Bridges Investment Management Inc. Takes $378,000 Position in Carvana Co. $CVNA

Key Points

• Bridges Investment Management Inc. has acquired a new position in Carvana Co. by buying 1,121 shares valued at approximately $378,000 during the second quarter.
• Insider sales were significant, with major shareholder Ernest C. Garcia II selling 93,376 shares for over $36 million, representing a 93.38% decrease in his position.
• Carvana reported a strong quarterly earnings result with an EPS of $1.28, exceeding estimates and indicating a year-over-year revenue increase of 41.9%.

Bridges Investment Management Inc. bought a new position in shares of Carvana Co. (NYSE:CVNA - Free Report) during the second quarter, according to its most recent filing with the SEC. The fund bought 1,121 shares of the company's stock, valued at approximately $378,000.

Several other institutional investors also recently added to or reduced their stakes in the stock. Yousif Capital Management LLC increased its holdings in Carvana by 4.1% during the first quarter. Yousif Capital Management LLC now owns 1,266 shares of the company's stock worth $265,000 after buying an additional 50 shares during the last quarter. GAMMA Investing LLC increased its stake in shares of Carvana by 31.4% during the 1st quarter. GAMMA Investing LLC now owns 1,030 shares of the company's stock worth $215,000 after purchasing an additional 246 shares during the last quarter. Janney Montgomery Scott LLC bought a new stake in shares of Carvana in the 1st quarter worth approximately $204,000. United Advisor Group LLC bought a new stake in shares of Carvana in the 1st quarter worth approximately $233,000. Finally, Praxis Investment Management Inc. lifted its stake in Carvana by 56.0% in the first quarter. Praxis Investment Management Inc. now owns 4,400 shares of the company's stock valued at $920,000 after purchasing an additional 1,580 shares during the last quarter. Institutional investors own 56.71% of the company's stock.

Carvana Stock Down 3.3%

CVNA stock opened at $333.28 on Friday. The stock has a 50-day simple moving average of $364.10 and a two-hundred day simple moving average of $319.28. Carvana Co. has a twelve month low of $148.25 and a twelve month high of $413.33. The firm has a market capitalization of $71.72 billion, a PE ratio of 83.53, a PEG ratio of 1.12 and a beta of 3.55. The company has a quick ratio of 2.58, a current ratio of 4.00 and a debt-to-equity ratio of 2.51.

Carvana (NYSE:CVNA - Get Free Report) last announced its quarterly earnings results on Wednesday, July 30th. The company reported $1.28 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.09 by $0.19. Carvana had a net margin of 3.46% and a return on equity of 40.57%. The firm had revenue of $4.84 billion for the quarter, compared to the consensus estimate of $4.54 billion. During the same period in the prior year, the firm posted ($0.05) earnings per share. The company's revenue for the quarter was up 41.9% on a year-over-year basis. On average, equities analysts predict that Carvana Co. will post 2.85 EPS for the current fiscal year.

Insider Buying and Selling at Carvana

In other Carvana news, major shareholder Ernest C. Garcia II sold 93,376 shares of the company's stock in a transaction dated Thursday, July 31st. The stock was sold at an average price of $394.16, for a total value of $36,805,084.16. Following the transaction, the insider directly owned 6,624 shares in the company, valued at $2,610,915.84. This represents a 93.38% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Daniel J. Gill sold 80,000 shares of Carvana stock in a transaction dated Thursday, July 31st. The shares were sold at an average price of $398.91, for a total value of $31,912,800.00. Following the sale, the insider owned 197,832 shares of the company's stock, valued at approximately $78,917,163.12. This trade represents a 28.79% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,678,292 shares of company stock valued at $608,812,907 in the last three months. Company insiders own 17.12% of the company's stock.

Analyst Ratings Changes

A number of analysts have issued reports on CVNA shares. Gordon Haskett began coverage on Carvana in a research report on Monday, July 14th. They issued a "hold" rating and a $329.00 target price for the company. Bank of America lifted their price objective on Carvana from $375.00 to $425.00 and gave the stock a "buy" rating in a report on Thursday, July 31st. Zacks Research raised shares of Carvana from a "hold" rating to a "strong-buy" rating in a report on Monday, October 6th. Evercore ISI increased their target price on shares of Carvana from $365.00 to $370.00 and gave the stock an "in-line" rating in a research report on Tuesday, August 12th. Finally, Wall Street Zen raised shares of Carvana from a "hold" rating to a "buy" rating in a research report on Saturday, October 11th. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and six have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $407.44.

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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