VIRGINIA RETIREMENT SYSTEMS ET Al Makes New $6.23 Million Investment in Carvana Co. $CVNA

Key Points

• The Virginia Retirement Systems acquired a new position in Carvana Co., investing approximately $6.23 million for 18,500 shares.
• Carvana reported earnings of $1.28 per share and revenue of $4.84 billion for the last quarter, exceeding analyst expectations.
• Several analysts have increased their price targets for Carvana, with DA Davidson raising theirs to $380 and JMP Securities to $460, indicating a positive outlook for the stock.

VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in shares of Carvana Co. (NYSE:CVNA - Free Report) in the 2nd quarter, according to its most recent filing with the SEC. The fund acquired 18,500 shares of the company's stock, valued at approximately $6,234,000.

Several other large investors also recently bought and sold shares of the company. Kondo Wealth Advisors Inc. increased its stake in Carvana by 20.6% during the 2nd quarter. Kondo Wealth Advisors Inc. now owns 3,830 shares of the company's stock worth $1,296,000 after buying an additional 654 shares in the last quarter. Huntleigh Advisors Inc. increased its stake in Carvana by 5.1% during the 2nd quarter. Huntleigh Advisors Inc. now owns 4,228 shares of the company's stock worth $1,425,000 after buying an additional 205 shares in the last quarter. Arista Wealth Management LLC purchased a new stake in shares of Carvana in the second quarter valued at approximately $590,000. Private Trust Co. NA purchased a new stake in shares of Carvana in the second quarter valued at approximately $206,000. Finally, Nordea Investment Management AB grew its position in shares of Carvana by 40.3% in the second quarter. Nordea Investment Management AB now owns 49,717 shares of the company's stock valued at $16,475,000 after purchasing an additional 14,291 shares in the last quarter. 56.71% of the stock is currently owned by hedge funds and other institutional investors.

Carvana Trading Up 1.3%

Shares of Carvana stock opened at $338.00 on Tuesday. The firm has a market capitalization of $72.74 billion, a price-to-earnings ratio of 84.71, a PEG ratio of 1.08 and a beta of 3.55. Carvana Co. has a fifty-two week low of $148.25 and a fifty-two week high of $413.33. The company has a debt-to-equity ratio of 2.51, a quick ratio of 2.58 and a current ratio of 4.00. The stock has a 50 day moving average of $363.95 and a 200 day moving average of $322.12.

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

Insiders Place Their Bets

In other Carvana news, insider Daniel J. Gill sold 80,000 shares of the company's stock in a transaction on Thursday, July 31st. The stock was sold at an average price of $398.91, for a total transaction of $31,912,800.00. Following the transaction, the insider directly owned 197,832 shares in the company, valued at $78,917,163.12. This represents a 28.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Ernest C. Garcia II sold 93,376 shares of the company's stock in a transaction on Thursday, July 31st. The stock was sold at an average price of $394.16, for a total value of $36,805,084.16. Following the transaction, the insider owned 6,624 shares in the company, valued at $2,610,915.84. This trade represents a 93.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,618,292 shares of company stock worth $588,235,207 over the last ninety days. Corporate insiders own 16.36% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on CVNA shares. DA Davidson upped their price target on Carvana from $260.00 to $380.00 and gave the company a "neutral" rating in a research report on Thursday, July 31st. JMP Securities upped their price target on Carvana from $440.00 to $460.00 and gave the company a "market outperform" rating in a research report on Thursday, July 31st. William Blair restated an "outperform" rating on shares of Carvana in a research report on Wednesday, July 23rd. Citigroup restated a "buy" rating on shares of Carvana in a research report on Thursday, October 9th. Finally, Oppenheimer upgraded Carvana from a "market perform" rating to an "outperform" rating and set a $450.00 price target for the company in a research report on Friday, July 25th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and six have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $416.33.

Carvana Company 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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