Highland Capital Management LLC Increases Stock Position in Carvana Co. (NYSE:CVNA)

Highland Capital Management LLC raised its position in Carvana Co. (NYSE:CVNA - Free Report) by 43.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 6,085 shares of the company's stock after purchasing an additional 1,835 shares during the quarter. Highland Capital Management LLC's holdings in Carvana were worth $1,272,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. raised its position in Carvana by 5.6% in the fourth quarter. Vanguard Group Inc. now owns 11,425,367 shares of the company's stock valued at $2,323,463,000 after purchasing an additional 610,234 shares during the period. Durable Capital Partners LP increased its position in shares of Carvana by 6.3% during the 4th quarter. Durable Capital Partners LP now owns 2,168,232 shares of the company's stock worth $440,932,000 after purchasing an additional 129,246 shares during the last quarter. Geode Capital Management LLC raised its holdings in Carvana by 4.2% in the 4th quarter. Geode Capital Management LLC now owns 1,878,796 shares of the company's stock valued at $381,592,000 after buying an additional 75,250 shares during the period. Whale Rock Capital Management LLC lifted its position in Carvana by 29.8% in the fourth quarter. Whale Rock Capital Management LLC now owns 1,214,679 shares of the company's stock valued at $247,017,000 after buying an additional 278,760 shares during the last quarter. Finally, BNP Paribas Financial Markets boosted its stake in Carvana by 89.8% during the fourth quarter. BNP Paribas Financial Markets now owns 1,018,321 shares of the company's stock worth $207,086,000 after buying an additional 481,912 shares during the period. Institutional investors and hedge funds own 56.71% of the company's stock.

Carvana Stock Up 0.6%

NYSE:CVNA traded up $1.86 during mid-day trading on Tuesday, hitting $338.82. The stock had a trading volume of 3,329,099 shares, compared to its average volume of 3,860,941. Carvana Co. has a twelve month low of $118.50 and a twelve month high of $351.43. The stock has a 50-day simple moving average of $298.89 and a two-hundred day simple moving average of $246.24. The company has a current ratio of 3.81, a quick ratio of 2.70 and a debt-to-equity ratio of 2.97. The company has a market capitalization of $72.55 billion, a PE ratio of 118.88, a PEG ratio of 1.31 and a beta of 3.59.

Carvana (NYSE:CVNA - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The company reported $1.51 EPS for the quarter, beating analysts' consensus estimates of $0.75 by $0.76. The company had revenue of $4.23 billion for the quarter, compared to the consensus estimate of $3.94 billion. Carvana had a net margin of 2.68% and a return on equity of 44.86%. The company's quarterly revenue was up 38.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.23 EPS. On average, equities research analysts anticipate that Carvana Co. will post 2.85 EPS for the current year.

Insiders Place Their Bets

In other news, COO Benjamin E. Huston sold 50,000 shares of the company's stock in a transaction dated Monday, April 7th. The stock was sold at an average price of $150.90, for a total transaction of $7,545,000.00. Following the completion of the transaction, the chief operating officer directly owned 123,803 shares of the company's stock, valued at approximately $18,681,872.70. This represents a 28.77% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Mark W. Jenkins sold 51,380 shares of the stock in a transaction dated Friday, May 30th. The shares were sold at an average price of $326.03, for a total value of $16,751,421.40. Following the completion of the transaction, the chief financial officer owned 162,079 shares in the company, valued at approximately $52,842,616.37. The trade was a 24.07% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,287,111 shares of company stock worth $403,672,899. 16.36% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

CVNA has been the topic of several recent analyst reports. Robert W. Baird upped their price objective on shares of Carvana from $200.00 to $275.00 and gave the stock a "neutral" rating in a report on Thursday, May 8th. Piper Sandler set a $340.00 price target on Carvana and gave the stock an "overweight" rating in a research note on Thursday, May 22nd. Bank of America raised their price target on Carvana from $325.00 to $375.00 and gave the stock a "buy" rating in a research report on Tuesday, June 10th. Evercore ISI boosted their price objective on Carvana from $295.00 to $305.00 and gave the company an "in-line" rating in a report on Tuesday, June 24th. Finally, JMP Securities decreased their target price on Carvana from $340.00 to $275.00 and set a "market outperform" rating on the stock in a research note on Wednesday, April 9th. Seven investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat, Carvana currently has an average rating of "Moderate Buy" and an average target price of $284.18.

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.