Taylor Frigon Capital Management LLC Has $3.39 Million Stake in Carvana Co. $CVNA

Key Points

• Taylor Frigon Capital Management LLC reduced its stake in Carvana by 29.7% in Q2, owning 10,052 shares valued at approximately $3.39 million, making Carvana its third largest position.
• Major shareholder Ernest C. Garcia II sold 93,376 shares at an average price of $394.16, significantly reducing his ownership by over 93%.
• Carvana's stock price recently showed a rebound, and analysts have set new price targets, with Bank of America and Wells Fargo increasing theirs to $425.00.

Taylor Frigon Capital Management LLC trimmed its position in shares of Carvana Co. (NYSE:CVNA - Free Report) by 29.7% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 10,052 shares of the company's stock after selling 4,256 shares during the quarter. Carvana accounts for approximately 1.8% of Taylor Frigon Capital Management LLC's investment portfolio, making the stock its 3rd largest position. Taylor Frigon Capital Management LLC's holdings in Carvana were worth $3,387,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. J.Safra Asset Management Corp boosted its stake in shares of Carvana by 140.8% during the 1st 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 during the period. Farther Finance Advisors LLC lifted its stake in Carvana by 333.1% in the first quarter. Farther Finance Advisors LLC now owns 3,482 shares of the company's stock worth $740,000 after purchasing an additional 2,678 shares during the last quarter. Berkshire Capital Holdings Inc. lifted its stake in Carvana by 632,200.0% in 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 during the last quarter. Mackenzie Financial Corp purchased a new position in shares of Carvana during the fourth quarter valued at approximately $1,153,000. Finally, 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 valued at $920,000 after buying an additional 1,580 shares during the last quarter. Hedge funds and other institutional investors own 56.71% of the company's stock.

Insider Buying and Selling at Carvana

In other news, major shareholder Ernest C. Garcia II sold 93,376 shares of the company's stock in a transaction dated 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 transaction, the insider owned 6,624 shares in the company, valued at $2,610,915.84. This represents a 93.38% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, major shareholder Ernest C. Garcia II sold 100,000 shares of the stock in a transaction that occurred on Tuesday, July 8th. The shares were sold at an average price of $353.76, for a total transaction of $35,376,000.00. Following the completion of the transaction, the insider directly owned 36,437,346 shares of the company's stock, valued at $12,890,075,520.96. The trade was a 0.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 2,321,066 shares of company stock worth $828,606,100. 16.36% of the stock is owned by company insiders.

Carvana Stock Down 0.5%

Shares of NYSE CVNA opened at $369.45 on Monday. Carvana Co. has a 12-month low of $148.25 and a 12-month high of $413.33. The stock's fifty day simple moving average is $359.61 and its two-hundred day simple moving average is $303.54. The stock has a market capitalization of $79.51 billion, a PE ratio of 92.59, a price-to-earnings-growth ratio of 1.21 and a beta of 3.51. The company has a current ratio of 4.00, a quick ratio of 2.58 and a debt-to-equity ratio of 2.51.

Carvana (NYSE:CVNA - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The company reported $1.28 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 business had revenue of $4.84 billion during the quarter, compared to analyst estimates of $4.54 billion. During the same period in the prior year, the firm posted ($0.05) earnings per share. The company's quarterly revenue was up 41.9% on a year-over-year basis. As a group, analysts expect that Carvana Co. will post 2.85 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the company. Bank of America raised their price target on Carvana from $375.00 to $425.00 and gave the stock a "buy" rating in a research note on Thursday, July 31st. Wells Fargo & Company lifted their target price on Carvana from $390.00 to $425.00 and gave the stock an "overweight" rating in a research report on Thursday, July 31st. Citigroup restated an "outperform" rating on shares of Carvana in a report on Thursday, July 31st. JMP Securities lifted their price objective on shares of Carvana from $440.00 to $460.00 and gave the company a "market outperform" rating in a report on Thursday, July 31st. Finally, William Blair reissued an "outperform" rating on shares of Carvana in a research report on Wednesday, July 23rd. Twelve analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $387.88.

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.

Want to see what other hedge funds are holding CVNA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Carvana Co. (NYSE:CVNA - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.