Envestnet Asset Management Inc. Has $32.95 Million Position in Carvana Co. $CVNA

Envestnet Asset Management Inc. lifted its holdings in shares of Carvana Co. (NYSE:CVNA) by 112.6% in the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 97,771 shares of the company’s stock after buying an additional 51,776 shares during the period. Envestnet Asset Management Inc.’s holdings in Carvana were worth $32,945,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of the business. Wealthfront Advisers LLC raised its holdings in shares of Carvana by 15.6% during the 2nd quarter. Wealthfront Advisers LLC now owns 21,151 shares of the company’s stock worth $7,127,000 after buying an additional 2,848 shares in the last quarter. Oppenheimer Asset Management Inc. acquired a new position in shares of Carvana during the 2nd quarter worth $225,000. Focus Partners Advisor Solutions LLC raised its holdings in shares of Carvana by 42.1% during the 2nd quarter. Focus Partners Advisor Solutions LLC now owns 4,461 shares of the company’s stock worth $1,502,000 after buying an additional 1,321 shares in the last quarter. State of New Jersey Common Pension Fund D raised its holdings in shares of Carvana by 3.5% during the 2nd quarter. State of New Jersey Common Pension Fund D now owns 40,937 shares of the company’s stock worth $13,794,000 after buying an additional 1,381 shares in the last quarter. Finally, AlphaQuest LLC raised its holdings in shares of Carvana by 41.3% during the 2nd quarter. AlphaQuest LLC now owns 424 shares of the company’s stock worth $143,000 after buying an additional 124 shares in the last quarter. Institutional investors and hedge funds own 56.71% of the company’s stock.

Insider Buying and Selling

In other news, VP Stephen R. Palmer sold 1,000 shares of the stock in a transaction dated 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 owned 43,513 shares of the company’s stock, valued at approximately $16,976,161.82. This represents a 2.25% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Paul W. Breaux sold 15,000 shares of the firm’s stock in a transaction that occurred on Wednesday, October 1st. The stock was sold at an average price of $398.00, for a total value of $5,970,000.00. Following the sale, the insider directly owned 81,716 shares of the company’s stock, valued at $32,522,968. This represents a 15.51% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 914,855 shares of company stock valued at $329,349,210. Corporate insiders own 16.36% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the company. JMP Securities boosted their price target on Carvana from $440.00 to $460.00 and gave the stock a “market outperform” rating in a report on Thursday, July 31st. Stephens reaffirmed an “overweight” rating and issued a $440.00 target price on shares of Carvana in a report on Tuesday, September 23rd. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Carvana in a report on Tuesday, October 14th. Jefferies Financial Group reaffirmed a “buy” rating on shares of Carvana in a report on Thursday. Finally, JPMorgan Chase & Co. upped their target price on Carvana from $425.00 to $490.00 and gave the stock an “overweight” rating in a report on Tuesday, October 21st. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $418.00.

Carvana Trading Up 0.7%

Shares of CVNA stock opened at $307.15 on Monday. The stock has a market cap of $66.10 billion, a price-to-earnings ratio of 70.13, a PEG ratio of 1.04 and a beta of 3.50. The stock has a 50-day moving average of $362.58 and a 200-day moving average of $331.87. The company has a current ratio of 4.05, a quick ratio of 2.55 and a debt-to-equity ratio of 1.63. Carvana Co. has a 1-year low of $148.25 and a 1-year high of $413.33.

Carvana (NYSE:CVNA) last issued its quarterly earnings results on Wednesday, October 29th. The company reported $1.03 earnings per share for the quarter, missing the consensus estimate of $1.29 by ($0.26). The company had revenue of $5.65 billion during the quarter, compared to analyst estimates of $5.04 billion. Carvana had a net margin of 3.44% and a return on equity of 30.62%. The company’s quarterly revenue was up 54.5% on a year-over-year basis. During the same period in the previous year, the company posted $0.64 EPS. On average, equities research analysts forecast that Carvana Co. will post 2.85 earnings per share for the current year.

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.