GLOBALT Investments LLC GA Acquires Shares of 1,872 Carvana Co. $CVNA

Key Points

• GLOBALT Investments LLC acquired 1,872 shares of Carvana Co. (NYSE: CVNA), valued at approximately $631,000, during the second quarter.
• Analysts have recently upgraded Carvana's stock ratings, with Oppenheimer setting a price target of $450.00 and Jefferies raising it to $475.00, contributing to a consensus rating of "Moderate Buy".
• Insider trading included significant sales by Daniel J. Gill and Ernest C. Garcia II, amounting to a total of over $69 million in shares sold, which represents notable decreases in their respective positions.

GLOBALT Investments LLC GA acquired a new stake in Carvana Co. (NYSE:CVNA - Free Report) during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 1,872 shares of the company's stock, valued at approximately $631,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Warren Street Wealth Advisors LLC boosted its position in shares of Carvana by 2.8% in the second quarter. Warren Street Wealth Advisors LLC now owns 1,153 shares of the company's stock valued at $388,000 after acquiring an additional 31 shares during the period. Northwestern Mutual Wealth Management Co. boosted its position in shares of Carvana by 5.2% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 1,223 shares of the company's stock valued at $256,000 after acquiring an additional 60 shares during the period. Harbour Investments Inc. boosted its position in shares of Carvana by 46.5% in the second quarter. Harbour Investments Inc. now owns 208 shares of the company's stock valued at $70,000 after acquiring an additional 66 shares during the period. Commerce Bank boosted its position in shares of Carvana by 1.6% in the first quarter. Commerce Bank now owns 4,446 shares of the company's stock valued at $930,000 after acquiring an additional 69 shares during the period. Finally, PNC Financial Services Group Inc. lifted its position in Carvana by 3.3% during the first quarter. PNC Financial Services Group Inc. now owns 2,227 shares of the company's stock worth $466,000 after purchasing an additional 72 shares during the period. 56.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

CVNA has been the subject of several recent analyst reports. Oppenheimer raised shares of Carvana from a "market perform" rating to an "outperform" rating and set a $450.00 price objective for the company in a research report on Friday, July 25th. Jefferies Financial Group set a $475.00 price objective on shares of Carvana and gave the stock a "buy" rating in a research report on Wednesday, October 1st. Needham & Company LLC reaffirmed a "buy" rating and set a $500.00 price objective on shares of Carvana in a research report on Friday. Citigroup reaffirmed a "buy" rating on shares of Carvana in a research report on Thursday, October 9th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Carvana from $425.00 to $490.00 and gave the stock an "overweight" rating in a research report on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $419.94.

Insider Activity at Carvana

In related news, insider Daniel J. Gill sold 80,000 shares of the firm's stock in a transaction that occurred on Thursday, July 31st. The shares were sold at an average price of $398.91, for a total value of $31,912,800.00. Following the completion of the transaction, the insider owned 197,832 shares in the company, valued at $78,917,163.12. This trade represents a 28.79% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Ernest C. Garcia II sold 100,000 shares of the firm's stock in a transaction that occurred 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 completion of the transaction, the insider owned 35,142,792 shares of the company's stock, valued at approximately $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 a total of 1,498,292 shares of company stock worth $547,914,707 in the last quarter. 17.12% of the stock is owned by insiders.

Carvana Stock Up 2.7%

CVNA stock opened at $351.33 on Friday. The stock has a market capitalization of $75.61 billion, a P/E ratio of 88.05, a price-to-earnings-growth ratio of 1.09 and a beta of 3.55. The company has a current ratio of 4.00, a quick ratio of 2.58 and a debt-to-equity ratio of 2.51. Carvana Co. has a 12 month low of $148.25 and a 12 month high of $413.33. The firm has a 50-day moving average price of $363.68 and a 200-day moving average price of $324.79.

Carvana (NYSE:CVNA - Get Free Report) last posted its 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. The firm 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%. The business's revenue for the quarter was up 41.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.05) earnings per share. As a group, equities research analysts anticipate that Carvana Co. will post 2.85 EPS for the current fiscal year.

About Carvana

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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