773 Shares in Carvana Co. $CVNA Purchased by DAVENPORT & Co LLC

DAVENPORT & Co LLC purchased a new position in Carvana Co. (NYSE:CVNA) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 773 shares of the company’s stock, valued at approximately $260,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CVNA. Hilltop National Bank purchased a new position in shares of Carvana in the 2nd quarter worth about $25,000. Brooklyn Investment Group boosted its position in Carvana by 961.5% during the first quarter. Brooklyn Investment Group now owns 138 shares of the company’s stock worth $29,000 after purchasing an additional 125 shares during the period. N.E.W. Advisory Services LLC bought a new position in Carvana during the first quarter worth about $33,000. SJS Investment Consulting Inc. boosted its position in Carvana by 960.0% during the second quarter. SJS Investment Consulting Inc. now owns 106 shares of the company’s stock worth $36,000 after purchasing an additional 96 shares during the period. Finally, Geneos Wealth Management Inc. boosted its position in Carvana by 251.4% during the first quarter. Geneos Wealth Management Inc. now owns 253 shares of the company’s stock worth $53,000 after purchasing an additional 181 shares during the period. 56.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on CVNA shares. Oppenheimer upgraded shares of Carvana from a “market perform” rating to an “outperform” rating and set a $450.00 target price for the company in a research report on Friday, July 25th. Jefferies Financial Group set a $475.00 target price on shares of Carvana and gave the stock a “buy” rating in a research report on Wednesday, October 1st. Bank of America increased their target price on shares of Carvana from $375.00 to $425.00 and gave the stock a “buy” rating in a research report on Thursday, July 31st. JMP Securities increased their target price on shares of Carvana from $440.00 to $460.00 and gave the stock a “market outperform” rating in a research report on Thursday, July 31st. Finally, Citigroup reiterated a “buy” rating on shares of Carvana in a research report on Thursday. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $407.44.

Insiders Place Their Bets

In related news, CFO Mark W. Jenkins sold 12,750 shares of the firm’s stock in a transaction that occurred on Wednesday, October 1st. The shares were sold at an average price of $389.27, for a total value of $4,963,192.50. Following the sale, the chief financial officer directly owned 207,362 shares of the company’s stock, valued at $80,719,805.74. This trade represents a 5.79% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Stephen R. Palmer sold 1,000 shares of the company’s stock in a transaction that occurred on Wednesday, October 1st. The stock was sold at an average price of $390.14, for a total value of $390,140.00. Following the completion of the sale, the vice president directly owned 43,513 shares of the company’s stock, valued at approximately $16,976,161.82. This represents a 2.25% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,838,292 shares of company stock valued at $664,602,807 over the last three months. Corporate insiders own 16.36% of the company’s stock.

Carvana Trading Up 2.9%

Shares of CVNA opened at $338.77 on Tuesday. The firm’s 50 day simple moving average is $364.73 and its 200 day simple moving average is $317.04. The company has a market capitalization of $72.90 billion, a P/E ratio of 84.91, a P/E/G ratio of 1.07 and a beta of 3.55. The company has a debt-to-equity ratio of 2.51, a current ratio of 4.00 and a quick ratio of 2.58. Carvana Co. has a 1-year low of $148.25 and a 1-year high of $413.33.

Carvana (NYSE:CVNA) last announced its earnings results on Wednesday, July 30th. The company reported $1.28 earnings per share for the quarter, beating analysts’ consensus estimates of $1.09 by $0.19. The business had revenue of $4.84 billion for the quarter, compared to the consensus estimate of $4.54 billion. Carvana had a net margin of 3.46% and a return on equity of 40.57%. Carvana’s quarterly revenue was up 41.9% on a year-over-year basis. During the same period last year, the firm posted ($0.05) earnings per share. Sell-side analysts forecast that Carvana Co. will post 2.85 earnings per share for the current fiscal year.

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.