Ieq Capital LLC Buys 174,223 Shares of Carvana Co. $CVNA

Key Points

• Ieq Capital LLC significantly increased its stake in Carvana Co. by 4,436.5% in the first quarter, now owning 178,150 shares valued at approximately $37.2 million.
• Carvana reported a net revenue of $4.84 billion for the last quarter, exceeding analysts' expectations of $4.54 billion, alongside an earnings per share of $1.28.
• Institutional investors hold 56.71% of Carvana's stock, with major analysts issuing a consensus rating of "Moderate Buy" and a target price of around $383.47.

Ieq Capital LLC boosted its position in Carvana Co. (NYSE:CVNA - Free Report) by 4,436.5% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 178,150 shares of the company's stock after buying an additional 174,223 shares during the period. Ieq Capital LLC owned approximately 0.08% of Carvana worth $37,248,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Brooklyn Investment Group increased its position in Carvana by 961.5% in the 1st quarter. Brooklyn Investment Group now owns 138 shares of the company's stock valued at $29,000 after buying an additional 125 shares in the last quarter. N.E.W. Advisory Services LLC bought a new stake in Carvana in the 1st quarter valued at about $33,000. Versant Capital Management Inc increased its position in Carvana by 39.4% in the 1st quarter. Versant Capital Management Inc now owns 290 shares of the company's stock valued at $61,000 after buying an additional 82 shares in the last quarter. Strategic Investment Solutions Inc. IL bought a new stake in Carvana in the 1st quarter valued at about $90,000. Finally, Gordian Capital Singapore Pte Ltd bought a new stake in Carvana in the 4th quarter valued at about $98,000. 56.71% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Carvana news, major shareholder Ernest C. Garcia II sold 100,000 shares of the stock in a transaction on Friday, June 6th. The stock was sold at an average price of $346.99, for a total transaction of $34,699,000.00. Following the completion of the transaction, the insider directly owned 37,092,317 shares of the company's stock, valued at approximately $12,870,663,075.83. This represents a 0.27% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders sold 2,865,507 shares of company stock worth $1,003,408,791 over the last three months. 17.12% of the stock is currently owned by corporate insiders.

Carvana Stock Performance

Shares of CVNA stock traded down $5.42 during trading on Friday, hitting $371.96. The company's stock had a trading volume of 1,835,939 shares, compared to its average volume of 2,805,586. The company has a market cap of $80.05 billion, a PE ratio of 93.22, a P/E/G ratio of 1.23 and a beta of 3.57. The company has a current ratio of 4.00, a quick ratio of 2.58 and a debt-to-equity ratio of 2.51. The business has a fifty day moving average of $346.72 and a 200-day moving average of $282.62. Carvana Co. has a 52 week low of $124.39 and a 52 week high of $413.33.

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

Analysts Set New Price Targets

A number of analysts recently commented on CVNA shares. Needham & Company LLC boosted their target price on Carvana from $340.00 to $500.00 and gave the company a "buy" rating in a research report on Thursday, July 31st. Oppenheimer upgraded Carvana from a "market perform" rating to an "outperform" rating and set a $450.00 price target for the company in a research note on Friday, July 25th. DA Davidson boosted their price objective on Carvana from $260.00 to $380.00 and gave the stock a "neutral" rating in a report on Thursday, July 31st. JMP Securities boosted their price objective on Carvana from $440.00 to $460.00 and gave the stock a "market outperform" rating in a report on Thursday, July 31st. Finally, William Blair reissued an "outperform" rating on shares of Carvana in a report on Wednesday, July 23rd. Twelve analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $383.47.

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.