Carvana Co. $CVNA Shares Acquired by Pinnacle Wealth Management LLC

Key Points

• Pinnacle Wealth Management LLC increased its stake in Carvana Co. by 74.2% during the second quarter, now holding 6,371 shares valued at approximately $2.15 million.
• Analysts have raised their price targets for Carvana, with Wells Fargo and Royal Bank of Canada increasing theirs to $425.00 and $460.00 respectively, reflecting a positive outlook on the stock.
• Insider trading activity has seen major shareholder Ernest C. Garcia II sell 93,376 shares for over $36 million, significantly reducing their ownership in the company.

Pinnacle Wealth Management LLC grew its stake in Carvana Co. (NYSE:CVNA - Free Report) by 74.2% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 6,371 shares of the company's stock after purchasing an additional 2,713 shares during the quarter. Carvana makes up 1.8% of Pinnacle Wealth Management LLC's holdings, making the stock its 26th biggest position. Pinnacle Wealth Management LLC's holdings in Carvana were worth $2,147,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also modified their holdings of the company. Hilltop National Bank acquired a new stake in shares of Carvana in the second quarter valued at about $25,000. SJS Investment Consulting Inc. grew its position in shares of Carvana by 960.0% in the second quarter. SJS Investment Consulting Inc. now owns 106 shares of the company's stock valued at $36,000 after purchasing an additional 96 shares during the period. LRI Investments LLC acquired a new stake in shares of Carvana in the second quarter valued at about $42,000. Brooklyn Investment Group grew its position in shares of Carvana by 961.5% in the first quarter. Brooklyn Investment Group now owns 138 shares of the company's stock valued at $29,000 after purchasing an additional 125 shares during the period. Finally, N.E.W. Advisory Services LLC acquired a new stake in shares of Carvana in the first quarter valued at about $33,000. Institutional investors and hedge funds own 56.71% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. Wells Fargo & Company raised their price target on shares of Carvana from $390.00 to $425.00 and gave the stock an "overweight" rating in a research note on Thursday, July 31st. Royal Bank Of Canada raised their price target on shares of Carvana from $400.00 to $460.00 and gave the stock an "outperform" rating in a research note on Thursday, July 31st. William Blair reissued an "outperform" rating on shares of Carvana in a research note on Wednesday, July 23rd. JMP Securities raised their price target on shares of Carvana from $440.00 to $460.00 and gave the stock a "market outperform" rating in a research note on Thursday, July 31st. Finally, Evercore ISI raised their price target on shares of Carvana from $365.00 to $370.00 and gave the stock an "in-line" rating in a research note on Tuesday, August 12th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and six have given a Hold rating to the company's stock. According to data from MarketBeat, Carvana currently has a consensus rating of "Moderate Buy" and a consensus target price of $407.44.

Insiders Place Their Bets

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

Carvana Price Performance

Shares of CVNA stock opened at $333.28 on Friday. The company has a debt-to-equity ratio of 2.51, a current ratio of 4.00 and a quick ratio of 2.58. The firm's 50-day moving average is $364.10 and its two-hundred day moving average is $319.93. Carvana Co. has a 12 month low of $148.25 and a 12 month high of $413.33. The company has a market capitalization of $71.72 billion, a PE ratio of 83.53, a price-to-earnings-growth ratio of 1.08 and a beta of 3.55.

Carvana (NYSE:CVNA - Get Free Report) last issued its earnings results on Wednesday, July 30th. The company reported $1.28 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 company had revenue of $4.84 billion for the quarter, compared to the consensus estimate of $4.54 billion. During the same period in the previous year, the firm earned ($0.05) earnings per share. Carvana's quarterly revenue was up 41.9% compared to the same quarter last year. Analysts predict that Carvana Co. will post 2.85 earnings per share for the current year.

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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