NEOS Investment Management LLC Increases Stake in Carvana Co. $CVNA

Key Points

• NEOS Investment Management increased its Carvana stake by 472.7% in the second quarter, purchasing 95,323 additional shares for a total holding of 115,490 shares valued at approximately $7.6 million. Institutional investors collectively own 56.71% of the company.
• Carvana insiders sold 420,897 shares worth approximately $28.9 million over the past 90 days, including sizable sales by directors J. Quayle and Ira J. Platt. Company insiders retain a 15.19% ownership stake.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an $84.14 price target. Carvana also exceeded quarterly expectations, reporting $0.42 in EPS and $7.38 billion in revenue, up 52.4% year over year.

NEOS Investment Management LLC increased its stake in Carvana Co. (NYSE:CVNA - Free Report) by 472.7% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 115,490 shares of the company's stock after purchasing an additional 95,323 shares during the period. NEOS Investment Management LLC's holdings in Carvana were worth $7,602,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently bought and sold shares of the company. Ascentis Independent Advisors acquired a new stake in shares of Carvana during the first quarter worth $26,000. Farmers & Merchants Investments Inc. acquired a new position in shares of Carvana in the 4th quarter valued at $29,000. Annis Gardner Whiting Capital Advisors LLC increased its position in shares of Carvana by 152.6% in the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 96 shares of the company's stock valued at $30,000 after acquiring an additional 58 shares during the period. Transamerica Financial Advisors LLC raised its stake in Carvana by 558.0% in the 2nd quarter. Transamerica Financial Advisors LLC now owns 454 shares of the company's stock worth $30,000 after acquiring an additional 385 shares during the last quarter. Finally, Motiv8 Investments LLC purchased a new position in Carvana in the 4th quarter worth $33,000. Hedge funds and other institutional investors own 56.71% of the company's stock.

Insider Activity

In other Carvana news, Director J Quayle sold 14,525 shares of the company's stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of $75.00, for a total value of $1,089,375.00. Following the sale, the director owned 214,960 shares in the company, valued at approximately $16,122,000. This represents a 6.33% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Ira J. Platt sold 15,000 shares of the firm's stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of $75.50, for a total transaction of $1,132,500.00. Following the sale, the director directly owned 186,470 shares in the company, valued at $14,078,485. The trade was a 7.45% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 420,897 shares of company stock valued at $28,914,626 over the last 90 days. Company insiders own 15.19% of the company's stock.

Analyst Ratings Changes

Several analysts have weighed in on the company. Robert W. Baird set a $72.00 price target on Carvana in a research note on Thursday, July 30th. Argus reduced their price objective on Carvana from $500.00 to $100.00 in a research note on Monday, May 11th. Needham & Company LLC reaffirmed a "buy" rating and set a $120.00 target price on shares of Carvana in a report on Thursday, July 30th. Wells Fargo & Company set a $80.00 price target on shares of Carvana and gave the stock an "overweight" rating in a report on Thursday, July 30th. Finally, DA Davidson set a $67.00 price target on shares of Carvana in a report on Thursday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $84.14.

Carvana Price Performance

Shares of CVNA opened at $74.65 on Friday. The business's 50-day moving average is $68.89 and its two-hundred day moving average is $68.31. The company has a market capitalization of $82.15 billion, a P/E ratio of 41.29, a P/E/G ratio of 2.18 and a beta of 3.49. The company has a debt-to-equity ratio of 0.94, a quick ratio of 2.33 and a current ratio of 3.93. Carvana Co. has a fifty-two week low of $54.46 and a fifty-two week high of $97.38.

Carvana (NYSE:CVNA - Get Free Report) last released its quarterly earnings data on Wednesday, July 29th. The company reported $0.42 earnings per share for the quarter, beating analysts' consensus estimates of $0.39 by $0.03. The business had revenue of $7.38 billion during the quarter, compared to analyst estimates of $6.90 billion. Carvana had a return on equity of 37.06% and a net margin of 6.26%.The company's revenue was up 52.4% on a year-over-year basis. During the same quarter last year, the business posted $1.51 EPS. 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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