NewEdge Advisors LLC Raises Stake in Carvana Co. $CVNA

Key Points

• NewEdge Advisors increased its Carvana stake by 317.2% in the second quarter, ending with 93,271 shares valued at approximately $6.14 million. Institutional investors collectively own 56.71% of Carvana.
• Carvana reported quarterly EPS of $0.42, beating estimates of $0.39, while revenue rose 52.4% year over year to $7.38 billion, above the $6.90 billion consensus.
• Analyst sentiment remains favorable, with a “Moderate Buy” consensus and an average price target of $84.14, although some analysts recently downgraded the stock or reduced their targets. Insiders sold about $26.5 million of shares over the past 90 days.

NewEdge Advisors LLC increased its position in Carvana Co. (NYSE:CVNA - Free Report) by 317.2% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 93,271 shares of the company's stock after buying an additional 70,915 shares during the period. NewEdge Advisors LLC's holdings in Carvana were worth $6,139,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the company. California State Teachers Retirement System grew its stake in Carvana by 31,281.7% in the 2nd quarter. California State Teachers Retirement System now owns 63,866,397 shares of the company's stock worth $4,203,686,000 after acquiring an additional 63,662,882 shares during the period. Price T Rowe Associates Inc. MD boosted its holdings in shares of Carvana by 8.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 17,726,838 shares of the company's stock worth $7,481,081,000 after purchasing an additional 1,407,762 shares during the last quarter. State Street Corp boosted its holdings in shares of Carvana by 93.7% during the fourth quarter. State Street Corp now owns 5,714,779 shares of the company's stock worth $2,411,751,000 after purchasing an additional 2,764,759 shares during the last quarter. Capital Research Global Investors grew its position in shares of Carvana by 42.9% in the fourth quarter. Capital Research Global Investors now owns 5,700,953 shares of the company's stock valued at $2,405,959,000 after purchasing an additional 1,711,144 shares during the period. Finally, Geode Capital Management LLC grew its position in shares of Carvana by 55.4% in the fourth quarter. Geode Capital Management LLC now owns 3,880,711 shares of the company's stock valued at $1,632,763,000 after purchasing an additional 1,382,852 shares during the period. Hedge funds and other institutional investors own 56.71% of the company's stock.

Insiders Place Their Bets

In other news, Director J Quayle sold 14,525 shares of the business's stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $75.00, for a total transaction of $1,089,375.00. Following the completion of the sale, the director owned 214,960 shares in the company, valued at approximately $16,122,000. The trade was a 6.33% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Mark Jenkins sold 63,750 shares of the stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $64.50, for a total transaction of $4,111,875.00. Following the sale, the chief financial officer directly owned 1,156,534 shares of the company's stock, valued at approximately $74,596,443. This trade represents a 5.22% 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. Over the last ninety days, insiders sold 385,775 shares of company stock worth $26,504,588. 15.19% of the stock is owned by insiders.

Carvana Trading Up 0.1%

Shares of CVNA opened at $69.22 on Monday. The company has a current ratio of 3.93, a quick ratio of 2.33 and a debt-to-equity ratio of 0.94. The firm has a market capitalization of $76.17 billion, a P/E ratio of 38.28, a price-to-earnings-growth ratio of 1.99 and a beta of 3.49. The stock's fifty day simple moving average is $69.44 and its 200 day simple moving average is $68.43. Carvana Co. has a twelve month low of $54.46 and a twelve month high of $97.38.

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

Wall Street Analyst Weigh In

Several equities analysts recently commented on CVNA shares. Zacks Research lowered Carvana from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, July 15th. BNP Paribas Exane decreased their price target on Carvana from $86.00 to $69.00 and set a "hold" rating on the stock in a research note on Thursday, July 30th. Citigroup restated a "market outperform" rating on shares of Carvana in a report on Monday, August 31st. Weiss Ratings raised shares of Carvana from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Wednesday, August 5th. Finally, UBS Group reissued a "buy" rating and issued a $83.00 target price on shares of Carvana in a research report on Friday, July 31st. One analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and seven have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $84.14.

About Carvana

Carvana Co NYSE: CVNA is an online used-car retailer that enables consumers to research, purchase, finance and sell vehicles through its website and mobile platform. The company offers a selection of used cars, trucks and SUVs, with vehicle listings that generally include photographs, pricing and vehicle-history information.

Customers can complete much of the vehicle-buying process online, including applying for financing, arranging trade-ins and scheduling vehicle pickup or delivery.

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