LPL Financial LLC Raises Stock Holdings in Carvana Co. (NYSE:CVNA)

Key Points

• LPL Financial LLC increased its holdings in Carvana Co. by 32% during the first quarter, bringing its total shares to 56,441, valued at approximately $11.8 million.
• Notably, Ernest C. Garcia II, a major shareholder, recently sold a significant number of shares, resulting in a 93.38% decrease in ownership after multiple transactions.
• Research analysts have issued new price targets for Carvana, with estimates ranging from $329 to $500, indicating a consensus average target price of $379.65 and a majority of ratings classified as "buy."

LPL Financial LLC grew its holdings in shares of Carvana Co. (NYSE:CVNA - Free Report) by 32.0% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 56,441 shares of the company's stock after purchasing an additional 13,696 shares during the period. LPL Financial LLC's holdings in Carvana were worth $11,801,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of CVNA. Transce3nd LLC acquired a new position in shares of Carvana during the fourth quarter worth about $48,000. Versant Capital Management Inc raised its stake in shares of Carvana by 39.4% during the first quarter. Versant Capital Management Inc now owns 290 shares of the company's stock worth $61,000 after purchasing an additional 82 shares during the last quarter. Gordian Capital Singapore Pte Ltd purchased a new stake in shares of Carvana during the fourth quarter worth approximately $98,000. Shell Asset Management Co. purchased a new stake in shares of Carvana during the fourth quarter worth approximately $116,000. Finally, IFP Advisors Inc raised its position in Carvana by 16.0% in the first quarter. IFP Advisors Inc now owns 638 shares of the company's stock worth $133,000 after acquiring an additional 88 shares in the last quarter. 56.71% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have issued reports on CVNA shares. Piper Sandler increased their price objective on Carvana from $340.00 to $440.00 and gave the stock an "overweight" rating in a research report on Thursday, July 31st. Gordon Haskett started coverage on Carvana in a research note on Monday, July 14th. They issued a "hold" rating and a $329.00 price target on the stock. Bank of America lifted their price objective on Carvana from $375.00 to $425.00 and gave the company a "buy" rating in a research note on Thursday, July 31st. Wedbush raised Carvana to a "hold" rating in a research note on Thursday, May 8th. Finally, Needham & Company LLC raised their target price on Carvana from $340.00 to $500.00 and gave the company a "buy" rating in a report on Thursday, July 31st. Six investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $379.65.

Insiders Place Their Bets

In other news, major shareholder Ernest C. Garcia II sold 100,000 shares of the business's 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 sale, the insider directly owned 37,092,317 shares of the company's stock, valued at $12,870,663,075.83. The trade was 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 available at this link. Also, major shareholder Ernest C. Garcia II sold 93,376 shares of the business's stock in a transaction on Thursday, July 31st. The stock was sold at an average price of $394.16, for a total value of $36,805,084.16. Following the sale, the insider directly owned 6,624 shares in the company, valued at $2,610,915.84. This trade represents a 93.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 2,813,047 shares of company stock worth $968,081,920. 17.12% of the stock is owned by company insiders.

Carvana Price Performance

Shares of NYSE CVNA opened at $357.05 on Friday. Carvana Co. has a twelve month low of $124.39 and a twelve month high of $413.33. The company has a market capitalization of $76.46 billion, a price-to-earnings ratio of 89.49, a price-to-earnings-growth ratio of 1.17 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 50 day simple moving average of $336.91 and a 200-day simple moving average of $271.00.

Carvana (NYSE:CVNA - Get Free Report) last announced its quarterly earnings results on Wednesday, July 30th. The company reported $1.28 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 quarter in the previous year, the firm posted ($0.05) EPS. The firm's quarterly revenue was up 41.9% on a year-over-year basis. As a group, equities research analysts expect that Carvana Co. will post 2.85 earnings per share for the current 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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