Carvana Co. $CVNA Stock Position Raised by KLP Kapitalforvaltning AS

Key Points

• KLP Kapitalforvaltning AS increased its position in Carvana Co. by 13.4%, owning 44,100 shares valued at approximately $14.86 million after acquiring an additional 5,200 shares.
• Carvana reported a quarterly profit of $1.28 per share, surpassing estimates of $1.09, with a revenue increase of 41.9% year-over-year, totaling $4.84 billion.
• Several brokerages have raised their target price for Carvana, with Bank of America increasing it from $375 to $425, reflecting growing market confidence in the company's performance.

KLP Kapitalforvaltning AS raised its position in shares of Carvana Co. (NYSE:CVNA - Free Report) by 13.4% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 44,100 shares of the company's stock after purchasing an additional 5,200 shares during the period. KLP Kapitalforvaltning AS's holdings in Carvana were worth $14,860,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in CVNA. Price T Rowe Associates Inc. MD increased its holdings in shares of Carvana by 13.9% during the 1st 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 acquiring an additional 1,823,218 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of Carvana by 9.7% during the 1st quarter. Vanguard Group Inc. now owns 12,534,843 shares of the company's stock valued at $2,620,785,000 after acquiring an additional 1,109,476 shares during the last quarter. Alyeska Investment Group L.P. acquired a new position in shares of Carvana during the 1st quarter valued at about $71,856,000. Contour Asset Management LLC increased its holdings in shares of Carvana by 71.4% during the 1st quarter. Contour Asset Management LLC now owns 643,114 shares of the company's stock valued at $134,462,000 after acquiring an additional 267,994 shares during the last quarter. Finally, Assenagon Asset Management S.A. increased its holdings in shares of Carvana by 54.9% during the 1st quarter. Assenagon Asset Management S.A. now owns 592,582 shares of the company's stock valued at $123,897,000 after acquiring an additional 209,975 shares during the last quarter. Institutional investors and hedge funds own 56.71% of the company's stock.

Carvana Price Performance

Shares of NYSE:CVNA opened at $360.80 on Thursday. Carvana Co. has a 1-year low of $148.25 and a 1-year high of $413.33. The firm has a market capitalization of $77.64 billion, a PE ratio of 90.43, a PEG ratio of 1.21 and a beta of 3.55. The business's 50 day moving average is $366.54 and its 200-day moving average is $312.80. 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 for the quarter, topping the consensus estimate of $1.09 by $0.19. Carvana had a return on equity of 40.57% and a net margin of 3.46%.The company had revenue of $4.84 billion for the quarter, compared to analyst estimates of $4.54 billion. During the same quarter last year, the firm earned ($0.05) EPS. Carvana's revenue for the quarter was up 41.9% compared to the same quarter last year. Sell-side analysts predict that Carvana Co. will post 2.85 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on CVNA. Gordon Haskett began coverage on Carvana in a report on Monday, July 14th. They set a "hold" rating and a $329.00 price objective on the stock. DA Davidson raised their target price on Carvana from $260.00 to $380.00 and gave the company a "neutral" rating in a report on Thursday, July 31st. Bank of America raised their target price on Carvana from $375.00 to $425.00 and gave the company a "buy" rating in a report on Thursday, July 31st. Oppenheimer raised Carvana from a "market perform" rating to an "outperform" rating and set a $450.00 target price on the stock in a report on Friday, July 25th. Finally, Royal Bank Of Canada raised their target price on Carvana from $400.00 to $460.00 and gave the company an "outperform" rating in a report on Thursday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and six have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $404.94.

Insider Activity at Carvana

In other news, VP Stephen R. Palmer sold 1,000 shares of Carvana stock in a transaction that occurred on Wednesday, October 1st. The stock was sold at an average price of $390.14, for a total transaction of $390,140.00. Following the sale, the vice president owned 43,513 shares of the company's stock, valued at approximately $16,976,161.82. This trade represents a 2.25% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Ernest C. Garcia III sold 10,000 shares of Carvana stock in a transaction that occurred on Tuesday, October 7th. The stock was sold at an average price of $370.34, for a total value of $3,703,400.00. Following the sale, the chief executive officer directly owned 356,440 shares in the company, valued at $132,003,989.60. The trade was a 2.73% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,099,966 shares of company stock worth $755,642,066 in the last three months. Company insiders own 17.12% 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.

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