Janney Montgomery Scott LLC Buys 821 Shares of Carvana Co. $CVNA

Key Points

• Janney Montgomery Scott LLC increased its stake in Carvana Co. by 84.1%, purchasing an additional 821 shares to own a total of 1,797 shares worth approximately $606,000.
• Multiple institutional investors have significantly increased their positions in Carvana, with Brooklyn Investment Group boosting its stake by 961.5% in the 1st quarter and several others also making large investments.
• Analysts have raised their price targets for Carvana, with JPMorgan Chase & Co. increasing its target from $415.00 to $425.00, while the stock currently holds a consensus rating of "Moderate Buy."

Janney Montgomery Scott LLC boosted its stake in shares of Carvana Co. (NYSE:CVNA - Free Report) by 84.1% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,797 shares of the company's stock after buying an additional 821 shares during the quarter. Janney Montgomery Scott LLC's holdings in Carvana were worth $606,000 as of its most recent SEC filing.

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% during the 1st quarter. Brooklyn Investment Group now owns 138 shares of the company's stock valued at $29,000 after purchasing an additional 125 shares during the period. N.E.W. Advisory Services LLC purchased a new position in Carvana during the 1st quarter valued at about $33,000. SJS Investment Consulting Inc. increased its position in Carvana by 960.0% during the 2nd quarter. SJS Investment Consulting Inc. now owns 106 shares of the company's stock valued at $36,000 after purchasing an additional 96 shares during the period. Geneos Wealth Management Inc. increased its position in Carvana by 251.4% during the 1st quarter. Geneos Wealth Management Inc. now owns 253 shares of the company's stock valued at $53,000 after purchasing an additional 181 shares during the period. Finally, V Square Quantitative Management LLC purchased a new position in Carvana during the 2nd quarter valued at about $83,000. Hedge funds and other institutional investors own 56.71% of the company's stock.

Analysts Set New Price Targets

CVNA has been the topic of a number of research reports. JPMorgan Chase & Co. raised their target price on shares of Carvana from $415.00 to $425.00 and gave the company an "overweight" rating in a research report on Wednesday, September 17th. William Blair reissued an "outperform" rating on shares of Carvana in a research report on Wednesday, July 23rd. Citigroup reissued a "buy" rating on shares of Carvana in a research report on Thursday, October 9th. Piper Sandler lifted their price objective 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. Finally, BTIG Research reaffirmed a "buy" rating and issued a $450.00 price objective on shares of Carvana in a research report on Friday, October 10th. 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 company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $407.44.

Insider Activity at Carvana

In other Carvana news, CEO Ernest C. Garcia III sold 2,880 shares of the business's stock in a transaction that occurred on Thursday, October 9th. The shares were sold at an average price of $355.19, for a total transaction of $1,022,947.20. Following the sale, the chief executive officer owned 350,000 shares of the company's stock, valued at approximately $124,316,500. The trade was a 0.82% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Stephen R. Palmer sold 1,000 shares of the business's stock in a transaction that occurred on Wednesday, October 1st. The stock was sold at an average price of $390.14, for a total transaction of $390,140.00. Following the sale, the vice president directly owned 43,513 shares in the company, valued at approximately $16,976,161.82. This represents a 2.25% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,678,292 shares of company stock worth $608,812,907 in the last 90 days. 17.12% of the stock is owned by insiders.

Carvana Stock Down 3.1%

Shares of Carvana stock opened at $344.35 on Friday. The company has a market cap of $74.10 billion, a P/E ratio of 86.30, a PEG ratio of 1.16 and a beta of 3.55. Carvana Co. has a 52-week low of $148.25 and a 52-week high of $413.33. The company has a quick ratio of 2.58, a current ratio of 4.00 and a debt-to-equity ratio of 2.51. The firm's 50 day moving average price is $364.40 and its 200-day moving average price is $318.44.

Carvana (NYSE:CVNA - Get Free Report) last released its earnings results on Wednesday, July 30th. The company reported $1.28 earnings per share for the quarter, topping the consensus estimate of $1.09 by $0.19. The company had revenue of $4.84 billion for the quarter, compared to the consensus estimate of $4.54 billion. Carvana had a net margin of 3.46% and a return on equity of 40.57%. Carvana's revenue was up 41.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.05) EPS. On average, sell-side analysts predict 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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