Point72 Italy S.r.l. Boosts Stake in Carvana Co. $CVNA

Key Points

• Point72 Italy S.r.l. increased its stake in Carvana Co. by 232.4% during Q1, now holding 12,300 shares valued at approximately $2.57 million, representing about 2.5% of its portfolio.
• Multiple analysts have raised their price targets for Carvana's stock, with Needham & Company setting the highest target at $500, reflecting positive sentiment towards the company's growth prospects.
• Insider Ernest C. Garcia II sold 100,000 shares for approximately $34.7 million, though he still retains a majority stake, indicating significant company ownership despite minor reductions.

Point72 Italy S.r.l. raised its position in Carvana Co. (NYSE:CVNA - Free Report) by 232.4% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 12,300 shares of the company's stock after buying an additional 8,600 shares during the period. Carvana makes up about 2.5% of Point72 Italy S.r.l.'s holdings, making the stock its 15th biggest holding. Point72 Italy S.r.l.'s holdings in Carvana were worth $2,572,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Brooklyn Investment Group lifted its position in shares of Carvana by 961.5% during the first quarter. Brooklyn Investment Group now owns 138 shares of the company's stock worth $29,000 after purchasing an additional 125 shares during the last quarter. N.E.W. Advisory Services LLC bought a new position in shares of Carvana during the first quarter worth about $33,000. Versant Capital Management Inc lifted its position 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 last quarter. Strategic Investment Solutions Inc. IL bought a new position in shares of Carvana during the first quarter worth about $90,000. Finally, Gordian Capital Singapore Pte Ltd bought a new position in shares of Carvana during the fourth quarter worth about $98,000. Institutional investors own 56.71% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on CVNA shares. Robert W. Baird increased their price target on shares of Carvana from $200.00 to $275.00 and gave the stock a "neutral" rating in a research report on Thursday, May 8th. Royal Bank Of Canada increased their price target on shares of Carvana from $400.00 to $460.00 and gave the stock an "outperform" rating in a research report on Thursday, July 31st. Wells Fargo & Company increased their price objective on shares of Carvana from $390.00 to $425.00 and gave the stock an "overweight" rating in a research note on Thursday, July 31st. Needham & Company LLC increased their price objective on shares of Carvana from $340.00 to $500.00 and gave the stock a "buy" rating in a research note on Thursday, July 31st. Finally, JPMorgan Chase & Co. increased their price objective on shares of Carvana from $350.00 to $415.00 and gave the stock an "overweight" rating in a research note on Thursday, July 31st. Twelve equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. According to MarketBeat.com, Carvana presently has a consensus rating of "Moderate Buy" and an average target price of $383.47.

Insider Activity at Carvana

In related news, major shareholder Ernest C. Garcia II sold 100,000 shares of the firm's stock in a transaction that occurred on Friday, June 6th. The shares were sold at an average price of $346.99, for a total transaction of $34,699,000.00. Following the completion of the sale, the insider directly owned 37,092,317 shares in the company, valued at approximately $12,870,663,075.83. This trade represents a 0.27% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders have sold a total of 2,865,507 shares of company stock worth $1,003,408,791 in the last quarter. 17.12% of the stock is owned by company insiders.

Carvana Price Performance

NYSE CVNA opened at $371.96 on Friday. Carvana Co. has a 12 month low of $124.39 and a 12 month high of $413.33. The company has a debt-to-equity ratio of 2.51, a current ratio of 4.00 and a quick ratio of 2.58. The firm has a market capitalization of $80.05 billion, a PE ratio of 93.22, a P/E/G ratio of 1.23 and a beta of 3.57. The company's 50 day simple moving average is $346.72 and its 200 day simple moving average is $282.62.

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

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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