Carvana Co. $CVNA Shares Purchased by HB Wealth Management LLC

Key Points

• HB Wealth Management increased its Carvana position by 373.5% in the second quarter, ending with 18,926 shares valued at approximately $1.25 million. Institutional investors and hedge funds collectively own 56.71% of CVNA.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $84.14, although BNP Paribas Exane lowered its target to $69 and assigned a “Hold” rating.
• Carvana reported quarterly revenue of $7.38 billion, up 52.4% year over year, and adjusted earnings of $0.42 per share, beating estimates. The stock opened at $70.10, down 4.5%, while insider activity was mixed: a director bought shares, but the COO sold 50,000 shares.

HB Wealth Management LLC grew its position in Carvana Co. (NYSE:CVNA - Free Report) by 373.5% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 18,926 shares of the company's stock after purchasing an additional 14,929 shares during the period. HB Wealth Management LLC's holdings in Carvana were worth $1,246,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in CVNA. Ascentis Independent Advisors acquired a new position in shares of Carvana during the first quarter worth approximately $26,000. Annis Gardner Whiting Capital Advisors LLC increased its position in Carvana by 152.6% in the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 96 shares of the company's stock valued at $30,000 after acquiring an additional 58 shares during the period. Transamerica Financial Advisors LLC raised its stake in Carvana by 558.0% during the 2nd quarter. Transamerica Financial Advisors LLC now owns 454 shares of the company's stock valued at $30,000 after acquiring an additional 385 shares in the last quarter. Motiv8 Investments LLC bought a new stake in Carvana during the 4th quarter valued at $33,000. Finally, GoalVest Advisory LLC boosted its position in Carvana by 400.0% during the 2nd quarter. GoalVest Advisory LLC now owns 500 shares of the company's stock worth $33,000 after acquiring an additional 400 shares during the period. Institutional investors and hedge funds own 56.71% of the company's stock.

Analyst Upgrades and Downgrades

CVNA has been the subject of several recent analyst reports. BNP Paribas Exane decreased their price target on Carvana from $86.00 to $69.00 and set a "hold" rating for the company in a research note on Thursday, July 30th. Needham & Company LLC restated a "buy" rating and set a $120.00 price objective on shares of Carvana in a research note on Thursday, July 30th. Wells Fargo & Company set a $80.00 price objective on shares of Carvana and gave the stock an "overweight" rating in a report on Thursday, July 30th. Morgan Stanley set a $90.00 target price on shares of Carvana and gave the company an "overweight" rating in a research report on Thursday, July 30th. Finally, Robert W. Baird set a $72.00 target price on shares of Carvana in a research note on Thursday, July 30th. One analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and seven have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $84.14.

Carvana Trading Down 4.5%

Shares of CVNA stock opened at $70.10 on Friday. The stock has a 50-day simple moving average of $69.43 and a 200 day simple moving average of $68.42. The stock has a market capitalization of $77.15 billion, a P/E ratio of 38.77, a P/E/G ratio of 2.11 and a beta of 3.49. Carvana Co. has a fifty-two week low of $54.46 and a fifty-two week high of $97.38. 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 results on Wednesday, July 29th. The company reported $0.42 EPS for the quarter, topping the consensus estimate of $0.39 by $0.03. Carvana had a net margin of 6.26% and a return on equity of 37.06%. The firm had revenue of $7.38 billion for the quarter, compared to analysts' expectations of $6.90 billion. During the same period in the previous year, the business earned $1.51 earnings per share. Carvana's revenue for the quarter was up 52.4% compared to the same quarter last year. On average, sell-side analysts expect that Carvana Co. will post 1.68 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Carvana news, Director Michael Maroone bought 25,000 shares of the business's stock in a transaction that occurred on Friday, July 31st. The stock was acquired at an average cost of $61.80 per share, with a total value of $1,545,000.00. Following the completion of the purchase, the director directly owned 168,573 shares in the company, valued at approximately $10,417,811.40. This trade represents a 17.41% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, COO Benjamin E. Huston sold 50,000 shares of the stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $71.55, for a total transaction of $3,577,500.00. Following the sale, the chief operating officer directly owned 478,693 shares of the company's stock, valued at approximately $34,250,484.15. This represents a 9.46% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 400,775 shares of company stock worth $27,522,038. 15.19% of the stock is owned by insiders.

About Carvana

Carvana Co NYSE: CVNA is an online used-car retailer that enables consumers to research, purchase, finance and sell vehicles through its website and mobile platform. The company offers a selection of used cars, trucks and SUVs, with vehicle listings that generally include photographs, pricing and vehicle-history information.

Customers can complete much of the vehicle-buying process online, including applying for financing, arranging trade-ins and scheduling vehicle pickup or delivery.

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