Legacy Capital Group California Inc. Takes Position in Carvana Co. (NYSE:CVNA)

Legacy Capital Group California Inc. bought a new stake in shares of Carvana Co. (NYSE:CVNA) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 7,170 shares of the company’s stock, valued at approximately $1,248,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Price T Rowe Associates Inc. MD increased its stake in shares of Carvana by 39.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,459,065 shares of the company’s stock worth $655,727,000 after acquiring an additional 2,112,463 shares during the last quarter. Sylebra Capital LLC acquired a new stake in shares of Carvana in the 2nd quarter worth $67,686,000. Senator Investment Group LP acquired a new stake in shares of Carvana in the 2nd quarter worth $63,767,000. Driehaus Capital Management LLC increased its stake in shares of Carvana by 124.9% in the 2nd quarter. Driehaus Capital Management LLC now owns 581,787 shares of the company’s stock worth $74,888,000 after acquiring an additional 323,153 shares during the last quarter. Finally, Assenagon Asset Management S.A. acquired a new stake in shares of Carvana in the 2nd quarter worth $39,997,000. Hedge funds and other institutional investors own 56.71% of the company’s stock.

Wall Street Analysts Forecast Growth

CVNA has been the subject of a number of recent research reports. Royal Bank of Canada raised Carvana to a “sector perform” rating and raised their target price for the stock from $166.00 to $170.00 in a research note on Monday, August 19th. Bank of America raised their price objective on Carvana from $185.00 to $210.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. JPMorgan Chase & Co. raised their price objective on Carvana from $185.00 to $230.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 9th. Evercore ISI raised their price objective on Carvana from $178.00 to $182.00 and gave the stock an “in-line” rating in a research report on Tuesday. Finally, TD Cowen raised their price objective on Carvana from $110.00 to $148.00 and gave the stock a “hold” rating in a research report on Thursday, August 1st. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, Carvana has an average rating of “Hold” and a consensus target price of $182.29.

Insiders Place Their Bets

In related news, insider Daniel J. Gill sold 41,163 shares of the firm’s stock in a transaction dated Thursday, October 24th. The shares were sold at an average price of $200.11, for a total value of $8,237,127.93. Following the completion of the sale, the insider now owns 283,287 shares in the company, valued at $56,688,561.57. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, insider Daniel J. Gill sold 41,163 shares of the firm’s stock in a transaction dated Thursday, October 24th. The shares were sold at an average price of $200.11, for a total value of $8,237,127.93. Following the completion of the sale, the insider now owns 283,287 shares in the company, valued at $56,688,561.57. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Ernest C. Garcia II sold 75,000 shares of the firm’s stock in a transaction dated Monday, July 29th. The shares were sold at an average price of $128.81, for a total transaction of $9,660,750.00. Following the transaction, the insider now owns 1,715,814 shares of the company’s stock, valued at $221,014,001.34. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,840,077 shares of company stock valued at $466,398,541 over the last quarter. Company insiders own 17.12% of the company’s stock.

Carvana Stock Performance

Shares of CVNA opened at $200.19 on Friday. The stock has a 50-day simple moving average of $167.04 and a 200-day simple moving average of $132.01. The stock has a market capitalization of $40.55 billion, a PE ratio of 87.80 and a beta of 3.44. Carvana Co. has a 1 year low of $25.09 and a 1 year high of $203.24. The company has a debt-to-equity ratio of 47.20, a quick ratio of 2.02 and a current ratio of 3.11.

Carvana (NYSE:CVNA) last posted its earnings results on Wednesday, July 31st. The company reported $0.14 earnings per share for the quarter. The business had revenue of $3.41 billion for the quarter, compared to analysts’ expectations of $3.23 billion. On average, analysts predict that Carvana Co. will post 0.29 earnings per share for the current fiscal year.

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.