QRG Capital Management Inc. Purchases 7,194 Shares of Carvana Co. $CVNA

QRG Capital Management Inc. grew its position in shares of Carvana Co. (NYSE:CVNA) by 243.7% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 10,146 shares of the company’s stock after purchasing an additional 7,194 shares during the quarter. QRG Capital Management Inc.’s holdings in Carvana were worth $3,419,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the company. Wealth Enhancement Advisory Services LLC grew its position in Carvana by 16.1% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 2,513 shares of the company’s stock valued at $511,000 after acquiring an additional 348 shares during the last quarter. Wedmont Private Capital purchased a new stake in shares of Carvana in the 1st quarter valued at $307,000. Farther Finance Advisors LLC grew its holdings in shares of Carvana by 333.1% during the 1st quarter. Farther Finance Advisors LLC now owns 3,482 shares of the company’s stock valued at $740,000 after purchasing an additional 2,678 shares during the last quarter. Yousif Capital Management LLC grew its holdings in shares of Carvana by 4.1% during the 1st quarter. Yousif Capital Management LLC now owns 1,266 shares of the company’s stock valued at $265,000 after purchasing an additional 50 shares during the last quarter. Finally, GAMMA Investing LLC raised its position in Carvana by 31.4% in the 1st quarter. GAMMA Investing LLC now owns 1,030 shares of the company’s stock worth $215,000 after purchasing an additional 246 shares during the period. Institutional investors own 56.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have issued reports on CVNA. JPMorgan Chase & Co. upped their price target on shares of Carvana from $415.00 to $425.00 and gave the company an “overweight” rating in a research report on Wednesday, September 17th. Oppenheimer upgraded Carvana from a “market perform” rating to an “outperform” rating and set a $450.00 target price for the company in a report on Friday, July 25th. Evercore ISI raised their price target on Carvana from $365.00 to $370.00 and gave the stock an “in-line” rating in a research report on Tuesday, August 12th. Royal Bank Of Canada boosted their price objective on Carvana from $400.00 to $460.00 and gave the company an “outperform” rating in a research report on Thursday, July 31st. Finally, Piper Sandler raised their target price on shares of Carvana from $340.00 to $440.00 and gave the stock an “overweight” rating in a report on Thursday, July 31st. Thirteen equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $404.94.

Insider Transactions at Carvana

In other Carvana news, VP Stephen R. Palmer sold 1,000 shares of Carvana stock in a transaction that occurred on Wednesday, October 1st. The stock was sold at an average price of $390.14, for a total transaction of $390,140.00. Following the sale, the vice president directly owned 43,513 shares of the company’s stock, valued at approximately $16,976,161.82. The trade was a 2.25% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Mark W. Jenkins sold 12,750 shares of the company’s stock in a transaction that occurred on 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 transaction, the chief financial officer owned 207,362 shares in the company, valued at $80,719,805.74. This trade represents a 5.79% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 2,200,214 shares of company stock worth $790,750,679. 16.36% of the stock is owned by corporate insiders.

Carvana Price Performance

Shares of CVNA stock opened at $369.90 on Tuesday. The firm has a market cap of $79.60 billion, a P/E ratio of 92.71, a P/E/G ratio of 1.23 and a beta of 3.55. Carvana Co. has a fifty-two week low of $148.25 and a fifty-two week high of $413.33. The business’s 50 day moving average price is $365.31 and its 200-day moving average price is $312.06. 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 announced its earnings results on Wednesday, July 30th. The company reported $1.28 EPS for the quarter, beating analysts’ consensus estimates of $1.09 by $0.19. The company had revenue of $4.84 billion during the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.05) earnings per share. On average, equities research analysts anticipate that Carvana Co. will post 2.85 earnings per share for the current 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.