Optimize Financial Inc. Buys 8,033 Shares of Carvana Co. $CVNA

Optimize Financial Inc. raised its stake in Carvana Co. (NYSE:CVNA) by 398.3% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 10,050 shares of the company’s stock after acquiring an additional 8,033 shares during the period. Optimize Financial Inc.’s holdings in Carvana were worth $661,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Farmers & Merchants Investments Inc. acquired a new stake in shares of Carvana during the fourth quarter worth $29,000. Motiv8 Investments LLC acquired a new position in Carvana in the 4th quarter worth $33,000. Ascentis Independent Advisors acquired a new position in Carvana in the 1st quarter worth $26,000. Annis Gardner Whiting Capital Advisors LLC increased its holdings in Carvana by 152.6% during the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 96 shares of the company’s stock worth $30,000 after purchasing an additional 58 shares in the last quarter. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main bought a new position in Carvana during the 2nd quarter worth about $38,000. Institutional investors and hedge funds own 56.71% of the company’s stock.

Analyst Ratings Changes

Several analysts have issued reports on the company. BTIG Research reissued a “buy” rating and issued a $87.00 price target on shares of Carvana in a research note on Tuesday, August 18th. Argus reduced their price objective on Carvana from $500.00 to $100.00 in a research report on Monday, May 11th. Royal Bank Of Canada set a $82.00 price objective on Carvana and gave the stock an “outperform” rating in a report on Thursday, July 30th. Zacks Research lowered Carvana from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 15th. Finally, Weiss Ratings upgraded Carvana from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, August 5th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and seven have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $84.14.

Carvana Price Performance

Shares of NYSE CVNA opened at $74.65 on Monday. 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 business has a 50-day moving average of $68.89 and a 200-day moving average of $68.31. The stock has a market capitalization of $82.15 billion, a price-to-earnings ratio of 41.29, a PEG ratio of 2.15 and a beta of 3.49. Carvana Co. has a fifty-two week low of $54.46 and a fifty-two week high of $97.38.

Carvana (NYSE:CVNA) last released its earnings results on Wednesday, July 29th. The company reported $0.42 earnings per share (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 business had revenue of $7.38 billion for the quarter, compared to analyst estimates of $6.90 billion. During the same quarter in the prior year, the company posted $1.51 earnings per share. Carvana’s revenue was up 52.4% on a year-over-year basis. As a group, sell-side analysts predict that Carvana Co. will post 1.68 earnings per share for the current fiscal year.

Insider Activity

In other news, Director J Quayle sold 14,525 shares of the stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of $75.00, for a total value of $1,089,375.00. Following the completion of the sale, the director owned 214,960 shares of the company’s stock, valued at approximately $16,122,000. This represents a 6.33% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Mark W. Jenkins sold 63,750 shares of the firm’s stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $68.34, for a total transaction of $4,356,675.00. Following the completion of the transaction, the chief financial officer directly owned 1,029,580 shares of the company’s stock, valued at $70,361,497.20. This represents a 5.83% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 415,300 shares of company stock worth $28,538,788. Corporate insiders own 15.19% of the company’s stock.

About Carvana

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.