Ritholtz Wealth Management Invests $505,000 in Carvana Co. $CVNA

Key Points

• Ritholtz Wealth Management invested approximately $505,000 in 1,500 shares of Carvana Co. during the second quarter, indicating growing institutional interest in the stock.
• Several major investors, including Berkshire Capital Holdings Inc., have dramatically increased their holdings in Carvana, showcasing significant confidence in the company's future.
• Carvana reported a 41.9% year-over-year increase in revenue during its last quarterly earnings, beating the consensus estimate significantly.

Ritholtz Wealth Management acquired a new position in shares of Carvana Co. (NYSE:CVNA - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 1,500 shares of the company's stock, valued at approximately $505,000.

Other large investors have also modified their holdings of the company. J.Safra Asset Management Corp increased its position in shares of Carvana by 140.8% during the first quarter. J.Safra Asset Management Corp now owns 3,390 shares of the company's stock worth $709,000 after acquiring an additional 1,982 shares during the period. Berkshire Capital Holdings Inc. grew its stake in shares of Carvana by 632,200.0% during the first quarter. Berkshire Capital Holdings Inc. now owns 63,230 shares of the company's stock worth $13,220,000 after purchasing an additional 63,220 shares in the last quarter. Praxis Investment Management Inc. grew its stake in shares of Carvana by 56.0% during the first quarter. Praxis Investment Management Inc. now owns 4,400 shares of the company's stock worth $920,000 after purchasing an additional 1,580 shares in the last quarter. Hexagon Capital Partners LLC grew its stake in shares of Carvana by 1,791.2% during the first quarter. Hexagon Capital Partners LLC now owns 2,591 shares of the company's stock worth $542,000 after purchasing an additional 2,454 shares in the last quarter. Finally, Stratos Wealth Partners LTD. acquired a new position in shares of Carvana during the first quarter worth $359,000. Hedge funds and other institutional investors own 56.71% of the company's stock.

Insider Buying and Selling at Carvana

In other news, insider Paul W. Breaux sold 15,000 shares of the stock in a transaction dated Wednesday, October 1st. The shares were sold at an average price of $398.00, for a total transaction of $5,970,000.00. Following the completion of the sale, the insider owned 81,716 shares in the company, valued at approximately $32,522,968. This represents a 15.51% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Ernest C. Garcia III sold 2,880 shares of the stock in a transaction dated Thursday, October 9th. The stock was sold at an average price of $355.19, for a total transaction of $1,022,947.20. Following the sale, the chief executive officer owned 350,000 shares of the company's stock, valued at $124,316,500. This trade represents a 0.82% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,618,292 shares of company stock valued at $588,235,207. Corporate insiders own 16.36% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the stock. Oppenheimer upgraded shares of Carvana from a "market perform" rating to an "outperform" rating and set a $450.00 target price for the company in a research note on Friday, July 25th. Wells Fargo & Company boosted their target price 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. Stephens reiterated an "overweight" rating and set a $440.00 target price on shares of Carvana in a research note on Tuesday, September 23rd. Gordon Haskett assumed coverage on shares of Carvana in a research note on Monday, July 14th. They set a "hold" rating and a $329.00 target price for the company. Finally, BTIG Research reiterated a "buy" rating and set a $450.00 target price on shares of Carvana in a research note on Friday. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and six have assigned a Hold rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $407.44.

Carvana Stock Performance

NYSE CVNA opened at $333.28 on Monday. The company has a debt-to-equity ratio of 2.51, a current ratio of 4.00 and a quick ratio of 2.58. Carvana Co. has a 1 year low of $148.25 and a 1 year high of $413.33. The company has a market capitalization of $71.72 billion, a PE ratio of 83.53, a P/E/G ratio of 1.08 and a beta of 3.55. The company has a fifty day moving average of $364.10 and a two-hundred day moving average of $320.89.

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

Carvana 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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