PCJ Investment Counsel Ltd. Has $3.66 Million Stake in Carvana Co. (NYSE:CVNA)

Key Points

• PCJ Investment Counsel Ltd. reduced its stake in Carvana Co. by 46.5%, selling 15,170 shares and leaving it with 17,480 shares, which account for 1.4% of its holdings.
• Major shareholder Ernest C. Garcia II sold a significant portion of his shares, totaling over $36 million in transactions, resulting in a 93.38% reduction in his position.
• Analysts have boosted their price targets for Carvana shares, with Wells Fargo raising its target from $390 to $425, while the stock maintains a consensus rating of "Moderate Buy."

PCJ Investment Counsel Ltd. reduced its stake in Carvana Co. (NYSE:CVNA - Free Report) by 46.5% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 17,480 shares of the company's stock after selling 15,170 shares during the quarter. Carvana comprises 1.4% of PCJ Investment Counsel Ltd.'s holdings, making the stock its 23rd largest position. PCJ Investment Counsel Ltd.'s holdings in Carvana were worth $3,655,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently bought and sold shares of the company. Yousif Capital Management LLC increased its holdings in shares of Carvana by 4.1% during the first quarter. Yousif Capital Management LLC now owns 1,266 shares of the company's stock worth $265,000 after purchasing an additional 50 shares during the period. Commerce Bank increased its holdings in shares of Carvana by 1.6% during the first quarter. Commerce Bank now owns 4,446 shares of the company's stock worth $930,000 after purchasing an additional 69 shares during the period. PNC Financial Services Group Inc. increased its holdings in shares of Carvana by 3.3% during the first quarter. PNC Financial Services Group Inc. now owns 2,227 shares of the company's stock worth $466,000 after purchasing an additional 72 shares during the period. Versant Capital Management Inc increased its holdings in shares of Carvana by 39.4% during the first quarter. Versant Capital Management Inc now owns 290 shares of the company's stock worth $61,000 after purchasing an additional 82 shares during the period. Finally, IFP Advisors Inc increased its stake in Carvana by 16.0% in the first quarter. IFP Advisors Inc now owns 638 shares of the company's stock valued at $133,000 after acquiring an additional 88 shares during the last quarter. 56.71% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages recently issued reports on CVNA. Bank of America lifted their price objective on shares of Carvana from $375.00 to $425.00 and gave the company a "buy" rating in a research note on Thursday, July 31st. Stephens lifted their price objective on shares of Carvana from $300.00 to $375.00 and gave the company an "overweight" rating in a research note on Monday, July 7th. JMP Securities lifted their price objective on shares of Carvana from $440.00 to $460.00 and gave the company a "market outperform" rating in a research note on Thursday, July 31st. Piper Sandler lifted their price objective on shares of Carvana from $340.00 to $440.00 and gave the company an "overweight" rating in a research note on Thursday, July 31st. Finally, William Blair reissued an "outperform" rating on shares of Carvana in a research note on Wednesday, July 23rd. Six analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $379.65.

Carvana Trading Down 2.6%

Shares of NYSE:CVNA traded down $9.32 during mid-day trading on Friday, reaching $348.43. 2,819,174 shares of the company's stock were exchanged, compared to its average volume of 3,227,839. The firm has a market capitalization of $74.98 billion, a price-to-earnings ratio of 87.33, a PEG ratio of 1.15 and a beta of 3.57. The business's fifty day moving average price is $337.34 and its 200-day moving average price is $272.07. The company has a debt-to-equity ratio of 2.51, a quick ratio of 2.58 and a current ratio of 4.00. Carvana Co. has a twelve month low of $124.39 and a twelve month high of $413.33.

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

Insiders Place Their Bets

In related news, major shareholder Ernest C. Garcia II sold 100,000 shares of the business's stock in a transaction on Friday, June 6th. The shares were sold at an average price of $346.99, for a total value of $34,699,000.00. Following the transaction, the insider owned 37,092,317 shares in the company, valued at $12,870,663,075.83. The trade was a 0.27% decrease in their ownership of the stock. The transaction was disclosed in a 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 on Thursday, July 31st. The shares were sold at an average price of $394.16, for a total transaction of $36,805,084.16. Following the completion of the transaction, the insider owned 6,624 shares in the company, valued at approximately $2,610,915.84. The trade was a 93.38% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 2,913,047 shares of company stock worth $1,004,044,920. 17.12% of the stock is owned by company 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.