773 Shares in Carvana Co. $CVNA Purchased by DAVENPORT & Co LLC

Key Points

• DAVENPORT & Co LLC purchased 773 shares of Carvana Co. valued at approximately $260,000 during the second quarter, reflecting growing interest from institutional investors in the company.
• Equities analysts have upgraded Carvana's rating, with price targets set as high as $475.00, indicating positive sentiment and expectations for future growth.
• Insiders sold a total of 1,838,292 shares of Carvana stock recently, valued at approximately $664.6 million, suggesting shifts in insider confidence towards the company.

DAVENPORT & Co LLC purchased a new position in Carvana Co. (NYSE:CVNA - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 773 shares of the company's stock, valued at approximately $260,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CVNA. Hilltop National Bank purchased a new position in shares of Carvana in the 2nd quarter worth about $25,000. Brooklyn Investment Group boosted its position in Carvana by 961.5% during the first quarter. Brooklyn Investment Group now owns 138 shares of the company's stock worth $29,000 after purchasing an additional 125 shares during the period. N.E.W. Advisory Services LLC bought a new position in Carvana during the first quarter worth about $33,000. SJS Investment Consulting Inc. boosted its position in Carvana by 960.0% during the second quarter. SJS Investment Consulting Inc. now owns 106 shares of the company's stock worth $36,000 after purchasing an additional 96 shares during the period. Finally, Geneos Wealth Management Inc. boosted its position in Carvana by 251.4% during the first quarter. Geneos Wealth Management Inc. now owns 253 shares of the company's stock worth $53,000 after purchasing an additional 181 shares during the period. 56.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on CVNA shares. Oppenheimer upgraded shares of Carvana from a "market perform" rating to an "outperform" rating and set a $450.00 target price for the company in a research report on Friday, July 25th. Jefferies Financial Group set a $475.00 target price on shares of Carvana and gave the stock a "buy" rating in a research report on Wednesday, October 1st. Bank of America increased their target price on shares of Carvana from $375.00 to $425.00 and gave the stock a "buy" rating in a research report on Thursday, July 31st. JMP Securities increased their target price on shares of Carvana from $440.00 to $460.00 and gave the stock a "market outperform" rating in a research report on Thursday, July 31st. Finally, Citigroup reiterated a "buy" rating on shares of Carvana in a research report on Thursday. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $407.44.

Insiders Place Their Bets

In related news, CFO Mark W. Jenkins sold 12,750 shares of the firm's stock in a transaction that occurred 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 sale, the chief financial officer directly owned 207,362 shares of the company's stock, valued at $80,719,805.74. This trade represents a 5.79% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Stephen R. Palmer sold 1,000 shares of the company's stock in a transaction that occurred on Wednesday, October 1st. The stock was sold at an average price of $390.14, for a total value of $390,140.00. Following the completion of the sale, the vice president directly owned 43,513 shares of the company's stock, valued at approximately $16,976,161.82. This represents a 2.25% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,838,292 shares of company stock valued at $664,602,807 over the last three months. Corporate insiders own 16.36% of the company's stock.

Carvana Trading Up 2.9%

Shares of CVNA opened at $338.77 on Tuesday. The firm's 50 day simple moving average is $364.73 and its 200 day simple moving average is $317.04. The company has a market capitalization of $72.90 billion, a P/E ratio of 84.91, a P/E/G ratio of 1.07 and a beta of 3.55. The company has a debt-to-equity ratio of 2.51, a current ratio of 4.00 and a quick ratio of 2.58. Carvana Co. has a 1-year low of $148.25 and a 1-year high of $413.33.

Carvana (NYSE:CVNA - Get Free Report) last announced its earnings results 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 business had revenue of $4.84 billion for the quarter, compared to the consensus estimate of $4.54 billion. Carvana had a net margin of 3.46% and a return on equity of 40.57%. Carvana's quarterly revenue was up 41.9% on a year-over-year basis. During the same period last year, the firm posted ($0.05) earnings per share. Sell-side analysts forecast that Carvana Co. will post 2.85 earnings per share for the current fiscal year.

Carvana Company Profile

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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