15,000 Shares in Carvana Co. $CVNA Acquired by Alight Capital Management LP

Key Points

• Alight Capital Management LP invested approximately $3.14 million in Carvana Co. during the first quarter, acquiring about 15,000 shares, which makes it the 20th largest position in their portfolio.
• Several hedge funds, including Brooklyn Investment Group and N.E.W. Advisory Services LLC, significantly increased their stakes in Carvana, contributing to a total institutional ownership of 56.71% of the company.
• Wall Street analysts are optimistic about Carvana, with twelve analysts rating it as a Buy and an average target price of $383.47, indicating strong growth potential.

Alight Capital Management LP acquired a new position in shares of Carvana Co. (NYSE:CVNA - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 15,000 shares of the company's stock, valued at approximately $3,136,000. Carvana accounts for 1.5% of Alight Capital Management LP's holdings, making the stock its 20th largest holding.

Several other large investors have also bought and sold shares of the business. Brooklyn Investment Group boosted its stake in shares of Carvana by 961.5% during the first quarter. Brooklyn Investment Group now owns 138 shares of the company's stock valued at $29,000 after purchasing an additional 125 shares in the last quarter. N.E.W. Advisory Services LLC bought a new stake in Carvana in the first quarter worth approximately $33,000. Versant Capital Management Inc increased its holdings in shares of Carvana by 39.4% during the first quarter. Versant Capital Management Inc now owns 290 shares of the company's stock valued at $61,000 after acquiring an additional 82 shares in the last quarter. Strategic Investment Solutions Inc. IL bought a new stake in shares of Carvana during the first quarter valued at approximately $90,000. Finally, Gordian Capital Singapore Pte Ltd bought a new stake in shares of Carvana during the fourth quarter valued at approximately $98,000. 56.71% of the stock is owned by institutional investors and hedge funds.

Carvana Trading Up 1.0%

CVNA stock traded up $3.61 during midday trading on Monday, reaching $372.49. 638,070 shares of the company traded hands, compared to its average volume of 4,004,239. The firm has a market capitalization of $80.16 billion, a price-to-earnings ratio of 93.36, a P/E/G ratio of 1.22 and a beta of 3.51. The business has a 50 day moving average of $351.83 and a 200-day moving average of $285.87. Carvana Co. has a 52-week low of $124.39 and a 52-week high of $413.33. The company has a debt-to-equity ratio of 2.51, a quick ratio of 2.58 and a current ratio of 4.00.

Carvana (NYSE:CVNA - Get Free Report) last announced its quarterly earnings data on Wednesday, July 30th. The company reported $1.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $0.19. The company 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%.Carvana's revenue was up 41.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.05) earnings per share. As a group, sell-side analysts expect that Carvana Co. will post 2.85 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. Wells Fargo & Company boosted their price objective on Carvana from $390.00 to $425.00 and gave the stock an "overweight" rating in a research report on Thursday, July 31st. Stephens boosted their price objective on Carvana from $300.00 to $375.00 and gave the company an "overweight" rating in a research note on Monday, July 7th. William Blair restated an "outperform" rating on shares of Carvana in a research note on Wednesday, July 23rd. Citigroup restated an "outperform" rating on shares of Carvana in a report on Thursday, July 31st. Finally, Gordon Haskett assumed coverage on Carvana in a report on Monday, July 14th. They issued a "hold" rating and a $329.00 price objective for the company. Twelve research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $383.47.

Insider Buying and Selling

In related news, CFO Mark W. Jenkins sold 12,750 shares of Carvana stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $364.42, for a total value of $4,646,355.00. Following the sale, the chief financial officer directly owned 208,581 shares in the company, valued at approximately $76,011,088.02. The trade was a 5.76% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, COO Benjamin E. Huston sold 10,000 shares of the business's stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $364.66, for a total value of $3,646,600.00. Following the transaction, the chief operating officer directly owned 104,416 shares in the company, valued at $38,076,338.56. This trade represents a 8.74% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,462,933 shares of company stock valued at $868,166,036 over the last quarter. 16.36% of the stock is currently 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.