Envestnet Asset Management Inc. Acquires 23,697 Shares of Carvana Co. $CVNA

Envestnet Asset Management Inc. boosted its holdings in Carvana Co. (NYSE:CVNA) by 24.2% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 121,468 shares of the company’s stock after purchasing an additional 23,697 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Carvana were worth $45,823,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Premier Path Wealth Partners LLC bought a new stake in shares of Carvana in the 3rd quarter valued at $242,000. Allianz Asset Management GmbH grew its holdings in Carvana by 181.5% in the third quarter. Allianz Asset Management GmbH now owns 54,096 shares of the company’s stock worth $20,407,000 after purchasing an additional 120,449 shares during the period. Callan Family Office LLC increased its stake in Carvana by 18.5% in the third quarter. Callan Family Office LLC now owns 2,567 shares of the company’s stock valued at $968,000 after purchasing an additional 401 shares in the last quarter. Jones Financial Companies Lllp raised its holdings in shares of Carvana by 30.3% during the third quarter. Jones Financial Companies Lllp now owns 4,098 shares of the company’s stock valued at $1,514,000 after purchasing an additional 953 shares during the period. Finally, Chung Wu Investment Group LLC bought a new position in shares of Carvana during the 3rd quarter worth about $272,000. 56.71% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Zacks Research lowered Carvana from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 4th. Bank of America boosted their price objective on Carvana from $455.00 to $515.00 and gave the company a “buy” rating in a report on Tuesday, January 13th. DA Davidson set a $360.00 target price on Carvana in a research report on Thursday, October 30th. Evercore lifted their price target on shares of Carvana from $425.00 to $430.00 in a research report on Tuesday, January 27th. Finally, Wedbush boosted their price target on shares of Carvana from $400.00 to $500.00 and gave the company an “outperform” rating in a research note on Friday, December 19th. Nineteen equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $474.27.

Insiders Place Their Bets

In other news, insider Daniel J. Gill sold 40,000 shares of the company’s stock in a transaction that occurred on Friday, December 12th. The stock was sold at an average price of $475.24, for a total value of $19,009,600.00. Following the completion of the transaction, the insider directly owned 191,106 shares of the company’s stock, valued at $90,821,215.44. This represents a 17.31% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Thomas Taira sold 1,174 shares of Carvana stock in a transaction on Thursday, January 8th. The stock was sold at an average price of $447.00, for a total value of $524,778.00. Following the sale, the insider owned 68,252 shares in the company, valued at $30,508,644. This trade represents a 1.69% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 419,304 shares of company stock worth $179,171,777 in the last ninety days. 16.36% of the stock is owned by corporate insiders.

Carvana Stock Performance

NYSE CVNA opened at $391.81 on Wednesday. The company has a fifty day moving average price of $437.35 and a 200-day moving average price of $382.36. The firm has a market cap of $85.23 billion, a price-to-earnings ratio of 89.45, a PEG ratio of 1.00 and a beta of 3.57. The company has a debt-to-equity ratio of 1.63, a current ratio of 4.05 and a quick ratio of 2.55. Carvana Co. has a 1 year low of $148.25 and a 1 year high of $486.89.

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.