Wealth Enhancement Advisory Services LLC Boosts Position in Carvana Co. $CVNA

Key Points

• Wealth Enhancement Advisory Services LLC increased its holdings in Carvana Co. by 82.6% during the second quarter, bringing its total shares to 4,533, valued at approximately $1.58 million.
• Several analysts have rated Carvana with a consensus of "Moderate Buy" and an average target price of $387.88, with Stephens setting a target price of $440.00.
• Carvana reported earnings of $1.28 per share for the most recent quarter, exceeding estimates, with revenue of $4.84 billion, a 41.9% year-over-year increase.

Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Carvana Co. (NYSE:CVNA - Free Report) by 82.6% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 4,533 shares of the company's stock after buying an additional 2,051 shares during the quarter. Wealth Enhancement Advisory Services LLC's holdings in Carvana were worth $1,579,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Brooklyn Investment Group increased its holdings in shares of Carvana by 961.5% during the 1st quarter. Brooklyn Investment Group now owns 138 shares of the company's stock valued at $29,000 after purchasing an additional 125 shares in the last quarter. N.E.W. Advisory Services LLC purchased a new position in shares of Carvana during the 1st quarter valued at approximately $33,000. Geneos Wealth Management Inc. increased its holdings in shares of Carvana by 251.4% during the 1st quarter. Geneos Wealth Management Inc. now owns 253 shares of the company's stock valued at $53,000 after purchasing an additional 181 shares in the last quarter. Versant Capital Management Inc increased its holdings in shares of Carvana by 39.4% during the 1st quarter. Versant Capital Management Inc now owns 290 shares of the company's stock valued at $61,000 after purchasing an additional 82 shares in the last quarter. Finally, Strategic Investment Solutions Inc. IL purchased a new position in shares of Carvana during the 1st quarter valued at approximately $90,000. 56.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on CVNA. Stephens reaffirmed an "overweight" rating and set a $440.00 target price on shares of Carvana in a report on Tuesday, September 23rd. Citigroup reissued an "outperform" rating on shares of Carvana in a research note on Thursday, July 31st. JMP Securities lifted their price target on shares of Carvana from $440.00 to $460.00 and gave the company a "market outperform" rating in a research note on Thursday, July 31st. Piper Sandler lifted their price target on shares of Carvana from $340.00 to $440.00 and gave the company an "overweight" rating in a research note on Thursday, July 31st. Finally, William Blair reissued an "outperform" rating on shares of Carvana in a research note on Wednesday, July 23rd. Twelve analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to data from MarketBeat, Carvana has a consensus rating of "Moderate Buy" and an average target price of $387.88.

Carvana Price Performance

CVNA stock opened at $391.40 on Tuesday. The company has a market capitalization of $84.23 billion, a P/E ratio of 98.10, a PEG ratio of 1.21 and a beta of 3.51. Carvana Co. has a twelve month low of $148.25 and a twelve month high of $413.33. The business has a 50 day simple moving average of $360.59 and a 200-day simple moving average of $305.01. 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 posted its quarterly earnings data 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 business had revenue of $4.84 billion during 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% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.05) earnings per share. As a group, equities analysts anticipate that Carvana Co. will post 2.85 EPS for the current year.

Insider Activity at Carvana

In other news, CEO Ernest C. Garcia III sold 10,000 shares of the company's stock in a transaction that occurred on Friday, September 26th. The stock was sold at an average price of $366.53, for a total transaction of $3,665,300.00. Following the completion of the sale, the chief executive officer owned 391,440 shares in the company, valued at $143,474,503.20. This represents a 2.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders sold a total of 2,308,316 shares of company stock worth $824,900,250 in the last three months. 16.36% of the stock is owned by corporate insiders.

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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