Carvana Co. $CVNA Shares Bought by Wellington Management Group LLP

Key Points

• Wellington Management Group LLP increased its stake in Carvana by 470.8%, owning approximately 206,702 shares valued at $43.2 million following the purchase of an additional 170,487 shares.
• Carvana's recent earnings report showed a revenue of $4.84 billion, with earnings per share of $1.28, surpassing analysts' expectations of $1.09.
• Major insiders, including CEO Ernest C. Garcia III and shareholder Ernest C. Garcia II, have sold significant amounts of stock recently, cumulatively amounting to over $1 billion in sales.

Wellington Management Group LLP increased its position in shares of Carvana Co. (NYSE:CVNA - Free Report) by 470.8% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 206,702 shares of the company's stock after buying an additional 170,487 shares during the quarter. Wellington Management Group LLP owned about 0.10% of Carvana worth $43,217,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in CVNA. Brooklyn Investment Group lifted its position in Carvana by 961.5% during the 1st quarter. Brooklyn Investment Group now owns 138 shares of the company's stock worth $29,000 after acquiring an additional 125 shares during the period. N.E.W. Advisory Services LLC purchased a new position in Carvana during the first quarter worth $33,000. Versant Capital Management Inc grew its position in shares of Carvana by 39.4% in the first quarter. Versant Capital Management Inc now owns 290 shares of the company's stock valued at $61,000 after purchasing an additional 82 shares during the period. Strategic Investment Solutions Inc. IL purchased a new stake in shares of Carvana in the first quarter valued at $90,000. Finally, Gordian Capital Singapore Pte Ltd acquired a new position in Carvana in the fourth quarter valued at $98,000. Hedge funds and other institutional investors own 56.71% of the company's stock.

Analysts Set New Price Targets

CVNA has been the topic of a number of recent research reports. Stephens boosted their price objective on Carvana from $300.00 to $375.00 and gave the stock an "overweight" rating in a research note on Monday, July 7th. Citigroup reiterated an "outperform" rating on shares of Carvana in a research note on Thursday, July 31st. Wall Street Zen cut Carvana from a "buy" rating to a "hold" rating in a research note on Saturday, August 16th. Bank of America boosted 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. Finally, Morgan Stanley boosted their price target on Carvana from $280.00 to $290.00 and gave the stock an "overweight" rating in a research note on Thursday, May 15th. Twelve equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, Carvana has a consensus rating of "Moderate Buy" and an average price target of $383.47.

Carvana Stock Performance

Shares of NYSE:CVNA traded up $8.65 during trading on Thursday, hitting $376.00. 1,003,838 shares of the company traded hands, compared to its average volume of 4,087,328. The stock has a market capitalization of $80.91 billion, a price-to-earnings ratio of 94.21, a PEG ratio of 1.23 and a beta of 3.57. The business's fifty day moving average is $344.32 and its 200-day moving average is $281.06. Carvana Co. has a one year low of $124.39 and a one year high of $413.33. The company has a quick ratio of 2.58, a current ratio of 4.00 and a debt-to-equity ratio of 2.51.

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

Insider Transactions at Carvana

In related news, major shareholder Ernest C. Garcia II sold 100,000 shares of the stock in a transaction that occurred on Friday, June 6th. The stock was sold at an average price of $346.99, for a total value of $34,699,000.00. Following the completion of the transaction, the insider directly owned 37,092,317 shares of the company's stock, valued at $12,870,663,075.83. This represents a 0.27% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Over the last three months, insiders sold 3,003,640 shares of company stock valued at $1,047,877,822. Corporate insiders own 17.12% of the company's stock.

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.