Kovitz Investment Group Partners LLC Has $3.70 Million Holdings in Carvana Co. $CVNA

Key Points

• Kovitz Investment Group Partners LLC reduced its stake in Carvana Co. by 18.2%, leaving it with 17,670 shares valued at approximately $3.7 million as of the end of the first quarter.
• Carvana's stock has seen significant institutional interest, with major stakeholders like Vanguard Group Inc. increasing their holdings by 9.7% during the same period, leading to a total institutional ownership of 56.71%.
• Recent earnings reported by Carvana exceeded analysts’ expectations, with a revenue increase of 41.9% year-over-year and earnings per share of $1.28, surpassing the consensus estimate of $1.09.

Kovitz Investment Group Partners LLC lowered its holdings in shares of Carvana Co. (NYSE:CVNA - Free Report) by 18.2% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 17,670 shares of the company's stock after selling 3,923 shares during the period. Kovitz Investment Group Partners LLC's holdings in Carvana were worth $3,695,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Lord Abbett & CO. LLC raised its position in shares of Carvana by 15.4% during the first quarter. Lord Abbett & CO. LLC now owns 640,418 shares of the company's stock worth $133,899,000 after purchasing an additional 85,490 shares during the period. Neuberger Berman Group LLC raised its position in shares of Carvana by 39.7% during the first quarter. Neuberger Berman Group LLC now owns 172,153 shares of the company's stock worth $35,994,000 after purchasing an additional 48,903 shares during the period. National Pension Service acquired a new stake in shares of Carvana during the first quarter worth $39,090,000. Russell Investments Group Ltd. raised its position in shares of Carvana by 82.9% during the first quarter. Russell Investments Group Ltd. now owns 57,248 shares of the company's stock worth $11,969,000 after purchasing an additional 25,955 shares during the period. Finally, Resona Asset Management Co. Ltd. raised its position in shares of Carvana by 5.9% during the first quarter. Resona Asset Management Co. Ltd. now owns 33,899 shares of the company's stock worth $7,067,000 after purchasing an additional 1,894 shares during the period. 56.71% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

CVNA has been the topic of a number of recent analyst reports. Wells Fargo & Company boosted their target price on Carvana from $390.00 to $425.00 and gave the stock an "overweight" rating in a research report on Thursday, July 31st. Gordon Haskett began coverage on Carvana in a research note on Monday, July 14th. They issued a "hold" rating and a $329.00 target price on the stock. Piper Sandler boosted their target price on Carvana from $340.00 to $440.00 and gave the company an "overweight" rating in a research note on Thursday, July 31st. Wedbush upgraded Carvana to a "hold" rating in a research note on Thursday, May 8th. Finally, Morgan Stanley boosted their target price on Carvana from $280.00 to $290.00 and gave the company an "overweight" rating in a research note on Thursday, May 15th. Twelve equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $383.47.

Carvana Stock Performance

Shares of NYSE CVNA traded up $18.1040 during trading hours on Friday, hitting $357.1740. 3,475,072 shares of the company's stock were exchanged, compared to its average volume of 3,298,145. Carvana Co. has a 1-year low of $124.39 and a 1-year high of $413.33. The company has a debt-to-equity ratio of 2.51, a current ratio of 4.00 and a quick ratio of 2.58. The stock has a market capitalization of $76.86 billion, a price-to-earnings ratio of 89.52, a PEG ratio of 1.12 and a beta of 3.57. The company's 50-day moving average price is $340.09 and its 200-day moving average price is $278.86.

Carvana (NYSE:CVNA - Get Free Report) last posted its quarterly earnings data 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 business had revenue of $4.84 billion during the quarter, compared to analysts' expectations of $4.54 billion. Carvana had a return on equity of 40.57% and a net margin of 3.46%.The firm'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 expect that Carvana Co. will post 2.85 earnings per share for the current fiscal year.

Insider Activity at Carvana

In other news, CEO Ernest C. Garcia III sold 10,000 shares of the company's stock in a transaction that occurred on Thursday, August 21st. The stock was sold at an average price of $338.27, for a total value of $3,382,700.00. Following the sale, the chief executive officer directly owned 516,440 shares in the company, valued at approximately $174,696,158.80. This represents a 1.90% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, major shareholder Ernest C. Garcia II sold 95,087 shares of the company's stock in a transaction that occurred on Wednesday, August 13th. The shares were sold at an average price of $349.09, for a total value of $33,193,920.83. Following the completion of the sale, the insider owned 34,442,317 shares in the company, valued at approximately $12,023,468,441.53. This represents a 0.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 3,056,140 shares of company stock worth $1,063,857,548. Corporate insiders own 17.12% of the company's stock.

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.