Aberdeen Group plc Raises Stock Holdings in Carvana Co. $CVNA

Key Points

• Aberdeen Group plc increased its stake in Carvana Co. by 60.1% in Q2, holding 5,810 shares valued at approximately $1.96 million.
• Multiple analysts have upgraded Carvana's rating, with targets ranging from $329 to $500, reflecting a strong positive sentiment toward the stock.
• In recent insider activity, two major shareholders sold a significant number of shares, totaling approximately $68.7 million, reducing their ownership stakes considerably.

Aberdeen Group plc boosted its position in shares of Carvana Co. (NYSE:CVNA - Free Report) by 60.1% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 5,810 shares of the company's stock after buying an additional 2,180 shares during the quarter. Aberdeen Group plc's holdings in Carvana were worth $1,958,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Callan Family Office LLC purchased a new stake in shares of Carvana during the second quarter worth about $730,000. US Bancorp DE lifted its holdings in Carvana by 18.3% in the 2nd quarter. US Bancorp DE now owns 6,419 shares of the company's stock worth $2,163,000 after buying an additional 994 shares during the period. Maryland State Retirement & Pension System grew its position in shares of Carvana by 23.4% in the 2nd quarter. Maryland State Retirement & Pension System now owns 6,241 shares of the company's stock worth $2,103,000 after buying an additional 1,184 shares during the last quarter. Valmark Advisers Inc. bought a new stake in shares of Carvana in the 2nd quarter worth approximately $1,783,000. Finally, Independent Solutions Wealth Management LLC purchased a new position in shares of Carvana during the second quarter valued at approximately $290,000. Institutional investors own 56.71% of the company's stock.

Wall Street Analyst Weigh In

Several analysts recently weighed in on CVNA shares. Oppenheimer upgraded shares of Carvana from a "market perform" rating to an "outperform" rating and set a $450.00 price target on the stock in a report on Friday, July 25th. Zacks Research raised shares of Carvana from a "hold" rating to a "strong-buy" rating in a research note on Monday, October 6th. Needham & Company LLC increased their price target on shares of Carvana from $340.00 to $500.00 and gave the stock a "buy" rating in a research note on Thursday, July 31st. Wells Fargo & Company raised their price objective on shares of Carvana from $390.00 to $425.00 and gave the stock an "overweight" rating in a report on Thursday, July 31st. Finally, Gordon Haskett started coverage on Carvana in a research report on Monday, July 14th. They set a "hold" rating and a $329.00 price objective on the stock. One research 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's stock. According to data from MarketBeat, Carvana currently has an average rating of "Moderate Buy" and an average target price of $407.44.

Carvana Stock Down 3.3%

NYSE:CVNA opened at $333.28 on Friday. The company has a debt-to-equity ratio of 2.51, a quick ratio of 2.58 and a current ratio of 4.00. The firm has a market cap of $71.72 billion, a P/E ratio of 83.53, a P/E/G ratio of 1.12 and a beta of 3.55. Carvana Co. has a fifty-two week low of $148.25 and a fifty-two week high of $413.33. The firm has a 50-day simple moving average of $364.10 and a two-hundred day simple moving average of $319.28.

Carvana (NYSE:CVNA - Get Free Report) last released its quarterly earnings data on Wednesday, July 30th. The company reported $1.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.19. The business had revenue of $4.84 billion for 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 quarterly revenue was up 41.9% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.05) EPS. Analysts predict that Carvana Co. will post 2.85 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Daniel J. Gill sold 80,000 shares of the business's stock in a transaction that occurred on Thursday, July 31st. The shares were sold at an average price of $398.91, for a total transaction of $31,912,800.00. Following the completion of the sale, the insider directly owned 197,832 shares in the company, valued at approximately $78,917,163.12. The trade was a 28.79% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, major shareholder Ernest C. Garcia II sold 93,376 shares of the business's stock in a transaction on Thursday, July 31st. The shares were sold at an average price of $394.16, for a total transaction of $36,805,084.16. Following the sale, the insider directly owned 6,624 shares of the company's stock, valued at approximately $2,610,915.84. The trade was a 93.38% decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,678,292 shares of company stock valued at $608,812,907 over the last three months. Insiders own 17.12% of the company's stock.

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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