Palestra Capital Management LLC Has $52.37 Million Position in Carvana Co. $CVNA

Palestra Capital Management LLC lifted its holdings in shares of Carvana Co. (NYSE:CVNA - Free Report) by 99.9% during the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 795,635 shares of the company's stock after purchasing an additional 397,628 shares during the period. Carvana accounts for about 1.8% of Palestra Capital Management LLC's portfolio, making the stock its 18th largest position. Palestra Capital Management LLC owned 0.07% of Carvana worth $52,369,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CVNA. Gilder Gagnon Howe & Co. LLC increased its position in Carvana by 1.7% in the 2nd quarter. Gilder Gagnon Howe & Co. LLC now owns 1,846 shares of the company's stock valued at $622,000 after acquiring an additional 31 shares in the last quarter. Insigneo Advisory Services LLC grew its stake in shares of Carvana by 4.8% during the fourth quarter. Insigneo Advisory Services LLC now owns 696 shares of the company's stock valued at $294,000 after purchasing an additional 32 shares during the last quarter. Benjamin Edwards Inc. grew its stake in shares of Carvana by 6.2% during the fourth quarter. Benjamin Edwards Inc. now owns 586 shares of the company's stock valued at $247,000 after purchasing an additional 34 shares during the last quarter. SJS Investment Consulting Inc. increased its holdings in shares of Carvana by 29.8% in the first quarter. SJS Investment Consulting Inc. now owns 183 shares of the company's stock valued at $58,000 after purchasing an additional 42 shares in the last quarter. Finally, Moors & Cabot Inc. increased its holdings in shares of Carvana by 5.7% in the third quarter. Moors & Cabot Inc. now owns 813 shares of the company's stock valued at $307,000 after purchasing an additional 44 shares in the last quarter. 56.71% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have commented on CVNA. BNP Paribas Exane decreased their price objective on Carvana from $86.00 to $69.00 and set a "hold" rating on the stock in a research report on Thursday, July 30th. Argus cut their price target on Carvana from $500.00 to $100.00 in a research note on Monday, May 11th. Zacks Research cut Carvana from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 15th. Needham & Company LLC reiterated a "buy" rating and issued a $120.00 price objective on shares of Carvana in a research report on Thursday, July 30th. Finally, Citigroup dropped their price objective on Carvana from $93.00 to $90.00 and set a "buy" rating for the company in a report on Friday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and seven have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $84.14.

Carvana Stock Performance

Shares of CVNA opened at $73.70 on Thursday. The firm's 50 day moving average price is $67.80 and its two-hundred day moving average price is $68.40. The firm has a market cap of $81.10 billion, a P/E ratio of 40.76, a PEG ratio of 2.75 and a beta of 3.46. 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 twelve month low of $54.46 and a twelve month high of $97.38.

Carvana (NYSE:CVNA - Get Free Report) last announced its 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 business had revenue of $7.38 billion for 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%.Carvana's revenue for the quarter was up 52.4% compared to the same quarter last year. During the same quarter last year, the firm earned $1.51 EPS. On average, analysts forecast that Carvana Co. will post 1.68 EPS for the current fiscal year.

Insider Buying and Selling at Carvana

In other news, VP Stephen R. Palmer sold 5,000 shares of the company's stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $64.49, for a total value of $322,450.00. Following the sale, the vice president directly owned 136,909 shares of the company's stock, valued at approximately $8,829,261.41. This represents a 3.52% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Ira J. Platt sold 15,000 shares of Carvana stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $75.50, for a total value of $1,132,500.00. Following the transaction, the director owned 186,470 shares of the company's stock, valued at $14,078,485. The trade was a 7.45% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 420,897 shares of company stock valued at $28,777,664 in the last ninety days. Insiders own 15.19% of the company's stock.

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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