Brightlight Capital Management LP Has $47.52 Million Stock Position in Carvana Co. $CVNA

Key Points

• Brightlight Capital Management LP increased its shares in Carvana Co. by 21.9%, making it the largest position in their portfolio, with a total of 227,300 shares valued at approximately $47.5 million.
• Carvana's stock has received multiple ratings updates, with DA Davidson raising their price target from $260 to $380, while Wells Fargo increased their target to $425; the average price target now stands at $383.47.
• In its latest earnings report, Carvana exceeded analyst expectations, posting an EPS of $1.28 and a revenue of $4.84 billion, up 41.9% year-over-year.

Brightlight Capital Management LP increased its stake in Carvana Co. (NYSE:CVNA - Free Report) by 21.9% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 227,300 shares of the company's stock after purchasing an additional 40,900 shares during the quarter. Carvana comprises about 32.1% of Brightlight Capital Management LP's holdings, making the stock its largest position. Brightlight Capital Management LP owned 0.11% of Carvana worth $47,524,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in the stock. Yousif Capital Management LLC grew its position in shares of Carvana by 4.1% in the first quarter. Yousif Capital Management LLC now owns 1,266 shares of the company's stock valued at $265,000 after purchasing an additional 50 shares in the last quarter. Northwestern Mutual Wealth Management Co. grew its position in Carvana by 5.2% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 1,223 shares of the company's stock worth $256,000 after buying an additional 60 shares in the last quarter. Commerce Bank grew its position in Carvana by 1.6% during the first quarter. Commerce Bank now owns 4,446 shares of the company's stock worth $930,000 after buying an additional 69 shares in the last quarter. PNC Financial Services Group Inc. grew its position in Carvana by 3.3% during the first quarter. PNC Financial Services Group Inc. now owns 2,227 shares of the company's stock worth $466,000 after buying an additional 72 shares in the last quarter. Finally, Versant Capital Management Inc grew its position in Carvana by 39.4% during the first quarter. Versant Capital Management Inc now owns 290 shares of the company's stock worth $61,000 after buying an additional 82 shares in the last quarter. 56.71% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on CVNA shares. Bank of America boosted their target price on Carvana from $375.00 to $425.00 and gave the stock a "buy" rating in a research report on Thursday, July 31st. Morgan Stanley upped their price objective on Carvana from $280.00 to $290.00 and gave the stock an "overweight" rating in a report on Thursday, May 15th. Evercore ISI upped their price objective on Carvana from $365.00 to $370.00 and gave the stock an "in-line" rating in a report on Tuesday, August 12th. Needham & Company LLC upped their price objective on Carvana from $340.00 to $500.00 and gave the stock a "buy" rating in a report on Thursday, July 31st. Finally, Robert W. Baird upped their price objective on Carvana from $200.00 to $275.00 and gave the stock a "neutral" rating in a report on Thursday, May 8th. Twelve equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $383.47.

Carvana Trading Down 1.3%

CVNA stock traded down $4.94 during trading on Wednesday, hitting $361.45. 639,564 shares of the company traded hands, compared to its average volume of 4,044,406. The firm has a market capitalization of $77.78 billion, a PE ratio of 90.68, a P/E/G ratio of 1.23 and a beta of 3.51. Carvana Co. has a 1 year low of $124.39 and a 1 year high of $413.33. The company has a 50-day moving average of $348.61 and a 200-day moving average of $283.86. 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 issued its earnings results on Wednesday, July 30th. The company reported $1.28 earnings per share for the quarter, beating the consensus estimate of $1.09 by $0.19. The company had revenue of $4.84 billion during 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 quarterly revenue was up 41.9% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.05) EPS. Analysts predict that Carvana Co. will post 2.85 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Carvana news, major shareholder Ernest C. Garcia II sold 100,000 shares of the company's stock in a transaction that occurred on Friday, June 6th. The stock was sold at an average price of $346.99, for a total transaction of $34,699,000.00. Following the completion of the transaction, the insider owned 37,092,317 shares of the company's stock, valued at $12,870,663,075.83. This represents a 0.27% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Over the last three months, insiders sold 2,700,257 shares of company stock worth $949,012,330. Corporate insiders own 16.36% 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.