IFM Investors Pty Ltd Boosts Stock Position in Carvana Co. $CVNA

Key Points

• IFM Investors Pty Ltd increased its stake in Carvana Co. by 9.8%, owning a total of 23,128 shares valued at approximately $7.79 million at the end of Q2.
• Analysts have raised their price targets for Carvana, with Wells Fargo increasing it to $425 and JMP Securities to $460, reflecting strong confidence in the company's future.
• Carvana reported a 41.9% increase in revenue year-over-year, achieving $4.84 billion in revenue for the quarter, along with an earnings per share of $1.28, surpassing expectations.

IFM Investors Pty Ltd boosted its position in Carvana Co. (NYSE:CVNA - Free Report) by 9.8% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 23,128 shares of the company's stock after purchasing an additional 2,067 shares during the period. IFM Investors Pty Ltd's holdings in Carvana were worth $7,793,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of CVNA. Price T Rowe Associates Inc. MD lifted its stake in Carvana by 13.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 14,950,011 shares of the company's stock valued at $3,125,749,000 after purchasing an additional 1,823,218 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of Carvana by 9.7% during the first quarter. Vanguard Group Inc. now owns 12,534,843 shares of the company's stock worth $2,620,785,000 after acquiring an additional 1,109,476 shares in the last quarter. Alyeska Investment Group L.P. purchased a new stake in shares of Carvana during the first quarter worth $71,856,000. Contour Asset Management LLC lifted its position in shares of Carvana by 71.4% during the first quarter. Contour Asset Management LLC now owns 643,114 shares of the company's stock worth $134,462,000 after acquiring an additional 267,994 shares in the last quarter. Finally, GAMMA Investing LLC lifted its position in shares of Carvana by 27,368.4% during the first quarter. GAMMA Investing LLC now owns 215,352 shares of the company's stock worth $45,026,000 after acquiring an additional 214,568 shares in the last quarter. Hedge funds and other institutional investors own 56.71% of the company's stock.

Carvana Trading Down 1.9%

Shares of NYSE:CVNA traded down $7.60 on Tuesday, reaching $383.25. 1,217,059 shares of the company traded hands, compared to its average volume of 3,930,615. The business's 50-day simple moving average is $357.62 and its 200 day simple moving average is $297.91. Carvana Co. has a 52 week low of $148.25 and a 52 week high of $413.33. The stock has a market capitalization of $82.48 billion, a P/E ratio of 95.96, a price-to-earnings-growth ratio of 1.28 and a beta of 3.51. The company has a current ratio of 4.00, a quick ratio of 2.58 and a debt-to-equity ratio of 2.51.

Carvana (NYSE:CVNA - Get Free Report) last announced its quarterly earnings data on Wednesday, July 30th. The company reported $1.28 earnings per share (EPS) 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 firm had revenue of $4.84 billion for the quarter, compared to analysts' expectations of $4.54 billion. During the same period last year, the firm earned ($0.05) earnings per share. The company's revenue for the quarter was up 41.9% compared to the same quarter last year. As a group, equities analysts anticipate that Carvana Co. will post 2.85 EPS for the current fiscal year.

Wall Street Analyst Weigh In

CVNA has been the topic of several recent research reports. Wall Street Zen upgraded Carvana from a "hold" rating to a "buy" rating in a research report on Saturday. Needham & Company LLC increased their target price on Carvana from $340.00 to $500.00 and gave the stock a "buy" rating in a research report on Thursday, July 31st. William Blair restated an "outperform" rating on shares of Carvana in a research report on Wednesday, July 23rd. Wells Fargo & Company increased their target price on Carvana from $390.00 to $425.00 and gave the stock an "overweight" rating in a research report on Thursday, July 31st. Finally, Bank of America increased 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. Twelve equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, Carvana presently has a consensus rating of "Moderate Buy" and an average target price of $387.88.

Insider Transactions at Carvana

In other news, insider Paul W. Breaux sold 15,000 shares of the stock in a transaction dated Tuesday, September 9th. The shares were sold at an average price of $375.00, for a total transaction of $5,625,000.00. Following the completion of the sale, the insider directly owned 83,018 shares in the company, valued at approximately $31,131,750. This represents a 15.30% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Ira J. Platt sold 14,000 shares of the stock in a transaction dated Wednesday, September 10th. The stock was sold at an average price of $379.14, for a total transaction of $5,307,960.00. Following the sale, the director owned 7,231 shares of the company's stock, valued at approximately $2,741,561.34. This represents a 65.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 2,366,037 shares of company stock worth $840,850,804. Company 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.