Carvana Co. $CVNA Stock Position Lowered by Plato Investment Management Ltd

Key Points

• Plato Investment Management Ltd reduced its stake in Carvana Co. by 23.8%, bringing its total shares to 3,967 and a total value of $838,000.
• Carvana reported a 41.9% increase in revenue year-over-year, totaling $4.84 billion for the quarter, and earnings per share of $1.28 exceeding analyst expectations.
• Wall Street analysts are optimistic about Carvana, with several raising their target prices, including Piper Sandler and Bank of America, suggesting a strong market sentiment towards the stock's future performance.

Plato Investment Management Ltd lessened its position in Carvana Co. (NYSE:CVNA - Free Report) by 23.8% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 3,967 shares of the company's stock after selling 1,237 shares during the period. Plato Investment Management Ltd's holdings in Carvana were worth $838,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of CVNA. Brooklyn Investment Group raised its stake in shares of Carvana by 961.5% in the 1st quarter. Brooklyn Investment Group now owns 138 shares of the company's stock worth $29,000 after buying an additional 125 shares in the last quarter. N.E.W. Advisory Services LLC acquired a new stake in shares of Carvana during the first quarter worth $33,000. Versant Capital Management Inc raised its position in shares of Carvana by 39.4% during the first quarter. Versant Capital Management Inc now owns 290 shares of the company's stock worth $61,000 after purchasing an additional 82 shares during the period. Strategic Investment Solutions Inc. IL acquired a new stake in shares of Carvana during the first quarter worth $90,000. Finally, Gordian Capital Singapore Pte Ltd acquired a new stake in shares of Carvana during the fourth quarter worth $98,000. Institutional investors own 56.71% of the company's stock.

Carvana Stock Performance

Shares of CVNA stock opened at $354.89 on Friday. Carvana Co. has a 1-year low of $133.57 and a 1-year high of $413.33. The company has a current ratio of 4.00, a quick ratio of 2.58 and a debt-to-equity ratio of 2.51. The company has a market capitalization of $76.37 billion, a price-to-earnings ratio of 88.95, a P/E/G ratio of 1.21 and a beta of 3.51. The stock's fifty day simple moving average is $353.80 and its 200-day simple moving average is $289.02.

Carvana (NYSE:CVNA - Get Free Report) last issued 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 in the previous year, the company posted ($0.05) earnings per share. Carvana's revenue for the quarter was up 41.9% compared to the same quarter last year. On average, sell-side analysts predict that Carvana Co. will post 2.85 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Carvana news, major shareholder Ernest C. Garcia II sold 100,000 shares of the business's stock in a transaction dated Tuesday, July 8th. The stock was sold at an average price of $353.76, for a total value of $35,376,000.00. Following the transaction, the insider owned 36,437,346 shares in the company, valued at $12,890,075,520.96. The trade was a 0.27% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, major shareholder Ernest C. Garcia II sold 93,376 shares of the business's stock in a transaction dated Thursday, July 31st. The shares were sold at an average price of $394.16, for a total value of $36,805,084.16. Following the completion of the transaction, the insider owned 6,624 shares in the company, valued at $2,610,915.84. This trade represents a 93.38% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,423,157 shares of company stock worth $856,602,667 in the last quarter. 17.12% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

CVNA has been the topic of a number of recent analyst reports. Piper Sandler boosted their target price on Carvana from $340.00 to $440.00 and gave the stock an "overweight" rating in a research report on Thursday, July 31st. Bank of America boosted 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. Wells Fargo & Company boosted 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. Citigroup reaffirmed an "outperform" rating on shares of Carvana in a research report on Thursday, July 31st. Finally, JPMorgan Chase & Co. boosted their target price on Carvana from $350.00 to $415.00 and gave the stock an "overweight" rating in a research report on Thursday, July 31st. Twelve research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. According to MarketBeat, Carvana currently has an average rating of "Moderate Buy" and a consensus target price of $383.47.

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.

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