Spyglass Capital Management LLC Purchases 825,241 Shares of Carvana Co. $CVNA

Spyglass Capital Management LLC lifted its position in shares of Carvana Co. (NYSE:CVNA) by 493.0% in the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 992,632 shares of the company’s stock after buying an additional 825,241 shares during the quarter. Carvana comprises 3.5% of Spyglass Capital Management LLC’s holdings, making the stock its 16th biggest position. Spyglass Capital Management LLC’s holdings in Carvana were worth $65,335,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Gilder Gagnon Howe & Co. LLC increased its position in Carvana by 1.7% during 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 during the period. Insigneo Advisory Services LLC boosted its holdings in Carvana by 4.8% in the 4th quarter. Insigneo Advisory Services LLC now owns 696 shares of the company’s stock valued at $294,000 after purchasing an additional 32 shares during the period. Benjamin Edwards Inc. boosted its holdings in Carvana by 6.2% in the 4th quarter. Benjamin Edwards Inc. now owns 586 shares of the company’s stock valued at $247,000 after purchasing an additional 34 shares during the period. SJS Investment Consulting Inc. grew its position in shares of Carvana by 29.8% during the 1st quarter. SJS Investment Consulting Inc. now owns 183 shares of the company’s stock worth $58,000 after purchasing an additional 42 shares in the last quarter. Finally, Moors & Cabot Inc. grew its position in shares of Carvana by 5.7% during the 3rd quarter. Moors & Cabot Inc. now owns 813 shares of the company’s stock worth $307,000 after purchasing an additional 44 shares in the last quarter. Institutional investors own 56.71% of the company’s stock.

Insiders Place Their Bets

In other Carvana news, CFO Mark W. Jenkins sold 63,750 shares of the stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $64.50, for a total transaction of $4,111,875.00. Following the completion of the sale, the chief financial officer owned 1,156,534 shares of the company’s stock, valued at approximately $74,596,443. This represents a 5.22% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Benjamin E. Huston sold 50,000 shares of the firm’s stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $64.50, for a total transaction of $3,225,000.00. Following the transaction, the chief operating officer owned 535,709 shares of the company’s stock, valued at approximately $34,553,230.50. The trade was a 8.54% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 302,147 shares of company stock valued at $20,418,064 over the last three months. Insiders own 15.19% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on CVNA shares. Citizens Jmp lowered their target price on shares of Carvana from $103.00 to $83.00 and set a “market outperform” rating on the stock in a report on Thursday, July 30th. Jefferies Financial Group cut their price target on Carvana from $95.00 to $90.00 and set a “buy” rating for the company in a research note on Tuesday, July 14th. Zacks Research downgraded Carvana from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 15th. Needham & Company LLC restated a “buy” rating and set a $120.00 price objective on shares of Carvana in a research note on Thursday, July 30th. Finally, Hovde Group lifted their price objective on Carvana from $39.50 to $48.00 and gave the company a “market perform” rating in a report on Tuesday, August 4th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and seven have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $84.14.

Carvana Stock Performance

Carvana stock opened at $73.48 on Tuesday. The company has a debt-to-equity ratio of 0.94, a current ratio of 3.93 and a quick ratio of 2.33. Carvana Co. has a 1 year low of $54.46 and a 1 year high of $97.38. The business has a 50 day moving average of $68.24 and a 200-day moving average of $68.27. The company has a market capitalization of $80.86 billion, a P/E ratio of 40.64, a P/E/G ratio of 2.69 and a beta of 3.46.

Carvana (NYSE:CVNA) last posted its quarterly earnings data on Wednesday, July 29th. The company reported $0.42 earnings per share for the quarter, beating analysts’ consensus estimates of $0.39 by $0.03. The business had revenue of $7.38 billion during the quarter, compared to the consensus estimate of $6.90 billion. Carvana had a return on equity of 37.06% and a net margin of 6.26%.Carvana’s quarterly revenue was up 52.4% on a year-over-year basis. During the same period in the prior year, the business posted $1.51 earnings per share. On average, equities research analysts predict that Carvana Co. will post 1.68 earnings per share 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.