1,082 Shares in Carvana Co. $CVNA Acquired by Sagespring Wealth Partners LLC

Key Points

• Sagespring Wealth Partners LLC has acquired 1,082 shares of Carvana Co., valued at approximately $365,000, increasing institutional ownership to 56.71%.
• Carvana reported a significant earnings surprise in its last quarter, with a profit of $1.28 earnings per share, surpassing analyst estimates.
• Several analysts have raised their price targets for Carvana, with Piper Sandler increasing theirs from $340 to $440 and Needham raising theirs from $340 to $500.

Sagespring Wealth Partners LLC purchased a new position in Carvana Co. (NYSE:CVNA - Free Report) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 1,082 shares of the company's stock, valued at approximately $365,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD raised its holdings in shares of Carvana by 13.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 14,950,011 shares of the company's stock valued at $3,125,749,000 after purchasing an additional 1,823,218 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Carvana by 9.7% during the first quarter. Vanguard Group Inc. now owns 12,534,843 shares of the company's stock worth $2,620,785,000 after purchasing an additional 1,109,476 shares in the last quarter. T. Rowe Price Investment Management Inc. increased its holdings in Carvana by 1.4% in the first quarter. T. Rowe Price Investment Management Inc. now owns 692,725 shares of the company's stock valued at $144,835,000 after buying an additional 9,694 shares during the last quarter. Northern Trust Corp raised its stake in Carvana by 5.4% in the first quarter. Northern Trust Corp now owns 685,864 shares of the company's stock valued at $143,400,000 after buying an additional 35,168 shares in the last quarter. Finally, Contour Asset Management LLC lifted its holdings in Carvana by 71.4% during the 1st quarter. Contour Asset Management LLC now owns 643,114 shares of the company's stock worth $134,462,000 after buying an additional 267,994 shares during the last quarter. Institutional investors and hedge funds own 56.71% of the company's stock.

Insider Activity

In other Carvana news, CFO Mark W. Jenkins sold 12,750 shares of Carvana stock in a transaction on Wednesday, October 1st. The shares were sold at an average price of $389.27, for a total value of $4,963,192.50. Following the transaction, the chief financial officer directly owned 207,362 shares in the company, valued at approximately $80,719,805.74. The trade was a 5.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Paul W. Breaux sold 15,000 shares of the company's stock in a transaction dated Wednesday, October 1st. The shares were sold at an average price of $398.00, for a total transaction of $5,970,000.00. Following the completion of the sale, the insider directly owned 81,716 shares of the company's stock, valued at $32,522,968. The trade was a 15.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,678,292 shares of company stock worth $608,812,907 over the last 90 days. 17.12% of the stock is owned by corporate insiders.

Carvana Trading Down 3.3%

NYSE:CVNA opened at $333.28 on Friday. The company has a market capitalization of $71.72 billion, a PE ratio of 83.53, a P/E/G ratio of 1.12 and a beta of 3.55. Carvana Co. has a 52-week low of $148.25 and a 52-week high of $413.33. The stock's 50 day moving average price is $364.10 and its 200 day moving average price is $319.28. The company has a quick ratio of 2.58, a current ratio of 4.00 and a debt-to-equity ratio of 2.51.

Carvana (NYSE:CVNA - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The company reported $1.28 earnings per share for the quarter, beating analysts' consensus estimates of $1.09 by $0.19. The company had revenue of $4.84 billion during the quarter, compared to analysts' expectations of $4.54 billion. Carvana had a return on equity of 40.57% and a net margin of 3.46%.The firm's revenue for the quarter was up 41.9% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.05) earnings per share. On average, research analysts anticipate that Carvana Co. will post 2.85 EPS for the current year.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Piper Sandler increased their price objective on Carvana from $340.00 to $440.00 and gave the company an "overweight" rating in a report on Thursday, July 31st. JPMorgan Chase & Co. upped their price target on Carvana from $415.00 to $425.00 and gave the company an "overweight" rating in a report on Wednesday, September 17th. Evercore ISI raised their price objective on shares of Carvana from $365.00 to $370.00 and gave the stock an "in-line" rating in a report on Tuesday, August 12th. Needham & Company LLC boosted their price objective on shares of Carvana from $340.00 to $500.00 and gave the stock a "buy" rating in a research report on Thursday, July 31st. Finally, Stephens reaffirmed an "overweight" rating and issued a $440.00 target price on shares of Carvana in a research report on Tuesday, September 23rd. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $407.44.

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.

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