Envestnet Portfolio Solutions Inc. Buys Shares of 2,664 Carvana Co. $CVNA

Key Points

• Envestnet Portfolio Solutions Inc. acquired 2,664 shares of Carvana Co., valued at approximately $898,000, during the second quarter of 2023.
• Major shareholder Ernest C. Garcia II sold a total of 193,376 shares in late July and early August, representing a significant reduction in ownership.
• Carvana's stock has exhibited a strong growth trajectory, with analysts predicting an average target price of $407.44, and several firms upgrading their ratings and price targets for the stock.

Envestnet Portfolio Solutions Inc. bought a new stake in shares of Carvana Co. (NYSE:CVNA - Free Report) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 2,664 shares of the company's stock, valued at approximately $898,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in CVNA. Hilltop National Bank purchased a new stake in Carvana during the second quarter valued at approximately $25,000. Brooklyn Investment Group boosted its position in shares of Carvana by 961.5% in the first quarter. Brooklyn Investment Group now owns 138 shares of the company's stock worth $29,000 after purchasing an additional 125 shares during the period. N.E.W. Advisory Services LLC bought a new position in shares of Carvana in the first quarter worth approximately $33,000. SJS Investment Consulting Inc. boosted its position in shares of Carvana by 960.0% in the second quarter. SJS Investment Consulting Inc. now owns 106 shares of the company's stock worth $36,000 after purchasing an additional 96 shares during the period. Finally, LRI Investments LLC bought a new position in shares of Carvana in the second quarter worth approximately $42,000. 56.71% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Carvana

In other Carvana news, major shareholder Ernest C. Garcia II sold 93,376 shares of the stock in a transaction on Thursday, July 31st. The shares were 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 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Ernest C. Garcia II sold 100,000 shares of the stock in a transaction on Friday, August 1st. The shares were sold at an average price of $371.30, for a total transaction of $37,130,000.00. Following the transaction, the insider owned 35,142,792 shares of the company's stock, valued at $13,048,518,669.60. This trade represents a 0.28% decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,618,292 shares of company stock worth $588,235,207 over the last 90 days. 16.36% of the stock is owned by insiders.

Carvana Stock Performance

CVNA opened at $333.28 on Monday. The stock has a market capitalization of $71.72 billion, a price-to-earnings ratio of 83.53, a PEG ratio of 1.08 and a beta of 3.55. The company has a fifty day moving average of $364.10 and a 200 day moving average of $320.89. Carvana Co. has a fifty-two week low of $148.25 and a fifty-two week 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.

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

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Jefferies Financial Group set a $475.00 price target on shares of Carvana and gave the stock a "buy" rating in a research report on Wednesday, October 1st. Piper Sandler upped their price target on shares of Carvana from $340.00 to $440.00 and gave the stock an "overweight" rating in a research report on Thursday, July 31st. Bank of America upped their price target on shares of Carvana from $375.00 to $425.00 and gave the stock a "buy" rating in a research report on Thursday, July 31st. Stephens reiterated an "overweight" rating and issued a $440.00 price target on shares of Carvana in a research report on Tuesday, September 23rd. Finally, Zacks Research upgraded shares of Carvana from a "hold" rating to a "strong-buy" rating in a research report on Monday, October 6th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $407.44.

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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