Norden Group LLC Takes $239,000 Position in Carvana Co. $CVNA

Key Points

• Norden Group LLC has acquired a new position in Carvana Co., purchasing 708 shares worth approximately $239,000 in the 2nd quarter.
• Carvana's stock price targets have been raised by multiple analysts, with JPMorgan increasing its target from $415 to $425 and Needham raising it from $340 to $500.
• Recent insider trading activity includes major shareholder Ernest C. Garcia II selling over 93,000 shares valued at approximately $36.8 million, significantly reducing his ownership stake.

Norden Group LLC purchased a new position in shares of Carvana Co. (NYSE:CVNA - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 708 shares of the company's stock, valued at approximately $239,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Price T Rowe Associates Inc. MD boosted its position in Carvana by 13.9% during 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 purchasing an additional 1,823,218 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Carvana by 9.7% during the 1st quarter. Vanguard Group Inc. now owns 12,534,843 shares of the company's stock worth $2,620,785,000 after buying an additional 1,109,476 shares during the last quarter. Alyeska Investment Group L.P. purchased a new stake in shares of Carvana in the 1st quarter worth about $71,856,000. Contour Asset Management LLC grew its stake in Carvana by 71.4% in the 1st quarter. Contour Asset Management LLC now owns 643,114 shares of the company's stock valued at $134,462,000 after acquiring an additional 267,994 shares during the last quarter. Finally, GAMMA Investing LLC increased its holdings in Carvana by 27,368.4% during the 1st quarter. GAMMA Investing LLC now owns 215,352 shares of the company's stock valued at $45,026,000 after acquiring an additional 214,568 shares in the last quarter. Institutional investors and hedge funds own 56.71% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. JPMorgan Chase & Co. increased their price target on shares of Carvana from $415.00 to $425.00 and gave the company an "overweight" rating in a research report on Wednesday, September 17th. DA Davidson increased their target price on Carvana from $260.00 to $380.00 and gave the company a "neutral" rating in a report on Thursday, July 31st. Wall Street Zen raised Carvana from a "hold" rating to a "buy" rating in a report on Saturday, September 20th. Evercore ISI lifted their price objective on Carvana from $365.00 to $370.00 and gave the stock an "in-line" rating in a research report on Tuesday, August 12th. Finally, Needham & Company LLC boosted their target price on shares of Carvana from $340.00 to $500.00 and gave the company a "buy" rating in a research note on Thursday, July 31st. Twelve research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, Carvana has a consensus rating of "Moderate Buy" and an average price target of $387.88.

Carvana Price Performance

Shares of Carvana stock opened at $369.45 on Friday. The business's fifty day moving average price is $359.61 and its 200 day moving average price is $302.58. Carvana Co. has a twelve month low of $148.25 and a twelve month high of $413.33. 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 stock has a market capitalization of $79.51 billion, a P/E ratio of 92.59, a PEG ratio of 1.21 and a beta of 3.51.

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

Insider Buying and Selling

In other news, major shareholder Ernest C. Garcia II sold 93,376 shares of the stock in a transaction on 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 sale, the insider owned 6,624 shares of the company's stock, valued at $2,610,915.84. This represents a 93.38% decrease in their ownership of the stock. The transaction 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 100,000 shares of Carvana stock in a transaction on Tuesday, July 8th. The shares were sold at an average price of $353.76, for a total transaction of $35,376,000.00. Following the transaction, the insider owned 36,437,346 shares in the company, valued at $12,890,075,520.96. The trade was a 0.27% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 2,381,066 shares of company stock worth $848,256,074. 17.12% of the stock is currently owned by corporate insiders.

About Carvana

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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