform" rating in a research note on Thursday, May 8th. Six investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $269.18.

Carvana Stock Up 0.8%

Shares of NYSE:CVNA traded up $2.28 during trading on Friday, reaching $299.68. 3,656,928 shares of the stock were exchanged, compared to its average volume of 3,937,649. The company has a debt-to-equity ratio of 3.82, a current ratio of 3.64 and a quick ratio of 2.12. Carvana Co. has a 1-year low of $97.55 and a 1-year high of $311.88. The stock has a fifty day moving average of $220.71 and a two-hundred day moving average of $230.18. The firm has a market cap of $63.88 billion, a price-to-earnings ratio of 190.88 and a beta of 3.61.

Carvana (NYSE:CVNA - Get Free Report) last announced its earnings results on Wednesday, May 7th. The company reported $1.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.75 by $0.76. Carvana had a return on equity of 36.59% and a net margin of 1.54%. The firm had revenue of $4.23 billion during the quarter, compared to analyst estimates of $3.94 billion. During the same period last year, the firm posted $0.23 EPS. The business's revenue was up 38.3% compared to the same quarter last year. Research analysts anticipate that Carvana Co. will post 2.85 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Mark W. Jenkins sold 43,433 shares of Carvana stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $209.27, for a total transaction of $9,089,223.91. Following the sale, the chief financial officer now directly owns 214,678 shares in the company, valued at $44,925,665.06. The trade was a 16.83% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Benjamin E. Huston sold 50,000 shares of the business's stock in a transaction on Monday, April 7th. The stock was sold at an average price of $150.90, for a total value of $7,545,000.00. Following the completion of the sale, the chief operating officer now directly owns 123,803 shares in the company, valued at $18,681,872.70. This trade represents a 28.77% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 618,735 shares of company stock worth $153,823,367 in the last quarter. 16.36% of the stock is owned by company insiders.

About Carvana

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