Smith Group Asset Management LLC Raises Stake in Carvana Co. $CVNA

Key Points

• Smith Group Asset Management LLC increased its stake in Carvana Co. by 52.4%, owning 4,435 shares worth approximately $1,494,000 as of its latest SEC filing.
• Major shareholder Ernest C. Garcia II sold 93,376 shares, reducing their position by 93.38%, while Daniel J. Gill also sold 80,000 shares, a decrease of 28.79% in their holdings.
• Carvana recently reported earnings that surpassed expectations, with revenue up 41.9% year-over-year and an EPS of $1.28 compared to the estimated $1.09.

Smith Group Asset Management LLC boosted its position in shares of Carvana Co. (NYSE:CVNA - Free Report) by 52.4% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 4,435 shares of the company's stock after acquiring an additional 1,525 shares during the period. Smith Group Asset Management LLC's holdings in Carvana were worth $1,494,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of CVNA. J.Safra Asset Management Corp grew its stake 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 purchasing an additional 1,982 shares in the last quarter. Berkshire Capital Holdings Inc. lifted its holdings in Carvana by 632,200.0% during the 1st quarter. Berkshire Capital Holdings Inc. now owns 63,230 shares of the company's stock worth $13,220,000 after buying an additional 63,220 shares during the last quarter. Hexagon Capital Partners LLC boosted its position in shares of Carvana by 1,791.2% during the 1st quarter. Hexagon Capital Partners LLC now owns 2,591 shares of the company's stock worth $542,000 after acquiring an additional 2,454 shares in the last quarter. Stratos Wealth Partners LTD. purchased a new position in shares of Carvana in the 1st quarter valued at about $359,000. Finally, Janney Montgomery Scott LLC acquired a new stake in shares of Carvana during the 1st quarter worth about $204,000. 56.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have commented on CVNA shares. Evercore ISI increased their price target on shares of Carvana from $365.00 to $370.00 and gave the company an "in-line" rating in a research note on Tuesday, August 12th. Jefferies Financial Group set a $475.00 target price on shares of Carvana and gave the company a "buy" rating in a research report on Wednesday, October 1st. Wells Fargo & Company lifted their price target 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. DA Davidson upped their price objective on shares of Carvana from $260.00 to $380.00 and gave the company a "neutral" rating in a research note on Thursday, July 31st. Finally, Piper Sandler lifted their target price on Carvana from $340.00 to $440.00 and gave the stock an "overweight" rating in a research report on Thursday, July 31st. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, Carvana currently has a consensus rating of "Moderate Buy" and an average target price of $419.94.

Insider Buying and Selling at Carvana

In other Carvana news, major shareholder Ernest C. Garcia II sold 93,376 shares of the company's stock in a transaction on Thursday, July 31st. The shares were sold at an average price of $394.16, for a total transaction of $36,805,084.16. Following the completion of the transaction, the insider owned 6,624 shares in the company, valued at approximately $2,610,915.84. This represents a 93.38% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Daniel J. Gill sold 80,000 shares of Carvana stock in a transaction dated Thursday, July 31st. The shares were sold at an average price of $398.91, for a total transaction of $31,912,800.00. Following the completion of the sale, the insider directly owned 197,832 shares in the company, valued at approximately $78,917,163.12. The trade was a 28.79% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,498,292 shares of company stock valued at $547,914,707. 17.12% of the stock is owned by company insiders.

Carvana Stock Performance

Shares of CVNA stock opened at $340.80 on Friday. The stock's 50-day moving average price is $363.65 and its 200 day moving average price is $323.58. The company has a quick ratio of 2.58, a current ratio of 4.00 and a debt-to-equity ratio of 2.51. The stock has a market capitalization of $73.34 billion, a PE ratio of 85.41, a price-to-earnings-growth ratio of 1.05 and a beta of 3.55. Carvana Co. has a 52-week low of $148.25 and a 52-week high of $413.33.

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