Carvana Co. $CVNA Shares Sold by Spyglass Capital Management LLC

Spyglass Capital Management LLC trimmed its stake in shares of Carvana Co. (NYSE:CVNA) by 7.3% in the 1st quarter, HoldingsChannel reports. The firm owned 167,391 shares of the company’s stock after selling 13,277 shares during the quarter. Carvana makes up about 3.7% of Spyglass Capital Management LLC’s portfolio, making the stock its 15th biggest position. Spyglass Capital Management LLC’s holdings in Carvana were worth $52,624,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of CVNA. First Horizon Corp increased its stake in Carvana by 6.4% in the 4th quarter. First Horizon Corp now owns 418 shares of the company’s stock worth $176,000 after purchasing an additional 25 shares in the last quarter. Finivi Inc. boosted its holdings in shares of Carvana by 4.6% in the fourth quarter. Finivi Inc. now owns 698 shares of the company’s stock worth $295,000 after buying an additional 31 shares during the period. HB Wealth Management LLC boosted its holdings in shares of Carvana by 1.0% in the fourth quarter. HB Wealth Management LLC now owns 3,190 shares of the company’s stock worth $1,346,000 after buying an additional 31 shares during the period. Gilder Gagnon Howe & Co. LLC increased its position in shares of Carvana by 1.7% in the second quarter. Gilder Gagnon Howe & Co. LLC now owns 1,846 shares of the company’s stock worth $622,000 after acquiring an additional 31 shares in the last quarter. Finally, Insigneo Advisory Services LLC increased its position in shares of Carvana by 4.8% in the fourth quarter. Insigneo Advisory Services LLC now owns 696 shares of the company’s stock worth $294,000 after acquiring an additional 32 shares in the last quarter. Institutional investors and hedge funds own 56.71% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on CVNA. Wells Fargo & Company restated an “overweight” rating and issued a $85.00 price target (down from $95.00) on shares of Carvana in a research report on Tuesday, July 21st. Needham & Company LLC reiterated a “buy” rating and set a $120.00 price objective on shares of Carvana in a research report on Friday, June 5th. Gordon Haskett boosted their target price on shares of Carvana from $67.00 to $85.00 and gave the company a “hold” rating in a research note on Thursday, April 30th. Zacks Research lowered Carvana from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 15th. Finally, Evercore raised their target price on Carvana from $78.00 to $80.00 in a research report on Tuesday, April 28th. One research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $92.65.

Insider Buying and Selling at Carvana

In related news, Director Ira J. Platt sold 15,000 shares of the stock in a transaction on Monday, June 15th. The stock was sold at an average price of $67.83, for a total transaction of $1,017,450.00. Following the completion of the sale, the director directly owned 186,470 shares in the company, valued at approximately $12,648,260.10. This trade represents a 7.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Thomas Taira sold 5,597 shares of Carvana stock in a transaction on Monday, June 8th. The shares were sold at an average price of $67.15, for a total value of $375,838.55. Following the sale, the insider directly owned 315,075 shares of the company’s stock, valued at approximately $21,157,286.25. The trade was a 1.75% decrease in their position. 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 sold a total of 396,962 shares of company stock worth $28,525,088 over the last 90 days. 15.19% of the stock is currently owned by insiders.

Carvana Stock Performance

Shares of CVNA opened at $66.07 on Wednesday. The company’s 50 day moving average price is $67.01 and its 200 day moving average price is $71.21. Carvana Co. has a 52 week low of $54.46 and a 52 week high of $97.38. The company has a market capitalization of $72.47 billion, a PE ratio of 40.19, a PEG ratio of 14.37 and a beta of 3.46. The company has a debt-to-equity ratio of 1.05, a quick ratio of 2.57 and a current ratio of 4.09.

Carvana (NYSE:CVNA) last released its earnings results on Wednesday, April 29th. The company reported $1.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.32 by $1.37. The company had revenue of $6.43 billion during the quarter, compared to the consensus estimate of $6.12 billion. Carvana had a net margin of 6.40% and a return on equity of 41.46%. Research analysts expect that Carvana Co. will post 1.63 EPS for the current fiscal year.

Carvana 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.