Styrax Capital LP Purchases 1,200,000 Shares of Carvana Co. $CVNA

Styrax Capital LP lifted its position in shares of Carvana Co. (NYSE:CVNA) by 400.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,500,000 shares of the company’s stock after purchasing an additional 1,200,000 shares during the quarter. Carvana makes up about 6.5% of Styrax Capital LP’s investment portfolio, making the stock its 8th largest position. Styrax Capital LP’s holdings in Carvana were worth $98,730,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of CVNA. Royal Bank of Canada grew its stake in shares of Carvana by 40.8% in the 1st quarter. Royal Bank of Canada now owns 29,867 shares of the company’s stock valued at $6,243,000 after purchasing an additional 8,654 shares during the period. Geneos Wealth Management Inc. raised its stake in Carvana by 251.4% during the first quarter. Geneos Wealth Management Inc. now owns 253 shares of the company’s stock worth $53,000 after acquiring an additional 181 shares in the last quarter. Cerity Partners LLC raised its stake in Carvana by 28.8% during the second quarter. Cerity Partners LLC now owns 5,481 shares of the company’s stock worth $1,847,000 after acquiring an additional 1,226 shares in the last quarter. AXA S.A. lifted its holdings in shares of Carvana by 340.7% during the second quarter. AXA S.A. now owns 4,253 shares of the company’s stock valued at $1,433,000 after acquiring an additional 3,288 shares during the period. Finally, NewEdge Advisors LLC lifted its holdings in shares of Carvana by 9.1% during the second quarter. NewEdge Advisors LLC now owns 9,893 shares of the company’s stock valued at $3,334,000 after acquiring an additional 825 shares during the period. 56.71% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on CVNA shares. BTIG Research reiterated a “buy” rating and set a $87.00 target price on shares of Carvana in a research report on Tuesday, August 18th. DA Davidson set a $67.00 price objective on shares of Carvana in a research note on Thursday, July 30th. Morgan Stanley set a $90.00 price objective on shares of Carvana and gave the stock an “overweight” rating in a report on Thursday, July 30th. BNP Paribas Exane cut their target price on shares of Carvana from $86.00 to $69.00 and set a “hold” rating for the company in a research note on Thursday, July 30th. Finally, Hovde Group boosted their target price on Carvana from $39.50 to $48.00 and gave the stock a “market perform” rating in a report on Tuesday, August 4th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and seven have issued a Hold rating to the stock. According to MarketBeat.com, Carvana has an average rating of “Moderate Buy” and a consensus target price of $84.14.

Insider Activity

In other Carvana news, Director J Quayle sold 14,525 shares of the company’s stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $75.00, for a total transaction of $1,089,375.00. Following the transaction, the director directly owned 214,960 shares in the company, valued at approximately $16,122,000. This represents a 6.33% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Benjamin E. Huston sold 50,000 shares of the firm’s stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $71.55, for a total transaction of $3,577,500.00. Following the completion of the transaction, the chief operating officer directly owned 478,693 shares in the company, valued at $34,250,484.15. This trade represents a 9.46% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 420,897 shares of company stock worth $28,914,626. Corporate insiders own 15.19% of the company’s stock.

Carvana Stock Up 1.7%

NYSE CVNA opened at $74.65 on Friday. The stock has a fifty day moving average of $68.89 and a 200-day moving average of $68.31. The stock has a market capitalization of $82.15 billion, a P/E ratio of 41.29, a price-to-earnings-growth ratio of 2.18 and a beta of 3.49. Carvana Co. has a 52 week low of $54.46 and a 52 week high of $97.38. The company has a debt-to-equity ratio of 0.94, a quick ratio of 2.33 and a current ratio of 3.93.

Carvana (NYSE:CVNA) last issued its quarterly earnings results on Wednesday, July 29th. The company reported $0.42 earnings per share (EPS) for the quarter, beating 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 firm’s revenue for the quarter was up 52.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.51 earnings per share. On average, equities research analysts forecast that Carvana Co. will post 1.68 EPS for the current year.

About Carvana

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.