Spyglass Capital Management LLC Has $65.33 Million Holdings in Carvana Co. $CVNA

Key Points

• Spyglass Capital Management increased its Carvana position by 493% in the second quarter, acquiring 825,241 additional shares for a total holding valued at approximately $65.33 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, exceeding analysts’ $0.39 estimate. Analysts expect full-year EPS of $1.68.
• Carvana shares opened at $73.48, while analysts maintained a “Moderate Buy” consensus rating with an average price target of $84.14; insiders, however, sold $20.4 million of stock during the last quarter.

Spyglass Capital Management LLC boosted its position in shares of Carvana Co. (NYSE:CVNA - Free Report) by 493.0% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 992,632 shares of the company's stock after purchasing an additional 825,241 shares during the period. Carvana comprises 3.5% of Spyglass Capital Management LLC's holdings, making the stock its 16th largest position. Spyglass Capital Management LLC owned approximately 0.09% of Carvana worth $65,335,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in CVNA. Price T Rowe Associates Inc. MD boosted its position in shares of Carvana by 8.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 17,726,838 shares of the company's stock worth $7,481,081,000 after buying an additional 1,407,762 shares during the period. State Street Corp raised its position in Carvana by 93.7% in the 4th quarter. State Street Corp now owns 5,714,779 shares of the company's stock valued at $2,411,751,000 after buying an additional 2,764,759 shares during the last quarter. Capital Research Global Investors raised its position in Carvana by 42.9% in the 4th quarter. Capital Research Global Investors now owns 5,700,953 shares of the company's stock valued at $2,405,959,000 after buying an additional 1,711,144 shares during the last quarter. Geode Capital Management LLC lifted 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 valued at $1,632,763,000 after acquiring an additional 1,382,852 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Carvana by 345.8% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,325,237 shares of the company's stock valued at $218,867,000 after acquiring an additional 2,579,295 shares in the last quarter. Institutional investors own 56.71% of the company's stock.

Insider Activity at Carvana

In related news, COO Benjamin E. Huston sold 50,000 shares of Carvana stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $64.50, for a total transaction of $3,225,000.00. Following the completion of the sale, the chief operating officer owned 535,709 shares of the company's stock, valued at approximately $34,553,230.50. The trade was a 8.54% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director J Danforth Quayle sold 14,525 shares of the company's stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $75.00, for a total transaction of $1,089,375.00. Following the completion of the transaction, the director owned 214,960 shares in the company, valued at approximately $16,122,000. This trade represents a 6.33% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 302,147 shares of company stock worth $20,418,064 in the last quarter. 15.19% of the stock is owned by corporate insiders.

Carvana Stock Down 0.8%

CVNA opened at $73.48 on Tuesday. Carvana Co. has a 1-year low of $54.46 and a 1-year high of $97.38. The stock's fifty day simple moving average is $68.24 and its 200 day simple moving average is $68.27. The company has a current ratio of 3.93, a quick ratio of 2.33 and a debt-to-equity ratio of 0.94. The stock has a market cap of $80.86 billion, a PE ratio of 40.64, a price-to-earnings-growth ratio of 2.69 and a beta of 3.46.

Carvana (NYSE:CVNA - Get Free Report) last released its quarterly earnings data on Wednesday, July 29th. The company reported $0.42 EPS for the quarter, topping analysts' consensus estimates of $0.39 by $0.03. Carvana had a net margin of 6.26% and a return on equity of 37.06%. The firm had revenue of $7.38 billion during the quarter, compared to analysts' expectations of $6.90 billion. During the same period in the previous year, the business posted $1.51 earnings per share. The company's revenue for the quarter was up 52.4% compared to the same quarter last year. As a group, research analysts expect that Carvana Co. will post 1.68 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on CVNA. Hovde Group raised their price target on shares of Carvana from $39.50 to $48.00 and gave the stock a "market perform" rating in a research note on Tuesday, August 4th. Citizens Jmp reduced their target price on shares of Carvana from $103.00 to $83.00 and set a "market outperform" rating for the company in a report on Thursday, July 30th. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and issued a $80.00 target price on shares of Carvana in a research report on Friday, July 31st. Evercore set a $75.00 price target on shares of Carvana in a research note on Thursday, July 30th. Finally, Needham & Company LLC reiterated a "buy" rating and issued a $120.00 price target on shares of Carvana in a research note on Thursday, July 30th. One analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and seven have assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $84.14.

About Carvana

Carvana Co is an online-only retailer of used vehicles that operates a consumer-facing e-commerce platform for buying and selling cars. The company markets and sells inspected, reconditioned pre-owned vehicles through its website, where shoppers can browse inventory, view detailed 360-degree photos and vehicle history reports, finance purchases, and arrange delivery or pickup. Carvana's model is built around a digital end-to-end car buying experience that aims to simplify vehicle transactions compared with traditional dealerships.

Its products and services include direct retail sales of used cars, trade-in and purchase offers for consumer vehicles, vehicle financing and related protection products, and a seven-day return policy that allows customers to test a vehicle in everyday use.

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