Corient Private Wealth LP Acquires 37,432 Shares of Carvana Co. $CVNA

Key Points

• Corient Private Wealth increased its Carvana stake by 610% in the second quarter, acquiring 37,432 additional shares and bringing its holdings to 43,568 shares valued at approximately $2.87 million. Institutional investors collectively own 56.71% of Carvana.
• Carvana reported quarterly EPS of $0.42, exceeding estimates of $0.39, while revenue rose 52.4% year over year to $7.38 billion. Shares opened at $67.19, with a 12-month range of $54.46 to $97.38.
• Analysts maintain a generally positive outlook, with a “Moderate Buy” consensus and an average price target of $84.14. Insider activity was mixed: a director bought 25,000 shares, while the CFO sold 63,750 shares under a Rule 10b5-1 plan.

Corient Private Wealth LP lifted its holdings in Carvana Co. (NYSE:CVNA - Free Report) by 610.0% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 43,568 shares of the company's stock after acquiring an additional 37,432 shares during the period. Corient Private Wealth LP's holdings in Carvana were worth $2,868,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Ascentis Independent Advisors bought a new position in Carvana in the 1st quarter worth approximately $26,000. Annis Gardner Whiting Capital Advisors LLC lifted its holdings in shares of Carvana by 152.6% in the first quarter. Annis Gardner Whiting Capital Advisors LLC now owns 96 shares of the company's stock worth $30,000 after buying an additional 58 shares in the last quarter. Transamerica Financial Advisors LLC lifted its holdings in shares of Carvana by 558.0% in the second quarter. Transamerica Financial Advisors LLC now owns 454 shares of the company's stock worth $30,000 after buying an additional 385 shares in the last quarter. Motiv8 Investments LLC bought a new position in shares of Carvana during the fourth quarter worth $33,000. Finally, GoalVest Advisory LLC boosted its position in shares of Carvana by 400.0% during the second quarter. GoalVest Advisory LLC now owns 500 shares of the company's stock worth $33,000 after acquiring an additional 400 shares during the last quarter. Hedge funds and other institutional investors own 56.71% of the company's stock.

Carvana Trading Up 3.2%

Shares of CVNA opened at $67.19 on Tuesday. Carvana Co. has a twelve month low of $54.46 and a twelve month high of $97.38. The company has a market cap of $73.94 billion, a P/E ratio of 37.16, a P/E/G ratio of 1.88 and a beta of 3.49. The company has a current ratio of 3.93, a quick ratio of 2.33 and a debt-to-equity ratio of 0.94. The company's fifty day simple moving average is $69.41 and its 200-day simple moving average is $68.44.

Carvana (NYSE:CVNA - Get Free Report) last released its quarterly earnings results on Wednesday, July 29th. The company reported $0.42 EPS for the quarter, topping analysts' consensus estimates of $0.39 by $0.03. Carvana had a net margin of 6.26% and a return on equity of 37.06%. The firm had revenue of $7.38 billion during the quarter, compared to analysts' expectations of $6.90 billion. During the same period in the previous year, the company earned $1.51 EPS. The firm's revenue for the quarter was up 52.4% compared to the same quarter last year. As a group, analysts expect that Carvana Co. will post 1.68 EPS for the current year.

Analyst Upgrades and Downgrades

CVNA has been the subject of several research analyst reports. DA Davidson set a $67.00 target price on shares of Carvana in a research note on Thursday, July 30th. Zacks Research downgraded shares of Carvana from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 15th. Citigroup restated a "market outperform" rating on shares of Carvana in a research report on Monday, August 31st. Needham & Company LLC reaffirmed a "buy" rating and issued a $120.00 target price on shares of Carvana in a report on Thursday, July 30th. Finally, Wells Fargo & Company set a $80.00 target price on Carvana and gave the stock an "overweight" rating in a research report on Thursday, July 30th. One research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $84.14.

Insider Buying and Selling at Carvana

In other news, CFO Mark Jenkins sold 63,750 shares of the company's stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $64.50, for a total transaction of $4,111,875.00. Following the transaction, the chief financial officer owned 1,156,534 shares of the company's stock, valued at approximately $74,596,443. This represents a 5.22% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Michael Maroone purchased 25,000 shares of Carvana stock in a transaction dated Friday, July 31st. The stock was acquired at an average price of $61.80 per share, for a total transaction of $1,545,000.00. Following the completion of the acquisition, the director owned 168,573 shares of the company's stock, valued at approximately $10,417,811.40. This trade represents a 17.41% increase in their position. The SEC filing for this purchase provides additional information. Over the last ninety days, insiders have sold 402,564 shares of company stock valued at $27,689,555. 15.19% of the stock is owned by company insiders.

About Carvana

Carvana Co NYSE: CVNA is an online used-car retailer that enables consumers to research, purchase, finance and sell vehicles through its website and mobile platform. The company offers a selection of used cars, trucks and SUVs, with vehicle listings that generally include photographs, pricing and vehicle-history information.

Customers can complete much of the vehicle-buying process online, including applying for financing, arranging trade-ins and scheduling vehicle pickup or delivery.

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