Park Avenue Securities LLC Buys Shares of 2,362 Carvana Co. $CVNA

Park Avenue Securities LLC bought a new stake in Carvana Co. (NYSE:CVNA) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 2,362 shares of the company’s stock, valued at approximately $796,000.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD lifted its holdings in shares of Carvana by 13.9% during the first quarter. Price T Rowe Associates Inc. MD now owns 14,950,011 shares of the company’s stock worth $3,125,749,000 after purchasing an additional 1,823,218 shares during the period. Vanguard Group Inc. lifted its holdings in shares of Carvana by 9.7% during the first quarter. Vanguard Group Inc. now owns 12,534,843 shares of the company’s stock worth $2,620,785,000 after purchasing an additional 1,109,476 shares during the period. T. Rowe Price Investment Management Inc. lifted its holdings in shares of Carvana by 1.4% during the first quarter. T. Rowe Price Investment Management Inc. now owns 692,725 shares of the company’s stock worth $144,835,000 after purchasing an additional 9,694 shares during the period. Northern Trust Corp lifted its holdings in shares of Carvana by 5.4% during the first quarter. Northern Trust Corp now owns 685,864 shares of the company’s stock worth $143,400,000 after purchasing an additional 35,168 shares during the period. Finally, Contour Asset Management LLC lifted its holdings in shares of Carvana by 71.4% during the first quarter. Contour Asset Management LLC now owns 643,114 shares of the company’s stock worth $134,462,000 after purchasing an additional 267,994 shares during the period. Institutional investors and hedge funds own 56.71% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Wells Fargo & Company lifted their price target on shares of Carvana from $390.00 to $425.00 and gave the stock an “overweight” rating in a report on Thursday, July 31st. Piper Sandler lifted their target price on shares of Carvana from $340.00 to $440.00 and gave the stock an “overweight” rating in a research note on Thursday, July 31st. JMP Securities lifted their target price on shares of Carvana from $440.00 to $460.00 and gave the stock a “market outperform” rating in a research note on Thursday, July 31st. Royal Bank Of Canada lifted their target price on shares of Carvana from $400.00 to $460.00 and gave the stock an “outperform” rating in a research note on Thursday, July 31st. Finally, William Blair reissued an “outperform” rating on shares of Carvana in a research note on Wednesday, July 23rd. Twelve equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, Carvana has an average rating of “Moderate Buy” and an average target price of $387.88.

Insider Activity

In other news, CEO Ernest C. Garcia III sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 24th. The shares were sold at an average price of $373.76, for a total value of $3,737,600.00. Following the sale, the chief executive officer owned 401,440 shares of the company’s stock, valued at $150,042,214.40. The trade was a 2.43% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders have sold a total of 2,381,066 shares of company stock valued at $848,256,074 over the last 90 days. Insiders own 17.12% of the company’s stock.

Carvana Trading Down 0.5%

Shares of CVNA stock opened at $369.45 on Friday. Carvana Co. has a 52-week low of $148.25 and a 52-week high of $413.33. The company has a debt-to-equity ratio of 2.51, a quick ratio of 2.58 and a current ratio of 4.00. The company has a 50-day simple moving average of $359.61 and a two-hundred day simple moving average of $302.58. The company has a market capitalization of $79.51 billion, a price-to-earnings ratio of 92.59, a PEG ratio of 1.21 and a beta of 3.51.

Carvana (NYSE:CVNA) last issued its quarterly earnings data on Wednesday, July 30th. The company reported $1.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.09 by $0.19. The business had revenue of $4.84 billion during the quarter, compared to the consensus estimate of $4.54 billion. Carvana had a net margin of 3.46% and a return on equity of 40.57%. The firm’s quarterly revenue was up 41.9% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.05) EPS. Research analysts anticipate that Carvana Co. will post 2.85 EPS for the current fiscal year.

Carvana Profile

Carvana Co, together with its subsidiaries, operates an e-commerce platform for buying and selling used cars in the United States. Its platform allows customers to research and identify a vehicle; inspect it using company's 360-degree vehicle imaging technology; obtain financing and warranty coverage; purchase the vehicle; and schedule delivery or pick-up from their desktop or mobile devices.