Carvana Co. $CVNA Shares Sold by First Trust Advisors LP

Key Points

• First Trust Advisors LP reduced its Carvana stake by 13.9% in the first quarter, selling 66,097 shares and leaving it with 408,750 shares valued at about $128.5 million.
• Several other institutional investors adjusted positions in Carvana, and overall 56.71% of the stock is owned by institutions and hedge funds.
• Carvana recently reported stronger-than-expected results, posting $1.69 EPS versus the $0.32 estimate and revenue of $6.43 billion, while analysts maintain a Moderate Buy consensus with an average price target of $92.53.

First Trust Advisors LP cut its holdings in shares of Carvana Co. (NYSE:CVNA - Free Report) by 13.9% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 408,750 shares of the company's stock after selling 66,097 shares during the quarter. First Trust Advisors LP's holdings in Carvana were worth $128,503,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the company. Sands Capital Management LLC grew its position in shares of Carvana by 44.4% during the fourth quarter. Sands Capital Management LLC now owns 2,442,534 shares of the company's stock worth $1,030,798,000 after buying an additional 751,019 shares in the last quarter. Capricorn Fund Managers Ltd bought a new position in shares of Carvana during the first quarter worth about $29,866,000. Gavilan Investment Partners LLC grew its position in Carvana by 24.6% in the 4th quarter. Gavilan Investment Partners LLC now owns 86,000 shares of the company's stock worth $36,294,000 after purchasing an additional 17,000 shares during the last quarter. Swiss National Bank increased its position in Carvana by 9.9% in the 1st quarter. Swiss National Bank now owns 395,180 shares of the company's stock valued at $124,237,000 after acquiring an additional 35,720 shares during the period. Finally, Goodnow Investment Group LLC raised its stake in shares of Carvana by 9.0% during the fourth quarter. Goodnow Investment Group LLC now owns 710,091 shares of the company's stock valued at $299,673,000 after purchasing an additional 58,828 shares in the last quarter. 56.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director J Danforth Quayle sold 14,525 shares of Carvana stock in a transaction that occurred on Wednesday, June 10th. The shares were sold at an average price of $70.00, for a total value of $1,016,750.00. Following the transaction, the director directly owned 214,960 shares of the company's stock, valued at $15,047,200. This trade represents a 6.33% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Ira J. Platt sold 15,000 shares of the business's stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $67.83, for a total transaction of $1,017,450.00. Following the transaction, the director owned 186,470 shares of the company's stock, valued at approximately $12,648,260.10. This represents a 7.45% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 396,962 shares of company stock worth $28,525,088. 15.19% of the stock is owned by company insiders.

Carvana Stock Performance

CVNA opened at $60.32 on Friday. The firm has a market cap of $66.16 billion, a P/E ratio of 36.69, a price-to-earnings-growth ratio of 10.23 and a beta of 3.46. Carvana Co. has a 52-week low of $54.46 and a 52-week high of $97.38. The company has a debt-to-equity ratio of 1.05, a quick ratio of 2.57 and a current ratio of 4.09. The business's fifty day moving average is $67.13 and its 200-day moving average is $71.66.

Carvana (NYSE:CVNA - Get Free Report) last posted its quarterly earnings results on Wednesday, April 29th. The company reported $1.69 EPS for the quarter, beating analysts' consensus estimates of $0.32 by $1.37. Carvana had a return on equity of 41.46% and a net margin of 6.40%.The business had revenue of $6.43 billion during the quarter, compared to the consensus estimate of $6.12 billion. Sell-side analysts expect that Carvana Co. will post 1.64 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. UBS Group reaffirmed a "buy" rating and set a $104.00 price target (up from $97.00) on shares of Carvana in a research note on Thursday, April 30th. Stephens raised their price target on Carvana from $86.00 to $97.00 in a report on Thursday, April 30th. Evercore boosted their target price on Carvana from $78.00 to $80.00 in a research report on Tuesday, April 28th. Argus reduced their target price on shares of Carvana from $500.00 to $100.00 in a research note on Monday, May 11th. Finally, BTIG Research restated a "buy" rating and set a $97.00 target price on shares of Carvana in a report on Friday, June 5th. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and six have given a Hold rating to the company's stock. According to MarketBeat.com, Carvana currently has a consensus rating of "Moderate Buy" and an average target price of $92.53.

About Carvana

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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