Picton Mahoney Asset Management Buys 14,071 Shares of Carvana Co. $CVNA

Key Points

• Picton Mahoney Asset Management boosted its Carvana stake 581.4% in Q3, adding 14,071 shares to hold 16,491 shares valued at about $6.22 million.
• Heavy insider selling has occurred recently — insiders sold 300,673 shares worth roughly $133.3 million over the last three months (insiders now own 17.12%), including COO Benjamin Huston’s 10,000-share sale and Thomas Taira’s 1,047-share sale.
• Carvana reported a strong quarterly beat with EPS $4.22 vs $1.10 estimate and $5.60 billion in revenue, and analysts maintain a consensus "Moderate Buy" rating with a $440.59 target price.

Picton Mahoney Asset Management raised its stake in shares of Carvana Co. (NYSE:CVNA - Free Report) by 581.4% during the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 16,491 shares of the company's stock after purchasing an additional 14,071 shares during the quarter. Picton Mahoney Asset Management's holdings in Carvana were worth $6,220,000 as of its most recent filing with the SEC.

Other large investors have also made changes to their positions in the company. ORG Partners LLC grew its position in Carvana by 8,700.0% during the third quarter. ORG Partners LLC now owns 88 shares of the company's stock worth $33,000 after buying an additional 87 shares in the last quarter. Steigerwald Gordon & Koch Inc. bought a new stake in shares of Carvana in the 3rd quarter worth approximately $38,000. Washington Trust Advisors Inc. bought a new stake in shares of Carvana in the 3rd quarter worth approximately $38,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main acquired a new stake in shares of Carvana during the 2nd quarter worth approximately $38,000. Finally, Elevation Point Wealth Partners LLC bought a new stake in shares of Carvana during the second quarter valued at approximately $49,000. Institutional investors and hedge funds own 56.71% of the company's stock.

Insider Activity

In related news, insider Thomas Taira sold 1,047 shares of Carvana stock in a transaction dated Monday, February 9th. The stock was sold at an average price of $398.54, for a total value of $417,271.38. Following the completion of the transaction, the insider directly owned 66,625 shares of the company's stock, valued at $26,552,727.50. The trade was a 1.55% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO Benjamin E. Huston sold 10,000 shares of the stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $411.27, for a total transaction of $4,112,700.00. Following the sale, the chief operating officer directly owned 98,652 shares in the company, valued at approximately $40,572,608.04. This represents a 9.20% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 300,673 shares of company stock worth $133,268,531. 17.12% of the stock is currently owned by insiders.

Carvana Trading Down 1.0%

Shares of CVNA stock opened at $315.67 on Thursday. The company has a market capitalization of $69.08 billion, a P/E ratio of 39.26 and a beta of 3.60. Carvana Co. has a 12-month low of $148.25 and a 12-month high of $486.89. The company has a quick ratio of 2.73, a current ratio of 4.31 and a debt-to-equity ratio of 1.15. The firm has a 50-day moving average price of $404.04 and a 200 day moving average price of $380.66.

Carvana (NYSE:CVNA - Get Free Report) last posted its quarterly earnings data on Wednesday, February 18th. The company reported $4.22 earnings per share for the quarter, topping the consensus estimate of $1.10 by $3.12. Carvana had a net margin of 6.92% and a return on equity of 50.96%. The company had revenue of $5.60 billion during the quarter, compared to analyst estimates of $5.24 billion. During the same quarter last year, the business posted $0.56 earnings per share. The company's revenue was up 58.0% on a year-over-year basis. Research analysts forecast that Carvana Co. will post 2.85 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages recently commented on CVNA. Morgan Stanley reaffirmed an "overweight" rating on shares of Carvana in a research report on Thursday, January 8th. UBS Group set a $485.00 price objective on shares of Carvana in a report on Friday, February 20th. Evercore decreased their target price on shares of Carvana from $430.00 to $390.00 in a research report on Thursday, February 19th. BTIG Research dropped their price target on shares of Carvana from $535.00 to $455.00 and set a "buy" rating for the company in a research report on Thursday, February 19th. Finally, Deutsche Bank Aktiengesellschaft cut their price target on shares of Carvana from $600.00 to $519.00 and set a "buy" rating for the company in a research note on Thursday, February 19th. Twenty analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $440.59.

Carvana Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.