Carvana Co. $CVNA Shares Bought by Corient Private Wealth LP

Key Points

• Corient Private Wealth LP increased its Carvana stake by 704% in the second quarter, acquiring 43,200 additional shares for a total of 49,336 shares valued at approximately $3.25 million. Institutional investors and hedge funds collectively own 56.71% of the company.
• Carvana reported quarterly earnings of $0.42 per share, beating estimates by $0.03, while revenue rose 52.4% year over year to $7.38 billion. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $84.14.
• Company insiders have sold 302,147 shares worth approximately $20.4 million over the past 90 days, including recent sales by the COO and a vice president under pre-arranged Rule 10b5-1 trading plans.

Corient Private Wealth LP raised its position in Carvana Co. (NYSE:CVNA - Free Report) by 704.0% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 49,336 shares of the company's stock after purchasing an additional 43,200 shares during the period. Corient Private Wealth LP's holdings in Carvana were worth $3,248,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Ascentis Independent Advisors purchased a new position in Carvana in the first quarter valued at $26,000. Farmers & Merchants Investments Inc. purchased a new stake in Carvana during the 4th quarter worth about $29,000. Annis Gardner Whiting Capital Advisors LLC boosted its position in shares of Carvana by 152.6% during the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 96 shares of the company's stock worth $30,000 after acquiring an additional 58 shares in the last quarter. Motiv8 Investments LLC acquired a new position in shares of Carvana during the 4th quarter worth about $33,000. Finally, GoalVest Advisory LLC increased its holdings in shares of Carvana by 400.0% in the 2nd quarter. GoalVest Advisory LLC now owns 500 shares of the company's stock valued at $33,000 after acquiring an additional 400 shares during the last quarter. 56.71% of the stock is currently owned by institutional investors and hedge funds.

Carvana Trading Down 2.1%

NYSE:CVNA opened at $71.94 on Wednesday. The company has a market capitalization of $79.17 billion, a PE ratio of 39.79, a P/E/G ratio of 2.12 and a beta of 3.49. Carvana Co. has a 52-week low of $54.46 and a 52-week high of $97.38. The stock's 50 day moving average price is $68.38 and its 200 day moving average price is $68.23. 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 issued its quarterly earnings data on Wednesday, July 29th. The company reported $0.42 earnings per share for the quarter, beating analysts' consensus estimates of $0.39 by $0.03. The company had revenue of $7.38 billion during the quarter, compared to analysts' expectations of $6.90 billion. Carvana had a return on equity of 37.06% and a net margin of 6.26%.The firm's revenue for the quarter was up 52.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.51 earnings per share. On average, research analysts anticipate that Carvana Co. will post 1.68 EPS for the current year.

Analysts Set New Price Targets

CVNA has been the subject of several recent analyst reports. Needham & Company LLC restated a "buy" rating and set a $120.00 target price on shares of Carvana in a research note on Thursday, July 30th. Citigroup reissued a "market outperform" rating on shares of Carvana in a report on Monday. Morgan Stanley set a $90.00 price objective on shares of Carvana and gave the stock an "overweight" rating in a research report on Thursday, July 30th. UBS Group restated a "buy" rating and issued a $83.00 target price on shares of Carvana in a report on Friday, July 31st. Finally, Argus dropped their target price on shares of Carvana from $500.00 to $100.00 in a research report on Monday, May 11th. One analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat, Carvana has an average rating of "Moderate Buy" and an average price target of $84.14.

Insider Transactions at Carvana

In related news, COO Benjamin E. Huston sold 50,000 shares of the stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $64.50, for a total transaction of $3,225,000.00. Following the completion of the sale, the chief operating officer owned 535,709 shares in the company, valued at $34,553,230.50. This represents a 8.54% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Stephen R. Palmer sold 5,000 shares of the firm's stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $64.49, for a total transaction of $322,450.00. Following the transaction, the vice president directly owned 136,909 shares in the company, valued at $8,829,261.41. The trade was a 3.52% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 302,147 shares of company stock worth $20,418,064 over the last 90 days. Company insiders own 15.19% of the company's stock.

Carvana Profile

Carvana Co is an online-only retailer of used vehicles that operates a consumer-facing e-commerce platform for buying and selling cars. The company markets and sells inspected, reconditioned pre-owned vehicles through its website, where shoppers can browse inventory, view detailed 360-degree photos and vehicle history reports, finance purchases, and arrange delivery or pickup. Carvana's model is built around a digital end-to-end car buying experience that aims to simplify vehicle transactions compared with traditional dealerships.

Its products and services include direct retail sales of used cars, trade-in and purchase offers for consumer vehicles, vehicle financing and related protection products, and a seven-day return policy that allows customers to test a vehicle in everyday use.

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