Cresset Asset Management LLC Buys 816 Shares of Carvana Co. $CVNA

Key Points

• Cresset Asset Management LLC increased its stake in Carvana Co. by 32.2%, owning 3,347 shares valued at $700,000 as of the latest SEC filing.
• Carvana reported a one-year revenue growth of 41.9%, with earnings of $1.28 per share, surpassing the analyst estimate of $1.09.
• The company's stock has seen substantial analyst upgrades, with target prices raised by several firms, reflecting a strong confidence in Carvana's potential performance.

Cresset Asset Management LLC boosted its position in Carvana Co. (NYSE:CVNA - Free Report) by 32.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,347 shares of the company's stock after purchasing an additional 816 shares during the period. Cresset Asset Management LLC's holdings in Carvana were worth $700,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of CVNA. NewEdge Advisors LLC lifted its stake in Carvana by 3.6% in the fourth quarter. NewEdge Advisors LLC now owns 5,261 shares of the company's stock valued at $1,070,000 after purchasing an additional 181 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in Carvana by 32.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 517,749 shares of the company's stock valued at $105,342,000 after purchasing an additional 125,566 shares during the last quarter. Tower Research Capital LLC TRC lifted its stake in Carvana by 2,669.6% in the fourth quarter. Tower Research Capital LLC TRC now owns 1,274 shares of the company's stock valued at $259,000 after purchasing an additional 1,228 shares during the last quarter. Hsbc Holdings PLC lifted its stake in Carvana by 573.3% in the fourth quarter. Hsbc Holdings PLC now owns 42,974 shares of the company's stock valued at $8,715,000 after purchasing an additional 36,591 shares during the last quarter. Finally, Kovitz Investment Group Partners LLC lifted its stake in Carvana by 3.5% in the fourth quarter. Kovitz Investment Group Partners LLC now owns 21,593 shares of the company's stock valued at $4,391,000 after purchasing an additional 729 shares during the last quarter. Hedge funds and other institutional investors own 56.71% of the company's stock.

Insider Activity

In other news, major shareholder Ernest C. Garcia II sold 100,000 shares of the firm's stock in a transaction dated 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 transaction, the insider directly owned 37,092,317 shares of the company's stock, valued at approximately $12,870,663,075.83. This trade represents a 0.27% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders sold 3,013,640 shares of company stock worth $1,051,063,322 over the last quarter. 16.36% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the company. Gordon Haskett initiated coverage on Carvana in a research note on Monday, July 14th. They issued a "hold" rating and a $329.00 price objective on the stock. Citigroup reaffirmed an "outperform" rating on shares of Carvana in a report on Thursday, July 31st. Bank of America raised their price target on Carvana from $375.00 to $425.00 and gave the stock a "buy" rating in a report on Thursday, July 31st. JPMorgan Chase & Co. raised their price target on Carvana from $350.00 to $415.00 and gave the stock an "overweight" rating in a report on Thursday, July 31st. Finally, Stephens raised their price target on Carvana from $300.00 to $375.00 and gave the stock an "overweight" rating in a report on Monday, July 7th. Twelve equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $383.47.

Carvana Price Performance

Shares of CVNA stock traded down $1.44 on Wednesday, reaching $370.77. The company's stock had a trading volume of 768,362 shares, compared to its average volume of 4,098,359. The stock's 50 day simple moving average is $343.09 and its 200-day simple moving average is $280.45. Carvana Co. has a 12-month low of $124.39 and a 12-month high of $413.33. The company has a quick ratio of 2.58, a current ratio of 4.00 and a debt-to-equity ratio of 2.51. The company has a market capitalization of $79.79 billion, a P/E ratio of 92.85, a PEG ratio of 1.20 and a beta of 3.57.

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

Carvana Profile

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.