Bayforest Capital Ltd Boosts Holdings in Carvana Co. $CVNA

Bayforest Capital Ltd grew its position in shares of Carvana Co. (NYSE:CVNA) by 13.7% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,016 shares of the company’s stock after purchasing an additional 243 shares during the period. Bayforest Capital Ltd’s holdings in Carvana were worth $679,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Sagespring Wealth Partners LLC acquired a new stake in shares of Carvana in the second quarter worth approximately $365,000. Revolve Wealth Partners LLC bought a new stake in Carvana during the second quarter valued at $244,000. Atria Wealth Solutions Inc. bought a new stake in Carvana during the second quarter valued at $564,000. Envestnet Portfolio Solutions Inc. bought a new stake in Carvana during the second quarter valued at $898,000. Finally, Yousif Capital Management LLC increased its stake in Carvana by 26.6% during the second quarter. Yousif Capital Management LLC now owns 1,603 shares of the company’s stock valued at $540,000 after purchasing an additional 337 shares during the last quarter. 56.71% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the stock. Oppenheimer upgraded shares of Carvana from a “market perform” rating to an “outperform” rating and set a $450.00 price target for the company in a research report on Friday, July 25th. Piper Sandler upped their price objective on shares of Carvana from $340.00 to $440.00 and gave the company an “overweight” rating in a research note on Thursday, July 31st. Needham & Company LLC upped their price objective on shares of Carvana from $340.00 to $500.00 and gave the company a “buy” rating in a research note on Thursday, July 31st. JMP Securities upped their target price on Carvana from $440.00 to $460.00 and gave the company a “market outperform” rating in a report on Thursday, July 31st. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Carvana in a report on Saturday, September 27th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, Carvana presently has an average rating of “Moderate Buy” and a consensus price target of $407.44.

Insider Transactions at Carvana

In related news, insider Paul W. Breaux sold 15,000 shares of Carvana stock in a transaction dated Wednesday, October 1st. The stock was sold at an average price of $398.00, for a total value of $5,970,000.00. Following the completion of the sale, the insider directly owned 81,716 shares in the company, valued at $32,522,968. This trade represents a 15.51% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Mark W. Jenkins sold 12,750 shares of Carvana stock in a transaction dated Wednesday, October 1st. The stock was sold at an average price of $389.27, for a total value of $4,963,192.50. Following the completion of the sale, the chief financial officer owned 207,362 shares of the company’s stock, valued at approximately $80,719,805.74. The trade was a 5.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,838,292 shares of company stock valued at $664,602,807. 16.36% of the stock is currently owned by insiders.

Carvana Stock Up 2.9%

Shares of NYSE CVNA opened at $338.77 on Tuesday. The stock has a market cap of $72.90 billion, a PE ratio of 84.91, a PEG ratio of 1.07 and a beta of 3.55. The business has a fifty day moving average of $364.73 and a two-hundred day moving average of $317.04. 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.

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

Carvana Company 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.