Alta Advisers Ltd Takes Position in Carvana Co. $CVNA

Alta Advisers Ltd purchased a new stake in Carvana Co. (NYSE:CVNA) during the second quarter, Holdings Channel.com reports. The firm purchased 601 shares of the company’s stock, valued at approximately $203,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Hilltop National Bank purchased a new position in shares of Carvana in the 2nd quarter valued at $25,000. Brooklyn Investment Group increased its holdings in shares of Carvana by 961.5% in the 1st quarter. Brooklyn Investment Group now owns 138 shares of the company’s stock valued at $29,000 after acquiring an additional 125 shares during the period. N.E.W. Advisory Services LLC purchased a new position in shares of Carvana in the 1st quarter valued at $33,000. SJS Investment Consulting Inc. increased its holdings in shares of Carvana by 960.0% in the 2nd quarter. SJS Investment Consulting Inc. now owns 106 shares of the company’s stock valued at $36,000 after acquiring an additional 96 shares during the period. Finally, Geneos Wealth Management Inc. increased its holdings in shares of Carvana by 251.4% in the 1st quarter. Geneos Wealth Management Inc. now owns 253 shares of the company’s stock valued at $53,000 after acquiring an additional 181 shares during the period. 56.71% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the company. Wells Fargo & Company lifted their price target on Carvana from $390.00 to $425.00 and gave the company an “overweight” rating in a report on Thursday, July 31st. Jefferies Financial Group set a $475.00 price target on Carvana and gave the company a “buy” rating in a report on Wednesday, October 1st. DA Davidson boosted their target price on Carvana from $260.00 to $380.00 and gave the stock a “neutral” rating in a research note on Thursday, July 31st. JPMorgan Chase & Co. boosted their target price on Carvana from $415.00 to $425.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 17th. Finally, BTIG Research restated a “buy” rating and set a $450.00 target price on shares of Carvana in a research note on Friday. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $407.44.

Carvana Stock Performance

Shares of CVNA opened at $330.58 on Friday. The stock has a 50-day moving average of $365.17 and a two-hundred day moving average of $315.32. Carvana Co. has a one year low of $148.25 and a one year 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 stock has a market cap of $71.14 billion, a P/E ratio of 82.85, a P/E/G ratio of 1.08 and a beta of 3.55.

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

Insider Activity

In other news, major shareholder Ernest C. Garcia II sold 93,376 shares of the business’s stock in a transaction dated Thursday, July 31st. The stock was sold at an average price of $394.16, for a total value of $36,805,084.16. Following the completion of the transaction, the insider owned 6,624 shares of the company’s stock, valued at $2,610,915.84. The trade was a 93.38% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Daniel J. Gill sold 80,000 shares of the business’s stock in a transaction dated Thursday, July 31st. The shares were sold at an average price of $398.91, for a total value of $31,912,800.00. Following the completion of the transaction, the insider directly owned 197,832 shares of the company’s stock, valued at approximately $78,917,163.12. This trade represents a 28.79% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,996,820 shares of company stock valued at $719,703,146 in the last quarter. 17.12% of the stock is currently owned by company insiders.

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.