350,143 Shares in Carvana Co. $CVNA Acquired by WINTON GROUP Ltd

Key Points

• WINTON GROUP Ltd acquired 350,143 Carvana shares worth approximately $23.0 million in the second quarter, making CVNA its 17th-largest portfolio holding and representing about 0.7% of its portfolio.
• Carvana reported quarterly earnings of $0.42 per share, exceeding estimates of $0.39, while revenue rose 52.4% year over year to $7.38 billion. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $84.14.
• Carvana shares opened at $73.49, compared with a 52-week range of $54.46 to $97.38. Despite substantial institutional ownership, insiders have sold 400,775 shares worth about $27.5 million over the past 90 days.

WINTON GROUP Ltd purchased a new position in Carvana Co. (NYSE:CVNA - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 350,143 shares of the company's stock, valued at approximately $23,046,000. Carvana makes up approximately 0.7% of WINTON GROUP Ltd's portfolio, making the stock its 17th largest position.

Other hedge funds have also recently added to or reduced their stakes in the company. Royal Bank of Canada raised its position in shares of Carvana by 40.8% during the first quarter. Royal Bank of Canada now owns 29,867 shares of the company's stock worth $6,243,000 after purchasing an additional 8,654 shares during the period. Geneos Wealth Management Inc. increased its stake in Carvana by 251.4% during the 1st quarter. Geneos Wealth Management Inc. now owns 253 shares of the company's stock valued at $53,000 after purchasing an additional 181 shares in the last quarter. Cerity Partners LLC increased its stake in Carvana by 28.8% during the 2nd quarter. Cerity Partners LLC now owns 5,481 shares of the company's stock valued at $1,847,000 after purchasing an additional 1,226 shares in the last quarter. AXA S.A. raised its holdings in Carvana by 340.7% during the second quarter. AXA S.A. now owns 4,253 shares of the company's stock worth $1,433,000 after buying an additional 3,288 shares during the last quarter. Finally, NewEdge Advisors LLC lifted its stake in shares of Carvana by 9.1% in the second quarter. NewEdge Advisors LLC now owns 9,893 shares of the company's stock valued at $3,334,000 after buying an additional 825 shares in the last quarter. Institutional investors and hedge funds own 56.71% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the stock. Royal Bank Of Canada set a $82.00 price objective on shares of Carvana and gave the company an "outperform" rating in a report on Thursday, July 30th. Jefferies Financial Group dropped their price target on shares of Carvana from $95.00 to $90.00 and set a "buy" rating on the stock in a research report on Tuesday, July 14th. BNP Paribas Exane cut their price target on Carvana from $86.00 to $69.00 and set a "hold" rating for the company in a research note on Thursday, July 30th. BTIG Research reissued a "buy" rating and set a $87.00 price objective on shares of Carvana in a report on Tuesday, August 18th. Finally, Morgan Stanley set a $90.00 price objective on Carvana and gave the stock an "overweight" rating in a research note on Thursday, July 30th. One research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and seven have assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $84.14.

Carvana Stock Performance

Shares of CVNA stock opened at $73.49 on Thursday. The firm has a 50-day moving average of $69.40 and a 200-day moving average of $68.39. The company has a market cap of $80.87 billion, a P/E ratio of 40.65, a P/E/G ratio of 2.15 and a beta of 3.49. The company has a debt-to-equity ratio of 0.94, a current ratio of 3.93 and a quick ratio of 2.33. Carvana Co. has a one year low of $54.46 and a one year high of $97.38.

Carvana (NYSE:CVNA - Get Free Report) last released its quarterly earnings results on Wednesday, July 29th. The company reported $0.42 earnings per share for the quarter, topping the consensus estimate of $0.39 by $0.03. Carvana had a net margin of 6.26% and a return on equity of 37.06%. The business had revenue of $7.38 billion for the quarter, compared to analysts' expectations of $6.90 billion. During the same period in the previous year, the company earned $1.51 earnings per share. The firm's revenue for the quarter was up 52.4% compared to the same quarter last year. Equities research analysts forecast that Carvana Co. will post 1.68 EPS for the current fiscal year.

Insider Activity

In other Carvana news, CFO Mark Jenkins sold 63,750 shares of Carvana stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $68.34, for a total transaction of $4,356,675.00. Following the transaction, the chief financial officer owned 1,029,580 shares of the company's stock, valued at $70,361,497.20. This trade represents a 5.83% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director J Quayle sold 14,525 shares of the business's stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of $75.00, for a total value of $1,089,375.00. Following the completion of the transaction, the director owned 214,960 shares in the company, valued at $16,122,000. The trade was a 6.33% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 400,775 shares of company stock worth $27,522,038. Corporate insiders own 15.19% of the company's stock.

Carvana Company Profile

Carvana Co NYSE: CVNA is an online used-car retailer that enables consumers to research, purchase, finance and sell vehicles through its website and mobile platform. The company offers a selection of used cars, trucks and SUVs, with vehicle listings that generally include photographs, pricing and vehicle-history information.

Customers can complete much of the vehicle-buying process online, including applying for financing, arranging trade-ins and scheduling vehicle pickup or delivery.

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