Alight Capital Management LP Purchases Shares of 15,000 Carvana Co. $CVNA

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) in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 15,000 shares of the company's stock, valued at approximately $3,136,000. Carvana accounts for about 1.5% of Alight Capital Management LP's holdings, making the stock its 20th biggest holding.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Alyeska Investment Group L.P. purchased a new position in Carvana during the first quarter worth $71,856,000. Amundi boosted its stake in Carvana by 50.6% during the first quarter. Amundi now owns 353,497 shares of the company's stock worth $73,909,000 after buying an additional 118,711 shares during the period. 3G Capital Partners LP boosted its stake in Carvana by 300.0% during the first quarter. 3G Capital Partners LP now owns 140,000 shares of the company's stock worth $29,271,000 after buying an additional 105,000 shares during the period. Perbak Capital Partners LLP purchased a new stake in shares of Carvana during the first quarter valued at $204,000. Finally, Contour Asset Management LLC boosted its stake in shares of Carvana by 71.4% during the first quarter. Contour Asset Management LLC now owns 643,114 shares of the company's stock valued at $134,462,000 after purchasing an additional 267,994 shares during the period. 56.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on CVNA shares. JPMorgan Chase & Co. boosted their target price on shares of Carvana from $350.00 to $415.00 and gave the company an "overweight" rating in a research note on Thursday, July 31st. Citigroup reissued an "outperform" rating on shares of Carvana in a research note on Thursday, July 31st. Gordon Haskett started coverage on shares of Carvana in a research note on Monday, July 14th. They set a "hold" rating and a $329.00 target price for the company. Needham & Company LLC boosted their target price on shares of Carvana from $340.00 to $500.00 and gave the company a "buy" rating in a research note on Thursday, July 31st. Finally, Evercore ISI boosted their target price on shares of Carvana from $365.00 to $370.00 and gave the company an "in-line" rating in a research note on Tuesday, August 12th. Twelve research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $383.47.

Insider Activity

In other Carvana news, CEO Ernest C. Garcia III sold 10,000 shares of the stock in a transaction dated Thursday, September 4th. The shares were sold at an average price of $365.74, for a total transaction of $3,657,400.00. Following the completion of the sale, the chief executive officer directly owned 471,440 shares of the company's stock, valued at approximately $172,424,465.60. This represents a 2.08% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, COO Benjamin E. Huston sold 10,000 shares of the stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $364.66, for a total transaction of $3,646,600.00. Following the sale, the chief operating officer directly owned 104,416 shares of the company's stock, valued at approximately $38,076,338.56. The trade was a 8.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 2,522,933 shares of company stock valued at $888,062,136. Corporate insiders own 17.12% of the company's stock.

Carvana Stock Down 0.3%

Carvana stock traded down $0.94 during midday trading on Friday, hitting $369.23. 2,443,272 shares of the company's stock were exchanged, compared to its average volume of 2,330,485. 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 Co. has a 12 month low of $124.39 and a 12 month high of $413.33. The firm has a 50-day moving average of $351.83 and a two-hundred day moving average of $285.61. The company has a market cap of $79.46 billion, a PE ratio of 92.54, a P/E/G ratio of 1.22 and a beta of 3.51.

Carvana (NYSE:CVNA - Get Free Report) last issued its earnings results 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. Carvana had a net margin of 3.46% and a return on equity of 40.57%. The company had revenue of $4.84 billion for the quarter, compared to analysts' expectations of $4.54 billion. During the same period in the prior year, the business earned ($0.05) EPS. The firm's quarterly revenue was up 41.9% on a year-over-year basis. As a group, analysts expect 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.