Next Century Growth Investors LLC Buys Shares of 8,977 Carvana Co. $CVNA

Key Points

• Next Century Growth Investors LLC purchased 8,977 shares of Carvana Co. valued at approximately $1.88 million in Q1, highlighting continued interest from institutional investors.
• Recently, several hedge funds, including Price T Rowe Associates and Vanguard Group, have notably increased their holdings in Carvana, indicating strong institutional support for the stock.
• Carvana reported a 41.9% increase in quarterly revenue year-over-year, with earnings per share surpassing estimates, pointing to a potentially strong financial turnaround.

Next Century Growth Investors LLC purchased a new position in Carvana Co. (NYSE:CVNA - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 8,977 shares of the company's stock, valued at approximately $1,877,000.

A number of other hedge funds have also modified their holdings of the company. Price T Rowe Associates Inc. MD lifted its holdings in shares of Carvana by 13.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 14,950,011 shares of the company's stock worth $3,125,749,000 after buying an additional 1,823,218 shares in the last quarter. Vanguard Group Inc. increased its position in Carvana by 9.7% in the first quarter. Vanguard Group Inc. now owns 12,534,843 shares of the company's stock worth $2,620,785,000 after purchasing an additional 1,109,476 shares during the last quarter. Durable Capital Partners LP increased its position in Carvana by 6.3% in the fourth quarter. Durable Capital Partners LP now owns 2,168,232 shares of the company's stock worth $440,932,000 after purchasing an additional 129,246 shares during the last quarter. Whale Rock Capital Management LLC boosted its stake in Carvana by 29.8% during the fourth quarter. Whale Rock Capital Management LLC now owns 1,214,679 shares of the company's stock worth $247,017,000 after buying an additional 278,760 shares during the period. Finally, BNP Paribas Financial Markets boosted its stake in Carvana by 89.8% during the fourth quarter. BNP Paribas Financial Markets now owns 1,018,321 shares of the company's stock worth $207,086,000 after buying an additional 481,912 shares during the period. 56.71% of the stock is currently owned by institutional investors.

Carvana Stock Performance

Shares of CVNA stock opened at $369.00 on Thursday. 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 firm has a fifty day moving average price of $344.32 and a 200 day moving average price of $281.06. The company has a market cap of $79.41 billion, a P/E ratio of 92.48, a PEG ratio of 1.23 and a beta of 3.57. Carvana Co. has a 12 month low of $124.39 and a 12 month high of $413.33.

Carvana (NYSE:CVNA - Get Free Report) last issued 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 business had revenue of $4.84 billion for the quarter, compared to the consensus estimate of $4.54 billion. Carvana had a net margin of 3.46% and a return on equity of 40.57%. The business's quarterly revenue was up 41.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.05) earnings per share. Sell-side analysts predict that Carvana Co. will post 2.85 earnings per share for the current fiscal year.

Insider Activity

In other Carvana news, CEO Ernest C. Garcia III sold 10,000 shares of the firm's stock in a transaction dated Monday, August 25th. The shares were sold at an average price of $361.45, for a total transaction of $3,614,500.00. Following the completion of the transaction, the chief executive officer directly owned 506,440 shares in the company, valued at approximately $183,052,738. This trade represents a 1.94% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, major shareholder Ernest C. Garcia II sold 95,087 shares of the firm's stock in a transaction dated Wednesday, August 13th. The shares were sold at an average price of $349.09, for a total transaction of $33,193,920.83. Following the transaction, the insider owned 34,442,317 shares of the company's stock, valued at $12,023,468,441.53. This trade represents a 0.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 3,003,640 shares of company stock valued at $1,047,877,822 in the last quarter. Company insiders own 17.12% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. Royal Bank Of Canada lifted their price objective on shares of Carvana from $400.00 to $460.00 and gave the stock an "outperform" rating in a research note on Thursday, July 31st. DA Davidson lifted their target price on Carvana from $260.00 to $380.00 and gave the stock a "neutral" rating in a research report on Thursday, July 31st. Stephens lifted their price objective on Carvana from $300.00 to $375.00 and gave the company an "overweight" rating in a report on Monday, July 7th. Wells Fargo & Company lifted their price objective on Carvana from $390.00 to $425.00 and gave the company an "overweight" rating in a report on Thursday, July 31st. Finally, Citigroup reissued an "outperform" rating on shares of Carvana in a research report on Thursday, July 31st. Twelve equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $383.47.

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.

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