NewEdge Advisors LLC Grows Position in Carvana Co. $CVNA

Key Points

• NewEdge Advisors LLC increased its holding in Carvana Co. by 72.4% during Q1, owning 9,068 shares valued at approximately $1.9 million.
• Major shareholder Ernest C. Garcia II recently sold 100,000 shares for over $35 million, reducing his ownership stake in the company.
• Carvana's earnings surpassed expectations with an EPS of $1.28, beating the consensus estimate of $1.09, while quarterly revenue increased 41.9% year-over-year.

NewEdge Advisors LLC increased its position in Carvana Co. (NYSE:CVNA - Free Report) by 72.4% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 9,068 shares of the company's stock after purchasing an additional 3,807 shares during the quarter. NewEdge Advisors LLC's holdings in Carvana were worth $1,896,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in CVNA. J.Safra Asset Management Corp increased its position in Carvana by 140.8% during the 1st quarter. J.Safra Asset Management Corp now owns 3,390 shares of the company's stock valued at $709,000 after buying an additional 1,982 shares in the last quarter. Worldquant Millennium Advisors LLC bought a new position in Carvana during the 4th quarter valued at approximately $51,091,000. Farther Finance Advisors LLC increased its position in Carvana by 333.1% during the 1st quarter. Farther Finance Advisors LLC now owns 3,482 shares of the company's stock valued at $740,000 after buying an additional 2,678 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in Carvana during the 4th quarter valued at approximately $36,527,000. Finally, Brucke Financial Inc. bought a new position in Carvana during the 4th quarter valued at approximately $415,000. Hedge funds and other institutional investors own 56.71% of the company's stock.

Insider Activity

In other news, major shareholder Ernest C. Garcia II sold 100,000 shares of the business's stock in a transaction dated Tuesday, July 8th. The stock was sold at an average price of $353.76, for a total value of $35,376,000.00. Following the transaction, the insider directly owned 36,437,346 shares in the company, valued at $12,890,075,520.96. The trade was a 0.27% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Ernest C. Garcia II sold 93,376 shares of the business's stock in a transaction dated Thursday, July 31st. The shares were sold at an average price of $394.16, for a total value of $36,805,084.16. Following the completion of the transaction, the insider owned 6,624 shares in the company, valued at $2,610,915.84. The trade was a 93.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,423,157 shares of company stock worth $856,602,667 over the last 90 days. Company insiders own 17.12% of the company's stock.

Analyst Ratings Changes

A number of research analysts recently weighed in on CVNA shares. Stephens raised their price objective on Carvana from $300.00 to $375.00 and gave the company an "overweight" rating in a research report on Monday, July 7th. Wells Fargo & Company raised their price objective on Carvana from $390.00 to $425.00 and gave the company an "overweight" rating in a research report on Thursday, July 31st. Morgan Stanley raised their price objective on Carvana from $280.00 to $290.00 and gave the company an "overweight" rating in a research report on Thursday, May 15th. JMP Securities lifted their target price on Carvana from $440.00 to $460.00 and gave the stock a "market outperform" rating in a report on Thursday, July 31st. Finally, JPMorgan Chase & Co. lifted their price objective on Carvana from $350.00 to $415.00 and gave the stock an "overweight" rating in a report on Thursday, July 31st. Twelve 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, Carvana has a consensus rating of "Moderate Buy" and a consensus target price of $383.47.

Carvana Price Performance

NYSE CVNA opened at $354.89 on Friday. The company has a market capitalization of $76.37 billion, a PE ratio of 88.95, a price-to-earnings-growth ratio of 1.21 and a beta of 3.51. The company has a debt-to-equity ratio of 2.51, a quick ratio of 2.58 and a current ratio of 4.00. The business's fifty day moving average is $353.80 and its 200 day moving average is $289.02. Carvana Co. has a fifty-two week low of $133.57 and a fifty-two week high of $413.33.

Carvana (NYSE:CVNA - Get Free Report) last released its earnings results on Wednesday, July 30th. The company reported $1.28 earnings per share for the quarter, beating the consensus estimate of $1.09 by $0.19. The company had revenue of $4.84 billion for the quarter, compared to the consensus estimate of $4.54 billion. Carvana had a return on equity of 40.57% and a net margin of 3.46%.Carvana's quarterly revenue was up 41.9% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.05) earnings per share. Sell-side analysts predict that Carvana Co. will post 2.85 earnings per share for the current year.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.