Royal Fund Management LLC Buys 24,711 Shares of Carvana Co. $CVNA

Key Points

• Royal Fund Management increased its Carvana stake by 35.3%, purchasing 24,711 additional shares to reach 94,711 shares valued at approximately $5.9 million. Institutional investors collectively own 56.71% of the company.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $83.04, though individual targets range from $48 to $120.
• Carvana exceeded quarterly expectations, reporting $0.42 EPS versus the $0.39 estimate and $7.38 billion in revenue, up 52.4% year over year. However, insiders sold 358,161 shares worth $24.2 million over the past 90 days.

Royal Fund Management LLC grew its stake in shares of Carvana Co. (NYSE:CVNA - Free Report) by 35.3% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 94,711 shares of the company's stock after buying an additional 24,711 shares during the period. Royal Fund Management LLC's holdings in Carvana were worth $5,896,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in CVNA. Ascentis Independent Advisors purchased a new position in shares of Carvana in the 1st quarter worth $26,000. Annis Gardner Whiting Capital Advisors LLC boosted its holdings in Carvana by 152.6% in the first quarter. Annis Gardner Whiting Capital Advisors LLC now owns 96 shares of the company's stock valued at $30,000 after acquiring an additional 58 shares during the last quarter. Transamerica Financial Advisors LLC boosted its holdings in Carvana by 558.0% in the second quarter. Transamerica Financial Advisors LLC now owns 454 shares of the company's stock valued at $30,000 after acquiring an additional 385 shares during the last quarter. GoalVest Advisory LLC grew its position in Carvana by 400.0% during the second quarter. GoalVest Advisory LLC now owns 500 shares of the company's stock valued at $33,000 after acquiring an additional 400 shares during the period. Finally, Cypress Capital Management LLC WY grew its position in Carvana by 400.0% during the second quarter. Cypress Capital Management LLC WY now owns 500 shares of the company's stock valued at $33,000 after acquiring an additional 400 shares during the period. 56.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have commented on CVNA. Needham & Company LLC restated a "buy" rating and set a $120.00 price target on shares of Carvana in a research note on Thursday, July 30th. Wells Fargo & Company set a $80.00 price objective on Carvana and gave the company an "overweight" rating in a research note on Thursday, July 30th. DA Davidson set a $67.00 target price on Carvana in a report on Thursday, July 30th. Hovde Group boosted their target price on Carvana from $39.50 to $48.00 and gave the stock a "market perform" rating in a report on Tuesday, August 4th. Finally, BNP Paribas Exane cut their price target on shares of Carvana from $86.00 to $69.00 and set a "hold" rating on the stock in a report on Thursday, July 30th. One analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and eight have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $83.04.

Carvana Stock Performance

NYSE:CVNA opened at $58.70 on Friday. Carvana Co. has a 1-year low of $54.46 and a 1-year high of $97.38. The firm has a 50-day moving average of $66.95 and a two-hundred day moving average of $68.52. The company has a debt-to-equity ratio of 0.94, a current ratio of 3.93 and a quick ratio of 2.33. The stock has a market cap of $64.60 billion, a P/E ratio of 32.74, a PEG ratio of 1.74 and a beta of 3.55.

Carvana (NYSE:CVNA - Get Free Report) last posted its quarterly earnings data on Wednesday, July 29th. The company reported $0.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.39 by $0.03. The company had revenue of $7.38 billion for the quarter, compared to the consensus estimate of $6.90 billion. Carvana had a return on equity of 37.06% and a net margin of 6.26%. Carvana's revenue for the quarter was up 52.4% compared to the same quarter last year. During the same period in the previous year, the business earned $1.51 EPS. On average, research analysts expect that Carvana Co. will post 1.64 earnings per share for the current fiscal year.

Insider Buying and Selling at Carvana

In related news, Director Ira Platt sold 15,000 shares of Carvana stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $75.50, for a total value of $1,132,500.00. Following the completion of the transaction, the director directly owned 186,470 shares in the company, valued at approximately $14,078,485. This trade represents a 7.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Benjamin E. Huston sold 50,000 shares of Carvana stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $71.55, for a total value of $3,577,500.00. Following the completion of the transaction, the chief operating officer owned 478,693 shares of the company's stock, valued at $34,250,484.15. This trade represents a 9.46% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 358,161 shares of company stock valued at $24,164,285. Corporate insiders own 15.19% of the company's stock.

About Carvana

Carvana Co NYSE: CVNA is an online automotive retailer that sells used vehicles through its digital platform. Customers can browse vehicles, review detailed descriptions and vehicle history information, arrange financing, complete transactions online and choose home delivery or pickup at a Carvana location.

The company also provides vehicle trade-in services and offers related products, including vehicle protection plans and other automotive services. Carvana is known for its automated, glass-enclosed vehicle vending machines, which provide an alternative pickup experience in select markets.

Founded in 2012 and headquartered in Tempe, Arizona, Carvana began operations as an online used-car retailer in 2013 and went public in 2017.

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