Lord Abbett & CO. LLC Acquires 85,490 Shares of Carvana Co. $CVNA

Key Points

• Lord Abbett & CO. LLC increased its stake in Carvana by 15.4%, owning approximately 640,418 shares worth $133.9 million by the end of the last reporting period.
• Carvana's stock is up 1.5% with the current trading price at $350.17, significantly higher than its 1-year low of $124.39.
• In its recent earnings report, Carvana posted $1.28 earnings per share, exceeding analysts' estimates, with revenue up 41.9% year-over-year at $4.84 billion.

Lord Abbett & CO. LLC raised its stake in shares of Carvana Co. (NYSE:CVNA - Free Report) by 15.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 640,418 shares of the company's stock after purchasing an additional 85,490 shares during the quarter. Lord Abbett & CO. LLC owned 0.30% of Carvana worth $133,899,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. J.Safra Asset Management Corp grew its position in Carvana by 140.8% in the first quarter. J.Safra Asset Management Corp now owns 3,390 shares of the company's stock valued at $709,000 after acquiring an additional 1,982 shares during the period. Worldquant Millennium Advisors LLC acquired a new stake in shares of Carvana in the 4th quarter valued at $51,091,000. Farther Finance Advisors LLC grew its holdings in shares of Carvana by 333.1% in the 1st quarter. Farther Finance Advisors LLC now owns 3,482 shares of the company's stock worth $740,000 after purchasing an additional 2,678 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of Carvana during the 4th quarter worth about $36,527,000. Finally, Brucke Financial Inc. bought a new position in Carvana during the 4th quarter valued at about $415,000. 56.71% of the stock is owned by institutional investors and hedge funds.

Carvana Trading Down 2.9%

CVNA stock traded down $10.4090 during midday trading on Tuesday, hitting $349.1010. 829,435 shares of the company's stock were exchanged, compared to its average volume of 4,144,481. Carvana Co. has a one year low of $124.39 and a one year high of $413.33. The company has a debt-to-equity ratio of 2.51, a quick ratio of 2.58 and a current ratio of 4.00. The company has a market cap of $75.13 billion, a PE ratio of 87.48, a price-to-earnings-growth ratio of 1.16 and a beta of 3.57. The stock's fifty day moving average price is $338.38 and its 200-day moving average price is $276.67.

Carvana (NYSE:CVNA - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The company reported $1.28 EPS for the quarter, topping 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 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 posted ($0.05) earnings per share. Carvana's revenue was up 41.9% compared to the same quarter last year. Research analysts predict that Carvana Co. will post 2.85 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

CVNA has been the subject of a number of recent analyst reports. Royal Bank Of Canada raised their price target on Carvana from $400.00 to $460.00 and gave the company an "outperform" rating in a report on Thursday, July 31st. JPMorgan Chase & Co. boosted their price objective on Carvana from $350.00 to $415.00 and gave the stock an "overweight" rating in a report on Thursday, July 31st. William Blair reaffirmed an "outperform" rating on shares of Carvana in a research note on Wednesday, July 23rd. Morgan Stanley lifted their price target on shares of Carvana from $280.00 to $290.00 and gave the stock an "overweight" rating in a research report on Thursday, May 15th. Finally, Gordon Haskett assumed coverage on shares of Carvana in a report on Monday, July 14th. They issued a "hold" rating and a $329.00 price objective on the stock. Twelve analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $383.47.

Insider Buying and Selling at Carvana

In related news, major shareholder Ernest C. Garcia II sold 95,087 shares of Carvana stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $349.09, for a total value of $33,193,920.83. Following the sale, the insider owned 34,442,317 shares of the company's stock, valued at approximately $12,023,468,441.53. This trade represents a 0.28% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Ernest C. Garcia III sold 10,000 shares of the company's stock in a transaction that occurred on Friday, August 15th. The stock was sold at an average price of $346.34, for a total value of $3,463,400.00. Following the transaction, the chief executive officer directly owned 536,440 shares of the company's stock, valued at approximately $185,790,629.60. This trade represents a 1.83% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 3,036,140 shares of company stock valued at $1,056,693,071 in the last three months. 16.36% of the stock is owned by insiders.

Carvana Company Profile

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.