Carvana Co. $CVNA Holdings Lifted by Envestnet Asset Management Inc.

Key Points

• Institutional ownership increased sharply: Envestnet Asset Management raised its Carvana stake by 422% to 472,281 shares, while State Street and other institutional investors also significantly expanded positions. Institutions and hedge funds now own 56.71% of the stock.
• Carvana beat quarterly expectations: The company reported earnings of $0.42 per share versus the $0.39 consensus and revenue of $7.38 billion, up 52.4% year over year. Analysts expect full-year earnings of $1.68 per share.
• Analysts remain broadly positive despite insider selling: Carvana has a “Moderate Buy” consensus rating and an average price target of $84.14 versus a recent price of $60.48, while insiders sold $27.7 million of shares over the past 90 days under pre-arranged trading plans.

Envestnet Asset Management Inc. increased its stake in shares of Carvana Co. (NYSE:CVNA - Free Report) by 422.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 472,281 shares of the company's stock after acquiring an additional 381,808 shares during the quarter. Envestnet Asset Management Inc.'s holdings in Carvana were worth $31,086,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Andra AP fonden boosted its position in shares of Carvana by 325.0% during the 2nd quarter. Andra AP fonden now owns 14,075 shares of the company's stock worth $926,000 after purchasing an additional 10,763 shares in the last quarter. State Street Corp lifted its stake in shares of Carvana by 417.1% in the second quarter. State Street Corp now owns 29,435,364 shares of the company's stock valued at $1,937,436,000 after purchasing an additional 23,742,422 shares during the period. Security National Bank of SO Dak purchased a new stake in Carvana during the second quarter worth about $121,000. SkyView Investment Advisors LLC purchased a new stake in Carvana during the second quarter worth about $263,000. Finally, The Manufacturers Life Insurance Company grew its position in Carvana by 384.3% during the second quarter. The Manufacturers Life Insurance Company now owns 1,898,095 shares of the company's stock worth $124,933,000 after buying an additional 1,506,145 shares during the period. 56.71% of the stock is owned by hedge funds and other institutional investors.

Carvana Stock Performance

NYSE CVNA opened at $60.48 on Tuesday. Carvana Co. has a fifty-two week low of $54.46 and a fifty-two week high of $97.38. The stock has a market cap of $66.56 billion, a price-to-earnings ratio of 33.45, a price-to-earnings-growth ratio of 1.87 and a beta of 3.49. The business has a fifty day moving average of $68.94 and a 200-day moving average of $68.42. The company has a quick ratio of 2.33, a current ratio of 3.93 and a debt-to-equity ratio of 0.94.

Carvana (NYSE:CVNA - Get Free Report) last posted its quarterly earnings data on Wednesday, July 29th. The company reported $0.42 EPS for the quarter, beating analysts' consensus estimates of $0.39 by $0.03. The business had revenue of $7.38 billion for the quarter, compared to analyst estimates of $6.90 billion. Carvana had a return on equity of 37.06% and a net margin of 6.26%.The business's revenue for the quarter was up 52.4% compared to the same quarter last year. During the same quarter last year, the company earned $1.51 earnings per share. As a group, analysts predict that Carvana Co. will post 1.68 earnings per share for the current fiscal year.

Insider Buying and Selling at Carvana

In other Carvana news, insider Thomas Taira sold 16,789 shares of the business's stock in a transaction on Monday, September 14th. The stock was sold at an average price of $70.58, for a total value of $1,184,967.62. Following the completion of the transaction, the insider directly owned 366,987 shares in the company, valued at approximately $25,901,942.46. The trade was a 4.37% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Benjamin Huston sold 50,000 shares of the firm's stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $64.50, for a total value of $3,225,000.00. Following the sale, the chief operating officer owned 535,709 shares in the company, valued at $34,553,230.50. This trade represents a 8.54% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 402,564 shares of company stock valued at $27,689,555. 15.19% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages have issued reports on CVNA. Robert W. Baird set a $72.00 target price on shares of Carvana in a report on Thursday, July 30th. BTIG Research reissued a "buy" rating and issued a $87.00 target price on shares of Carvana in a report on Tuesday, August 18th. BNP Paribas Exane dropped their price target on Carvana from $86.00 to $69.00 and set a "hold" rating for the company in a research report on Thursday, July 30th. DA Davidson set a $67.00 price target on Carvana in a research note on Thursday, July 30th. Finally, Evercore set a $75.00 price objective on shares of Carvana in a research report on Thursday, July 30th. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and eight have issued a Hold rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $84.14.

Carvana Company Profile

Carvana Co is an online used-car retailer that enables customers to research, purchase, finance, trade in and sell vehicles through its digital platform. The company's services are designed to allow customers to complete much of the vehicle-buying process online, including selecting a vehicle, arranging financing, completing documentation and scheduling delivery or pickup.

Carvana offers a broad selection of used cars, trucks and sport utility vehicles. Its platform includes vehicle listings with photographs and inspection information, while its operations support vehicle reconditioning, logistics and customer delivery.

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