NEOS Investment Management LLC Boosts Stake in Carvana Co. $CVNA

NEOS Investment Management LLC increased its holdings in shares of Carvana Co. (NYSE:CVNA) by 472.7% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 115,490 shares of the company’s stock after acquiring an additional 95,323 shares during the period. NEOS Investment Management LLC’s holdings in Carvana were worth $7,602,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Royal Bank of Canada raised its holdings in Carvana by 40.8% in the 1st quarter. Royal Bank of Canada now owns 29,867 shares of the company’s stock worth $6,243,000 after purchasing an additional 8,654 shares during the period. Geneos Wealth Management Inc. grew its holdings in Carvana by 251.4% in the first quarter. Geneos Wealth Management Inc. now owns 253 shares of the company’s stock valued at $53,000 after purchasing an additional 181 shares during the period. Cerity Partners LLC grew its holdings in Carvana by 28.8% in the second quarter. Cerity Partners LLC now owns 5,481 shares of the company’s stock valued at $1,847,000 after purchasing an additional 1,226 shares during the period. AXA S.A. increased its position in shares of Carvana by 340.7% in the second quarter. AXA S.A. now owns 4,253 shares of the company’s stock valued at $1,433,000 after buying an additional 3,288 shares in the last quarter. Finally, NewEdge Advisors LLC increased its position in shares of Carvana by 9.1% in the second quarter. NewEdge Advisors LLC now owns 9,893 shares of the company’s stock valued at $3,334,000 after buying an additional 825 shares in the last quarter. Hedge funds and other institutional investors own 56.71% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently issued reports on CVNA shares. Citigroup reiterated a “market outperform” rating on shares of Carvana in a research report on Monday, August 31st. Needham & Company LLC reissued a “buy” rating and issued a $120.00 price target on shares of Carvana in a report on Thursday, July 30th. Argus reduced their price objective on shares of Carvana from $500.00 to $100.00 in a research report on Monday, May 11th. Robert W. Baird set a $72.00 price objective on shares of Carvana in a report on Thursday, July 30th. Finally, Citizens Jmp dropped their target price on shares of Carvana from $103.00 to $83.00 and set a “market outperform” rating on the stock in a research report on Thursday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and seven have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Carvana has a consensus rating of “Moderate Buy” and a consensus price target of $84.14.

Insider Activity at Carvana

In other news, COO Benjamin E. Huston sold 50,000 shares of the company’s stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $71.55, for a total transaction of $3,577,500.00. Following the completion of the sale, the chief operating officer owned 478,693 shares of the company’s stock, valued at $34,250,484.15. This represents a 9.46% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Stephen Palmer sold 5,000 shares of the stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $71.55, for a total transaction of $357,750.00. Following the completion of the sale, the vice president owned 128,886 shares of the company’s stock, valued at $9,221,793.30. This trade represents a 3.73% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 420,897 shares of company stock worth $28,914,626 over the last 90 days. Corporate insiders own 15.19% of the company’s stock.

Carvana Stock Performance

NYSE CVNA opened at $74.65 on Friday. The company has a debt-to-equity ratio of 0.94, a current ratio of 3.93 and a quick ratio of 2.33. The stock’s 50 day simple moving average is $68.89 and its 200-day simple moving average is $68.31. The company has a market cap of $82.15 billion, a PE ratio of 41.29, a price-to-earnings-growth ratio of 2.18 and a beta of 3.49. Carvana Co. has a 1-year low of $54.46 and a 1-year high of $97.38.

Carvana (NYSE:CVNA) last issued its quarterly earnings results on Wednesday, July 29th. The company reported $0.42 EPS for the quarter, topping the consensus estimate of $0.39 by $0.03. Carvana had a return on equity of 37.06% and a net margin of 6.26%.The firm had revenue of $7.38 billion during the quarter, compared to analysts’ expectations of $6.90 billion. During the same period in the previous year, the business earned $1.51 earnings per share. The firm’s revenue for the quarter was up 52.4% on a year-over-year basis. As a group, equities research analysts anticipate that Carvana Co. will post 1.68 EPS for the current fiscal year.

Carvana Company Profile

Carvana Co is an online-only retailer of used vehicles that operates a consumer-facing e-commerce platform for buying and selling cars. The company markets and sells inspected, reconditioned pre-owned vehicles through its website, where shoppers can browse inventory, view detailed 360-degree photos and vehicle history reports, finance purchases, and arrange delivery or pickup. Carvana’s model is built around a digital end-to-end car buying experience that aims to simplify vehicle transactions compared with traditional dealerships.

Its products and services include direct retail sales of used cars, trade-in and purchase offers for consumer vehicles, vehicle financing and related protection products, and a seven-day return policy that allows customers to test a vehicle in everyday use.