Moore Capital Management LP Purchases 84,939 Shares of Carvana Co. $CVNA

Key Points

• Moore Capital Management increased its Carvana stake by 6,806% in the second quarter, acquiring 84,939 additional shares for a total holding of 86,187 shares valued at approximately $5.7 million. Institutional investors and hedge funds collectively own 56.71% of the stock.
• Carvana insiders sold 302,147 shares worth approximately $20.4 million over the past 90 days, while corporate insiders retain a 15.19% ownership stake.
• Analysts maintain a generally positive outlook, with Carvana carrying a “Moderate Buy” consensus rating and an average price target of $84.14. The company recently beat quarterly earnings estimates and reported 52.4% year-over-year revenue growth to $7.38 billion.

Moore Capital Management LP increased its position in shares of Carvana Co. (NYSE:CVNA - Free Report) by 6,806.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 86,187 shares of the company's stock after acquiring an additional 84,939 shares during the period. Moore Capital Management LP's holdings in Carvana were worth $5,673,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the company. State Street Corp boosted its holdings in shares of Carvana by 93.7% in the 4th quarter. State Street Corp now owns 5,714,779 shares of the company's stock valued at $2,411,751,000 after purchasing an additional 2,764,759 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Carvana by 345.8% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,325,237 shares of the company's stock worth $218,867,000 after buying an additional 2,579,295 shares in the last quarter. Capital Research Global Investors raised its holdings in shares of Carvana by 42.9% during the 4th quarter. Capital Research Global Investors now owns 5,700,953 shares of the company's stock worth $2,405,959,000 after buying an additional 1,711,144 shares in the last quarter. Bank of America Corp DE lifted its position in shares of Carvana by 372.0% during the 2nd quarter. Bank of America Corp DE now owns 1,791,844 shares of the company's stock worth $117,939,000 after buying an additional 1,412,188 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its stake in Carvana by 8.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 17,726,838 shares of the company's stock valued at $7,481,081,000 after buying an additional 1,407,762 shares in the last quarter. 56.71% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Carvana news, Director Ira J. Platt sold 15,000 shares of the company's stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $75.50, for a total value of $1,132,500.00. Following the sale, the director owned 186,470 shares in the company, valued at approximately $14,078,485. The trade was a 7.45% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Stephen R. Palmer sold 5,000 shares of the company's stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $64.49, for a total value of $322,450.00. Following the completion of the sale, the vice president owned 136,909 shares in the company, valued at $8,829,261.41. This trade represents a 3.52% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 302,147 shares of company stock valued at $20,418,064 over the last ninety days. 15.19% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

CVNA has been the subject of several research analyst reports. Deutsche Bank Aktiengesellschaft reissued a "buy" rating and set a $80.00 target price on shares of Carvana in a research note on Friday, July 31st. Citizens Jmp lowered their price objective on shares of Carvana from $103.00 to $83.00 and set a "market outperform" rating for the company in a research report on Thursday, July 30th. Evercore set a $75.00 price objective on shares of Carvana in a research note on Thursday, July 30th. Citigroup cut their target price on shares of Carvana from $93.00 to $90.00 and set a "buy" rating on the stock in a research report on Friday, July 31st. Finally, Wells Fargo & Company set a $80.00 target price on shares of Carvana and gave the stock an "overweight" rating in a research note on Thursday, July 30th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and seven have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $84.14.

Carvana Stock Performance

Carvana stock opened at $74.24 on Monday. The business has a 50 day moving average of $68.10 and a 200-day moving average of $68.34. The company has a market capitalization of $81.70 billion, a P/E ratio of 41.06, a P/E/G ratio of 2.69 and a beta of 3.46. Carvana Co. has a 1 year low of $54.46 and a 1 year high of $97.38. The company has a debt-to-equity ratio of 0.94, a current ratio of 3.93 and a quick ratio of 2.33.

Carvana (NYSE:CVNA - Get Free Report) last posted its earnings results on Wednesday, July 29th. The company reported $0.42 EPS for the quarter, topping the consensus estimate of $0.39 by $0.03. Carvana had a net margin of 6.26% and a return on equity of 37.06%. The business had revenue of $7.38 billion for the quarter, compared to the consensus estimate of $6.90 billion. During the same period last year, the company earned $1.51 EPS. The firm's revenue was up 52.4% compared to the same quarter last year. On average, equities research analysts predict that Carvana Co. will post 1.68 earnings per share for the current year.

Carvana Profile

Carvana Co is an online-only retailer of used vehicles that operates a consumer-facing e-commerce platform for buying and selling cars. The company markets and sells inspected, reconditioned pre-owned vehicles through its website, where shoppers can browse inventory, view detailed 360-degree photos and vehicle history reports, finance purchases, and arrange delivery or pickup. Carvana's model is built around a digital end-to-end car buying experience that aims to simplify vehicle transactions compared with traditional dealerships.

Its products and services include direct retail sales of used cars, trade-in and purchase offers for consumer vehicles, vehicle financing and related protection products, and a seven-day return policy that allows customers to test a vehicle in everyday use.

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