Great Lakes Advisors LLC Buys Shares of 12,673 Carvana Co. $CVNA

Great Lakes Advisors LLC bought a new stake in Carvana Co. (NYSE:CVNA) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 12,673 shares of the company’s stock, valued at approximately $834,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Commerzbank Aktiengesellschaft FI purchased a new stake in shares of Carvana during the second quarter worth approximately $234,000. Trust Asset Management LLC lifted its holdings in Carvana by 400.0% in the 2nd quarter. Trust Asset Management LLC now owns 7,785 shares of the company’s stock valued at $512,000 after purchasing an additional 6,228 shares in the last quarter. Annex Advisory Services LLC lifted its holdings in Carvana by 405.8% in the 2nd quarter. Annex Advisory Services LLC now owns 10,643 shares of the company’s stock valued at $701,000 after purchasing an additional 8,539 shares in the last quarter. Tema ETFs LLC boosted its stake in Carvana by 451.0% during the 2nd quarter. Tema ETFs LLC now owns 13,919 shares of the company’s stock worth $916,000 after purchasing an additional 11,393 shares during the last quarter. Finally, E. Ohman J or Asset Management AB boosted its stake in Carvana by 400.0% during the 2nd quarter. E. Ohman J or Asset Management AB now owns 21,000 shares of the company’s stock worth $1,382,000 after purchasing an additional 16,800 shares during the last quarter. Hedge funds and other institutional investors own 56.71% of the company’s stock.

Insider Activity

In related news, Director Ira J. Platt sold 15,000 shares of the firm’s stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $75.50, for a total transaction of $1,132,500.00. Following the completion of the sale, the director directly owned 186,470 shares in the company, valued at approximately $14,078,485. This trade represents a 7.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Mark W. Jenkins sold 63,750 shares of Carvana stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $64.50, for a total transaction of $4,111,875.00. Following the transaction, the chief financial officer directly owned 1,156,534 shares in the company, valued at $74,596,443. This trade represents a 5.22% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 420,897 shares of company stock valued at $28,777,664 in the last quarter. Insiders own 15.19% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently commented on CVNA. UBS Group reiterated a “buy” rating and issued a $83.00 target price on shares of Carvana in a research report on Friday, July 31st. Hovde Group boosted their price target on shares of Carvana from $39.50 to $48.00 and gave the stock a “market perform” rating in a research report on Tuesday, August 4th. Gordon Haskett boosted their price target on shares of Carvana from $67.00 to $85.00 and gave the stock a “hold” rating in a research report on Thursday, April 30th. Barclays dropped their price objective on shares of Carvana from $94.00 to $93.00 and set an “overweight” rating for the company in a research note on Friday, July 31st. Finally, Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $80.00 price objective on shares of Carvana in a report on Friday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $84.14.

Carvana Stock Down 2.3%

Shares of NYSE:CVNA opened at $69.90 on Friday. Carvana Co. has a 52-week low of $54.46 and a 52-week high of $97.38. The stock has a market cap of $76.92 billion, a P/E ratio of 38.66, a PEG ratio of 2.54 and a beta of 3.46. The business has a fifty day moving average of $67.39 and a two-hundred day moving average of $68.55. The company has a quick ratio of 2.33, a current ratio of 3.93 and a debt-to-equity ratio of 0.94.

Carvana (NYSE:CVNA) last posted its quarterly earnings results on Wednesday, July 29th. The company reported $0.42 EPS for the quarter, topping the consensus estimate of $0.39 by $0.03. The business had revenue of $7.38 billion for the quarter, compared to analyst estimates of $6.90 billion. Carvana had a return on equity of 37.06% and a net margin of 6.26%.The company’s quarterly revenue was up 52.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.51 EPS. On average, research analysts expect that Carvana Co. will post 1.68 earnings per share for the current year.

Carvana Profile

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.