Sagespring Wealth Partners LLC Acquires New Stake in Carvana Co. $CVNA

Sagespring Wealth Partners LLC acquired a new stake in Carvana Co. (NYSE:CVNA) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 1,082 shares of the company’s stock, valued at approximately $365,000.

Several other hedge funds also recently made changes to their positions in the company. J.Safra Asset Management Corp boosted its holdings in shares of Carvana by 140.8% in the first quarter. J.Safra Asset Management Corp now owns 3,390 shares of the company’s stock valued at $709,000 after acquiring an additional 1,982 shares in the last quarter. Berkshire Capital Holdings Inc. lifted its position in Carvana by 632,200.0% in the first quarter. Berkshire Capital Holdings Inc. now owns 63,230 shares of the company’s stock valued at $13,220,000 after purchasing an additional 63,220 shares during the period. Praxis Investment Management Inc. boosted its holdings in Carvana by 56.0% in the 1st quarter. Praxis Investment Management Inc. now owns 4,400 shares of the company’s stock valued at $920,000 after purchasing an additional 1,580 shares in the last quarter. Hexagon Capital Partners LLC increased its position in Carvana by 1,791.2% during the 1st quarter. Hexagon Capital Partners LLC now owns 2,591 shares of the company’s stock worth $542,000 after purchasing an additional 2,454 shares during the period. Finally, Stratos Wealth Partners LTD. acquired a new position in Carvana during the 1st quarter worth approximately $359,000. Institutional investors and hedge funds own 56.71% of the company’s stock.

Insider Buying and Selling at Carvana

In other news, insider Daniel J. Gill sold 80,000 shares of the firm’s stock in a transaction that occurred on Thursday, July 31st. The shares were sold at an average price of $398.91, for a total transaction 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 $78,917,163.12. This trade represents a 28.79% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Ernest C. Garcia II sold 93,376 shares of the company’s stock in a transaction that occurred on Thursday, July 31st. The shares were sold at an average price of $394.16, for a total value of $36,805,084.16. Following the completion of the sale, the insider directly owned 6,624 shares in the company, valued at approximately $2,610,915.84. The trade was a 93.38% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 1,678,292 shares of company stock worth $608,812,907. 17.12% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

CVNA has been the subject of several recent analyst reports. Citigroup reissued a “buy” rating on shares of Carvana in a report on Thursday, October 9th. Wall Street Zen raised Carvana from a “hold” rating to a “buy” rating in a report on Saturday, October 11th. Gordon Haskett initiated coverage on shares of Carvana in a research report on Monday, July 14th. They set a “hold” rating and a $329.00 target price on the stock. JPMorgan Chase & Co. increased their price target on shares of Carvana from $415.00 to $425.00 and gave the company an “overweight” rating in a report on Wednesday, September 17th. Finally, Bank of America raised their price objective on shares of Carvana from $375.00 to $425.00 and gave the company a “buy” rating in a research note on Thursday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $407.44.

Carvana Stock Performance

NYSE CVNA opened at $333.28 on Friday. The business has a 50 day moving average price of $364.10 and a 200 day moving average price of $319.28. The company has a market capitalization of $71.72 billion, a P/E ratio of 83.53, a PEG ratio of 1.12 and a beta of 3.55. Carvana Co. has a 1-year low of $148.25 and a 1-year high of $413.33. The company has a debt-to-equity ratio of 2.51, a current ratio of 4.00 and a quick ratio of 2.58.

Carvana (NYSE:CVNA) last posted its earnings results on Wednesday, July 30th. The company reported $1.28 earnings per share for the quarter, beating the consensus estimate of $1.09 by $0.19. The company had revenue of $4.84 billion for the quarter, compared to analyst estimates of $4.54 billion. Carvana had a return on equity of 40.57% and a net margin of 3.46%.Carvana’s revenue was up 41.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.05) earnings per share. Sell-side analysts expect that Carvana Co. will post 2.85 EPS for the current fiscal year.

About Carvana

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.