QRG Capital Management Inc. Boosts Stock Position in Carvana Co. $CVNA

Key Points

• QRG Capital Management increased its Carvana position by 490.1% in the second quarter, ending with 68,545 shares valued at approximately $4.5 million. Institutional investors collectively own 56.71% of Carvana.
• Carvana reported quarterly revenue of $7.38 billion, up 52.4% year over year, and EPS of $0.42, beating analysts’ $0.39 estimate. Analysts expect $1.68 in EPS for the current fiscal year.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $84.14, while insiders have sold 402,564 shares worth approximately $27.7 million over the past 90 days.

QRG Capital Management Inc. raised its holdings in Carvana Co. (NYSE:CVNA - Free Report) by 490.1% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 68,545 shares of the company's stock after acquiring an additional 56,930 shares during the period. QRG Capital Management Inc.'s holdings in Carvana were worth $4,512,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently modified their holdings of the business. Capital Research Global Investors increased its position in shares of Carvana by 42.9% during the fourth quarter. Capital Research Global Investors now owns 5,700,953 shares of the company's stock worth $2,405,959,000 after acquiring an additional 1,711,144 shares in the last quarter. State Street Corp boosted its stake in Carvana by 417.1% in the 2nd quarter. State Street Corp now owns 29,435,364 shares of the company's stock worth $1,937,436,000 after purchasing an additional 23,742,422 shares during the period. Geode Capital Management LLC boosted its stake in Carvana by 55.4% in the 4th quarter. Geode Capital Management LLC now owns 3,880,711 shares of the company's stock worth $1,632,763,000 after purchasing an additional 1,382,852 shares during the period. Sands Capital Management LLC increased its holdings in Carvana by 44.4% during the 4th quarter. Sands Capital Management LLC now owns 2,442,534 shares of the company's stock worth $1,030,798,000 after purchasing an additional 751,019 shares in the last quarter. Finally, Spruce House Investment Management LLC raised its stake in shares of Carvana by 2.6% in the 1st quarter. Spruce House Investment Management LLC now owns 2,335,000 shares of the company's stock valued at $734,077,000 after purchasing an additional 60,000 shares during the period. 56.71% of the stock is currently owned by institutional investors.

Carvana Stock Up 1.2%

CVNA stock opened at $64.97 on Friday. The company has a quick ratio of 2.33, a current ratio of 3.93 and a debt-to-equity ratio of 0.94. The business has a 50 day moving average price of $69.01 and a two-hundred day moving average price of $68.46. The company has a market cap of $71.49 billion, a price-to-earnings ratio of 35.93, a P/E/G ratio of 1.85 and a beta of 3.49. 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 quarterly earnings data on Wednesday, July 29th. The company reported $0.42 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.39 by $0.03. Carvana had a return on equity of 37.06% and a net margin of 6.26%.The company had revenue of $7.38 billion for the quarter, compared to analysts' expectations of $6.90 billion. During the same quarter in the prior year, the business posted $1.51 EPS. The business's revenue was up 52.4% compared to the same quarter last year. Analysts anticipate that Carvana Co. will post 1.68 EPS for the current fiscal year.

Analyst Ratings Changes

A number of analysts have recently commented on CVNA shares. Barclays cut their price target on Carvana from $94.00 to $93.00 and set an "overweight" rating on the stock in a report on Friday, July 31st. UBS Group reissued a "buy" rating and issued a $83.00 target price on shares of Carvana in a research report on Friday, July 31st. Morgan Stanley set a $90.00 target price on Carvana and gave the company an "overweight" rating in a research note on Thursday, July 30th. Citizens Jmp reduced their price target on Carvana from $103.00 to $83.00 and set a "market outperform" rating for the company in a research report on Thursday, July 30th. Finally, Evercore set a $75.00 price target on shares of Carvana in a research note on Thursday, July 30th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and eight have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $84.14.

Insider Transactions at Carvana

In related news, VP Stephen Palmer sold 5,000 shares of the stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $71.55, for a total value of $357,750.00. Following the sale, the vice president owned 128,886 shares in the company, valued at approximately $9,221,793.30. This represents a 3.73% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Benjamin E. Huston sold 50,000 shares of the firm's stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $71.55, for a total transaction of $3,577,500.00. Following the sale, the chief operating officer owned 478,693 shares of the company's stock, valued at approximately $34,250,484.15. This represents a 9.46% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 402,564 shares of company stock valued at $27,689,555. Company insiders own 15.19% of the company's stock.

Carvana Company Profile

Carvana Co NYSE: CVNA is an online used-car retailer that enables consumers to research, purchase, finance and sell vehicles through its website and mobile platform. The company offers a selection of used cars, trucks and SUVs, with vehicle listings that generally include photographs, pricing and vehicle-history information.

Customers can complete much of the vehicle-buying process online, including applying for financing, arranging trade-ins and scheduling vehicle pickup or delivery.

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