Perigon Wealth Management LLC Acquires New Shares in Carvana Co. $CVNA

Key Points

• Perigon Wealth Management LLC has acquired a new stake in Carvana Co., purchasing 648 shares valued at approximately $218,000.
• Wall Street analysts have outlined a largely optimistic outlook for Carvana, with target prices ranging from $475.00 to $500.00 and a consensus average rating of "Moderate Buy".
• Carvana's second-quarter earnings exceeded expectations, reporting $1.28 EPS and revenue of $4.84 billion, representing a year-over-year revenue growth of 41.9%.

Perigon Wealth Management LLC acquired a new stake in Carvana Co. (NYSE:CVNA - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 648 shares of the company's stock, valued at approximately $218,000.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Brooklyn Investment Group raised its holdings in shares of Carvana by 961.5% in the first quarter. Brooklyn Investment Group now owns 138 shares of the company's stock valued at $29,000 after acquiring an additional 125 shares in the last quarter. N.E.W. Advisory Services LLC bought a new position in Carvana in the first quarter worth about $33,000. SJS Investment Consulting Inc. raised its holdings in Carvana by 960.0% in the second quarter. SJS Investment Consulting Inc. now owns 106 shares of the company's stock worth $36,000 after purchasing an additional 96 shares in the last quarter. Geneos Wealth Management Inc. raised its holdings in Carvana by 251.4% in the first quarter. Geneos Wealth Management Inc. now owns 253 shares of the company's stock worth $53,000 after purchasing an additional 181 shares in the last quarter. Finally, Versant Capital Management Inc raised its holdings in Carvana by 39.4% in 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 in the last quarter. 56.71% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on CVNA. Jefferies Financial Group set a $475.00 target price on shares of Carvana in a report on Wednesday. William Blair reiterated an "outperform" rating on shares of Carvana in a report on Wednesday, July 23rd. Royal Bank Of Canada boosted their target price on shares of Carvana from $400.00 to $460.00 and gave the stock an "outperform" rating in a report on Thursday, July 31st. Piper Sandler boosted their target price on shares of Carvana from $340.00 to $440.00 and gave the stock an "overweight" rating in a report on Thursday, July 31st. Finally, Needham & Company LLC boosted their price target on Carvana from $340.00 to $500.00 and gave the stock a "buy" rating in a research note on Thursday, July 31st. Thirteen research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $404.94.

Insider Buying and Selling

In related news, CEO Ernest C. Garcia III sold 594 shares of the company's stock in a transaction that occurred on Tuesday, September 30th. The stock was sold at an average price of $389.66, for a total value of $231,458.04. Following the sale, the chief executive officer owned 381,440 shares in the company, valued at $148,631,910.40. This represents a 0.16% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders sold a total of 2,258,316 shares of company stock valued at $808,685,793 in the last 90 days. 17.12% of the stock is owned by corporate insiders.

Carvana Price Performance

Shares of NYSE CVNA opened at $395.41 on Thursday. The business's 50 day moving average price is $362.38 and its 200 day moving average price is $306.14. The firm has a market cap of $85.09 billion, a P/E ratio of 99.10, a P/E/G ratio of 1.23 and a beta of 3.55. Carvana Co. has a 52 week low of $148.25 and a 52 week high of $413.33. The company has a quick ratio of 2.58, a current ratio of 4.00 and a debt-to-equity ratio of 2.51.

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

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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