Chicago Capital LLC Boosts Position in Carvana Co. $CVNA

Key Points

• Chicago Capital LLC increased its stake in Carvana Co. by 10.4% during the 2nd quarter, bringing their total holdings to 8,776 shares valued at approximately $2.96 million.
• Analysts have raised price targets for Carvana, with JMP Securities setting a new target of $460 and Needham & Company increasing theirs to $500, reflecting a favorable outlook.
• Major shareholder Ernest C. Garcia II sold over 93,000 shares on July 31st, significantly reducing their ownership by 93.38% following the transaction.

Chicago Capital LLC increased its stake in Carvana Co. (NYSE:CVNA - Free Report) by 10.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 8,776 shares of the company's stock after buying an additional 828 shares during the period. Chicago Capital LLC's holdings in Carvana were worth $2,957,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in the stock. HB Wealth Management LLC increased its stake in Carvana by 16.1% in the 2nd quarter. HB Wealth Management LLC now owns 3,031 shares of the company's stock worth $1,021,000 after buying an additional 421 shares during the period. Janney Montgomery Scott LLC grew its position in shares of Carvana by 84.1% during the 2nd quarter. Janney Montgomery Scott LLC now owns 1,797 shares of the company's stock worth $606,000 after buying an additional 821 shares in the last quarter. V Square Quantitative Management LLC bought a new position in shares of Carvana during the 2nd quarter worth $83,000. Signaturefd LLC grew its position in shares of Carvana by 4.9% during the 2nd quarter. Signaturefd LLC now owns 1,995 shares of the company's stock worth $672,000 after buying an additional 93 shares in the last quarter. Finally, ST Germain D J Co. Inc. bought a new position in shares of Carvana during the 2nd quarter worth $156,000. Hedge funds and other institutional investors own 56.71% of the company's stock.

Analysts Set New Price Targets

CVNA has been the topic of a number of recent research reports. JMP Securities increased their price target on Carvana from $440.00 to $460.00 and gave the stock a "market outperform" rating in a research report on Thursday, July 31st. Needham & Company LLC increased their price target on Carvana from $340.00 to $500.00 and gave the stock a "buy" rating in a research report on Thursday, July 31st. Citigroup reissued an "outperform" rating on shares of Carvana in a research report on Thursday, July 31st. Piper Sandler raised their price objective on Carvana from $340.00 to $440.00 and gave the company an "overweight" rating in a research report on Thursday, July 31st. Finally, Bank of America raised their price objective on Carvana from $375.00 to $425.00 and gave the company a "buy" rating in a research report on Thursday, July 31st. Twelve equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $387.88.

Insider Activity

In other news, major shareholder Ernest C. Garcia II sold 93,376 shares of the firm's stock in a transaction dated Thursday, July 31st. The stock was 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 directly owned 6,624 shares in the company, valued at $2,610,915.84. This trade represents a 93.38% 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 100,000 shares of the firm'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 completion of the transaction, the insider owned 36,437,346 shares of the company's stock, valued at approximately $12,890,075,520.96. The trade was a 0.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 2,308,316 shares of company stock valued at $824,900,250. Company insiders own 16.36% of the company's stock.

Carvana Trading Up 6.0%

Carvana stock opened at $391.40 on Tuesday. The stock has a 50-day moving average of $360.59 and a two-hundred day moving average of $305.01. The company has a debt-to-equity ratio of 2.51, a quick ratio of 2.58 and a current ratio of 4.00. Carvana Co. has a one year low of $148.25 and a one year high of $413.33. The stock has a market cap of $84.23 billion, a PE ratio of 98.10, a price-to-earnings-growth ratio of 1.21 and a beta of 3.51.

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, 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 company had revenue of $4.84 billion during the quarter, compared to analysts' expectations of $4.54 billion. During the same period last year, the business posted ($0.05) earnings per share. The firm's revenue was up 41.9% compared to the same quarter last year. On average, research analysts anticipate that Carvana Co. will post 2.85 EPS for the current fiscal year.

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.

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