BloombergSen Inc. Sells 7,474 Shares of Carvana Co. $CVNA

Key Points

• BloombergSen Inc. reduced its stake in Carvana Co. by 34.7%, selling 7,474 shares, and now holds 14,091 shares, accounting for about 0.3% of its portfolio.
• Multiple hedge funds have increased their investments in Carvana during the 2nd quarter, contributing to a total institutional ownership of 56.71% of the stock.
• Carvana's recent quarterly earnings showed a profit of $1.28 EPS, exceeding analyst expectations, with revenue also surpassing projections at $4.84 billion.

BloombergSen Inc. trimmed its position in shares of Carvana Co. (NYSE:CVNA - Free Report) by 34.7% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 14,091 shares of the company's stock after selling 7,474 shares during the quarter. Carvana accounts for approximately 0.3% of BloombergSen Inc.'s holdings, making the stock its 19th largest position. BloombergSen Inc.'s holdings in Carvana were worth $4,748,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. USA Financial Formulas bought a new position in shares of Carvana during the 2nd quarter valued at $248,000. PFG Investments LLC bought a new position in shares of Carvana during the 2nd quarter valued at $291,000. Consolidated Portfolio Review Corp bought a new position in shares of Carvana during the 2nd quarter valued at $239,000. LBP AM SA lifted its holdings in shares of Carvana by 23.3% during the 2nd quarter. LBP AM SA now owns 3,023 shares of the company's stock valued at $1,019,000 after buying an additional 572 shares during the period. Finally, Truist Financial Corp lifted its holdings in shares of Carvana by 201.6% during the 2nd quarter. Truist Financial Corp now owns 6,607 shares of the company's stock valued at $2,226,000 after buying an additional 13,107 shares during the period. 56.71% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

CVNA has been the topic of several research analyst reports. Bank of America increased their price target on Carvana from $375.00 to $425.00 and gave the company a "buy" rating in a report on Thursday, July 31st. DA Davidson raised their target price on Carvana from $260.00 to $380.00 and gave the stock a "neutral" rating in a report on Thursday, July 31st. Royal Bank Of Canada raised their target price on Carvana from $400.00 to $460.00 and gave the stock an "outperform" rating in a report on Thursday, July 31st. Stephens reaffirmed an "overweight" rating and issued a $440.00 target price on shares of Carvana in a report on Tuesday, September 23rd. Finally, Oppenheimer raised Carvana from a "market perform" rating to an "outperform" rating and set a $450.00 target price on the stock in a report on Friday, July 25th. Thirteen analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, Carvana has a consensus rating of "Moderate Buy" and an average price target of $404.94.

Carvana Price Performance

NYSE:CVNA opened at $395.41 on Thursday. The company has a quick ratio of 2.58, a current ratio of 4.00 and a debt-to-equity ratio of 2.51. The business's 50-day simple moving average is $362.38 and its two-hundred day simple moving average is $306.14. The stock has a market cap of $85.09 billion, a PE ratio of 99.10, a P/E/G ratio of 1.23 and a beta of 3.55. Carvana Co. has a 52 week low of $148.25 and a 52 week high of $413.33.

Carvana (NYSE:CVNA - Get Free Report) last posted its quarterly earnings results on Wednesday, July 30th. The company reported $1.28 EPS 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 analysts' expectations of $4.54 billion. Carvana had a return on equity of 40.57% and a net margin of 3.46%.The business's quarterly revenue was up 41.9% on a year-over-year basis. During the same period last year, the firm earned ($0.05) earnings per share. As a group, analysts forecast that Carvana Co. will post 2.85 EPS for the current fiscal year.

Insider Buying and Selling

In other Carvana news, CEO Ernest C. Garcia III sold 594 shares of the firm's stock in a transaction dated Tuesday, September 30th. The stock was sold at an average price of $389.66, for a total transaction of $231,458.04. Following the sale, the chief executive officer directly owned 381,440 shares of the company's stock, valued at $148,631,910.40. This trade represents a 0.16% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold 2,258,316 shares of company stock worth $808,685,793 over the last quarter. 17.12% of the stock is owned by company insiders.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.