KLP Kapitalforvaltning AS Increases Position in Carvana Co. (NYSE:CVNA)

KLP Kapitalforvaltning AS increased its stake in shares of Carvana Co. (NYSE:CVNA - Free Report) by 2.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 38,900 shares of the company's stock after acquiring an additional 900 shares during the quarter. KLP Kapitalforvaltning AS's holdings in Carvana were worth $8,133,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. HighTower Advisors LLC grew its position in shares of Carvana by 179.7% in the 4th quarter. HighTower Advisors LLC now owns 4,035 shares of the company's stock worth $821,000 after buying an additional 9,098 shares during the last quarter. Avantax Advisory Services Inc. bought a new stake in shares of Carvana in the 4th quarter worth approximately $226,000. Envestnet Portfolio Solutions Inc. grew its position in shares of Carvana by 19.2% in the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 1,468 shares of the company's stock worth $299,000 after buying an additional 236 shares during the last quarter. Sei Investments Co. grew its position in shares of Carvana by 83.9% in the 4th quarter. Sei Investments Co. now owns 25,918 shares of the company's stock worth $5,270,000 after buying an additional 11,826 shares during the last quarter. Finally, Fox Run Management L.L.C. bought a new stake in shares of Carvana in the 4th quarter worth approximately $391,000. 56.71% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

CVNA has been the topic of a number of recent analyst reports. Piper Sandler set a $340.00 price objective on Carvana and gave the stock an "overweight" rating in a research report on Thursday, May 22nd. Wall Street Zen upgraded Carvana from a "hold" rating to a "buy" rating in a research note on Saturday, July 5th. Wells Fargo & Company raised their target price on Carvana from $310.00 to $390.00 and gave the company an "overweight" rating in a research note on Friday, July 18th. Gordon Haskett started coverage on Carvana in a research note on Monday, July 14th. They issued a "hold" rating and a $329.00 target price for the company. Finally, Bank of America raised their target price on Carvana from $325.00 to $375.00 and gave the company a "buy" rating in a research note on Tuesday, June 10th. Seven research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat, Carvana presently has a consensus rating of "Moderate Buy" and an average target price of $318.16.

Carvana Stock Performance

CVNA stock traded up $3.90 during midday trading on Monday, reaching $336.02. The stock had a trading volume of 844,196 shares, compared to its average volume of 4,218,507. The stock has a market cap of $71.96 billion, a PE ratio of 117.92, a P/E/G ratio of 1.28 and a beta of 3.59. The company has a debt-to-equity ratio of 2.97, a quick ratio of 2.70 and a current ratio of 3.81. The firm has a fifty day simple moving average of $328.40 and a two-hundred day simple moving average of $262.90. Carvana Co. has a 52-week low of $118.50 and a 52-week high of $364.00.

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

Insider Transactions at Carvana

In other news, CEO Ernest C. Garcia III sold 10,000 shares of the firm's stock in a transaction dated Wednesday, July 23rd. The stock was sold at an average price of $337.51, for a total transaction of $3,375,100.00. Following the sale, the chief executive officer directly owned 621,440 shares in the company, valued at $209,742,214.40. This trade represents a 1.58% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Ernest C. Garcia II sold 50,000 shares of the firm's stock in a transaction dated Wednesday, July 23rd. The shares were sold at an average price of $337.22, for a total value of $16,861,000.00. Following the sale, the insider owned 35,542,792 shares in the company, valued at $11,985,740,318.24. This trade represents a 0.14% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,171,515 shares of company stock worth $719,730,548 over the last 90 days. Insiders own 16.36% of the company's stock.

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.