Great Lakes Advisors LLC Takes Position in Carvana Co. $CVNA

Great Lakes Advisors LLC purchased a new position in shares of Carvana Co. (NYSE:CVNA) in the second quarter, HoldingsChannel reports. The firm purchased 12,673 shares of the company’s stock, valued at approximately $834,000.

A number of other hedge funds have also 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 valued at $6,243,000 after buying an additional 8,654 shares during the period. Geneos Wealth Management Inc. lifted its position 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 buying an additional 181 shares during the last quarter. Cerity Partners LLC boosted its stake in Carvana by 28.8% during the second quarter. Cerity Partners LLC now owns 5,481 shares of the company’s stock worth $1,847,000 after buying an additional 1,226 shares during the period. AXA S.A. boosted its stake in Carvana by 340.7% during the second quarter. AXA S.A. now owns 4,253 shares of the company’s stock worth $1,433,000 after buying an additional 3,288 shares during the period. Finally, NewEdge Advisors LLC increased its position in shares of Carvana by 9.1% during the second quarter. NewEdge Advisors LLC now owns 9,893 shares of the company’s stock valued at $3,334,000 after acquiring an additional 825 shares during the last quarter. 56.71% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on CVNA shares. Argus reduced their price target on shares of Carvana from $500.00 to $100.00 in a research note on Monday, May 11th. Stephens increased their price objective on shares of Carvana from $86.00 to $97.00 in a research report on Thursday, April 30th. Zacks Research cut shares of Carvana from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 15th. BTIG Research reiterated a “buy” rating and issued a $87.00 target price on shares of Carvana in a report on Tuesday. Finally, Evercore set a $75.00 target price on Carvana in a research report on Thursday, July 30th. One research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and seven have assigned a Hold rating to the company. According to data from MarketBeat, Carvana currently has a consensus rating of “Moderate Buy” and a consensus price target of $84.14.

Insider Activity

In other Carvana news, COO Benjamin E. Huston sold 50,000 shares of the firm’s stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $64.50, for a total value of $3,225,000.00. Following the completion of the transaction, the chief operating officer owned 535,709 shares of the company’s stock, valued at $34,553,230.50. This trade represents a 8.54% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Ira J. Platt sold 15,000 shares of the business’s stock in a transaction on Friday, August 14th. The stock was sold at an average price of $75.50, for a total transaction of $1,132,500.00. Following the completion of the transaction, the director owned 186,470 shares of the company’s stock, valued at approximately $14,078,485. This trade represents a 7.45% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 420,897 shares of company stock worth $28,777,664 over the last 90 days. Company insiders own 15.19% of the company’s stock.

Carvana Stock Performance

NYSE CVNA opened at $69.90 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 company has a market cap of $76.92 billion, a P/E ratio of 38.66, a P/E/G ratio of 2.54 and a beta of 3.46. The stock has a 50-day moving average of $67.39 and a two-hundred day moving average of $68.55. 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 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.39 by $0.03. Carvana had a net margin of 6.26% and a return on equity of 37.06%. The business had revenue of $7.38 billion for the quarter, compared to analysts’ expectations of $6.90 billion. During the same quarter in the prior year, the company earned $1.51 earnings per share. The business’s quarterly revenue was up 52.4% on a year-over-year basis. As a group, analysts anticipate that Carvana Co. will post 1.68 EPS for the current year.

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.