Concentric Capital Strategies LP Lowers Stock Holdings in Carvana Co. $CVNA

Key Points

• Concentric Capital Strategies LP has reduced its holdings in Carvana Co. (CVNA) by 44.0%, owning 4,387 shares worth approximately $917,000 after selling 3,443 shares in the first quarter.
• Insider COO Benjamin E. Huston and CEO Ernest C. Garcia III both sold 10,000 shares of Carvana each, representing decreases in their ownership by 8.74% and 2.08% respectively.
• Carvana's stock recently received positive upgrades from several analysts, with Oppenheimer setting a new price target of $450 and Wells Fargo increasing theirs to $425, reflecting growing investor confidence.

Concentric Capital Strategies LP trimmed its position in Carvana Co. (NYSE:CVNA - Free Report) by 44.0% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,387 shares of the company's stock after selling 3,443 shares during the quarter. Concentric Capital Strategies LP's holdings in Carvana were worth $917,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in CVNA. Brooklyn Investment Group grew its holdings in shares of Carvana by 961.5% in the first quarter. Brooklyn Investment Group now owns 138 shares of the company's stock valued at $29,000 after purchasing an additional 125 shares in the last quarter. N.E.W. Advisory Services LLC purchased a new stake in shares of Carvana during the first quarter worth about $33,000. Versant Capital Management Inc boosted its position in Carvana by 39.4% in the first quarter. Versant Capital Management Inc now owns 290 shares of the company's stock valued at $61,000 after buying an additional 82 shares during the last quarter. Strategic Investment Solutions Inc. IL purchased a new stake in Carvana in the first quarter valued at approximately $90,000. Finally, Gordian Capital Singapore Pte Ltd acquired a new position in Carvana in the fourth quarter valued at approximately $98,000. 56.71% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, major shareholder Ernest C. Garcia II sold 93,376 shares of the stock in a transaction on Thursday, July 31st. The stock was sold at an average price of $394.16, for a total transaction of $36,805,084.16. Following the completion of the transaction, the insider directly owned 6,624 shares in the company, valued at approximately $2,610,915.84. This represents a 93.38% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder Ernest C. Garcia II sold 100,000 shares of the firm's stock in a transaction dated Tuesday, July 8th. The shares were 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 of the company's stock, valued at $12,890,075,520.96. This trade represents a 0.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 2,522,933 shares of company stock valued at $888,062,136. Company insiders own 16.36% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on CVNA. JPMorgan Chase & Co. upped their target price on Carvana from $350.00 to $415.00 and gave the stock an "overweight" rating in a research note on Thursday, July 31st. Citigroup reaffirmed an "outperform" rating on shares of Carvana in a research note on Thursday, July 31st. Gordon Haskett began coverage on Carvana in a research note on Monday, July 14th. They set a "hold" rating and a $329.00 target price for the company. Wall Street Zen downgraded Carvana from a "buy" rating to a "hold" rating in a research note on Sunday. Finally, Royal Bank Of Canada upped their target price on Carvana from $400.00 to $460.00 and gave the stock an "outperform" rating in a research note on Thursday, July 31st. Twelve equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $383.47.

Carvana Trading Down 0.3%

Shares of CVNA traded down $0.94 during midday trading on Friday, reaching $369.23. The company had a trading volume of 2,443,272 shares, compared to its average volume of 2,311,703. Carvana Co. has a 1-year low of $124.39 and a 1-year high of $413.33. The stock has a market cap of $79.46 billion, a PE ratio of 92.54, a price-to-earnings-growth ratio of 1.22 and a beta of 3.51. The firm has a 50 day simple moving average of $351.83 and a 200-day simple moving average of $285.87. The company has a quick ratio of 2.58, a current ratio of 4.00 and a debt-to-equity ratio of 2.51.

Carvana (NYSE:CVNA - Get Free Report) last issued its earnings results on Wednesday, July 30th. The company reported $1.28 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.09 by $0.19. The business had revenue of $4.84 billion during the quarter, compared to the consensus estimate of $4.54 billion. Carvana had a return on equity of 40.57% and a net margin of 3.46%.The company's revenue for the quarter was up 41.9% on a year-over-year basis. During the same period last year, the company earned ($0.05) EPS. Research analysts forecast that Carvana Co. will post 2.85 EPS for the current fiscal year.

Carvana 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.