Meridian Wealth Management LLC Buys New Shares in Carvana Co. (NYSE:CVNA)

Meridian Wealth Management LLC bought a new stake in Carvana Co. (NYSE:CVNA) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 1,671 shares of the company’s stock, valued at approximately $340,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of CVNA. Raymond James & Associates boosted its holdings in Carvana by 28.8% in the third quarter. Raymond James & Associates now owns 13,577 shares of the company’s stock valued at $2,364,000 after purchasing an additional 3,033 shares during the period. Wealth Enhancement Advisory Services LLC purchased a new stake in Carvana during the 3rd quarter worth about $377,000. US Bancorp DE lifted its holdings in Carvana by 80.1% during the 3rd quarter. US Bancorp DE now owns 10,342 shares of the company’s stock worth $1,801,000 after buying an additional 4,599 shares during the last quarter. QRG Capital Management Inc. lifted its holdings in Carvana by 16.2% during the 3rd quarter. QRG Capital Management Inc. now owns 6,713 shares of the company’s stock worth $1,169,000 after buying an additional 935 shares during the last quarter. Finally, Hanseatic Management Services Inc. lifted its holdings in Carvana by 23.3% during the 3rd quarter. Hanseatic Management Services Inc. now owns 1,021 shares of the company’s stock worth $178,000 after buying an additional 193 shares during the last quarter. 56.71% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on CVNA. JPMorgan Chase & Co. lifted their price target on Carvana from $300.00 to $350.00 and gave the stock an “overweight” rating in a report on Friday, January 31st. Bank of America lifted their price target on Carvana from $252.00 to $270.00 and gave the stock a “buy” rating in a report on Friday, February 21st. Wells Fargo & Company decreased their price target on Carvana from $300.00 to $275.00 and set an “overweight” rating for the company in a report on Monday, January 6th. Robert W. Baird lifted their price target on Carvana from $200.00 to $250.00 and gave the stock a “neutral” rating in a report on Thursday, February 20th. Finally, William Blair reiterated an “outperform” rating on shares of Carvana in a research report on Thursday, February 20th. Eight investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $265.06.

Carvana Stock Performance

Shares of CVNA stock opened at $216.25 on Thursday. The stock has a market capitalization of $46.10 billion, a PE ratio of 137.74 and a beta of 3.56. Carvana Co. has a 52-week low of $67.61 and a 52-week high of $292.84. The stock’s 50-day moving average price is $232.84 and its 200 day moving average price is $212.80. The company has a quick ratio of 2.12, a current ratio of 3.64 and a debt-to-equity ratio of 3.82.

Carvana (NYSE:CVNA) last issued its quarterly earnings results on Wednesday, February 19th. The company reported $0.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.29 by $0.27. The firm had revenue of $3.55 billion for the quarter, compared to analysts’ expectations of $3.32 billion. Carvana had a return on equity of 36.59% and a net margin of 1.54%. As a group, equities research analysts forecast that Carvana Co. will post 2.85 EPS for the current year.

Insider Buying and Selling at Carvana

In other Carvana news, insider Paul W. Breaux sold 1,362 shares of Carvana stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $270.08, for a total value of $367,848.96. Following the sale, the insider now owns 153,240 shares of the company’s stock, valued at approximately $41,387,059.20. The trade was a 0.88 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Ryan S. Keeton sold 24,845 shares of Carvana stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $247.90, for a total value of $6,159,075.50. Following the completion of the sale, the insider now directly owns 151,029 shares in the company, valued at $37,440,089.10. This represents a 14.13 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 119,629 shares of company stock valued at $30,866,419. 17.18% of the stock is owned by corporate 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.