Alta Advisers Ltd Acquires New Position in Carvana Co. $CVNA

Alta Advisers Ltd acquired a new stake in shares of Carvana Co. (NYSE:CVNA) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 601 shares of the company’s stock, valued at approximately $203,000.

A number of other hedge funds also recently made changes to their positions in the stock. Price T Rowe Associates Inc. MD grew its stake in shares of Carvana by 13.9% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 14,950,011 shares of the company’s stock valued at $3,125,749,000 after acquiring an additional 1,823,218 shares during the period. Vanguard Group Inc. grew its position in shares of Carvana by 9.7% during the first quarter. Vanguard Group Inc. now owns 12,534,843 shares of the company’s stock worth $2,620,785,000 after purchasing an additional 1,109,476 shares in the last quarter. T. Rowe Price Investment Management Inc. grew its position in shares of Carvana by 1.4% during the first quarter. T. Rowe Price Investment Management Inc. now owns 692,725 shares of the company’s stock worth $144,835,000 after purchasing an additional 9,694 shares in the last quarter. Northern Trust Corp grew its position in shares of Carvana by 5.4% during the first quarter. Northern Trust Corp now owns 685,864 shares of the company’s stock worth $143,400,000 after purchasing an additional 35,168 shares in the last quarter. Finally, Contour Asset Management LLC grew its position in shares of Carvana by 71.4% during the first quarter. Contour Asset Management LLC now owns 643,114 shares of the company’s stock worth $134,462,000 after purchasing an additional 267,994 shares in the last quarter. 56.71% of the stock is currently owned by institutional investors.

Carvana Price Performance

NYSE:CVNA opened at $330.58 on Friday. 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. The firm has a market capitalization of $71.14 billion, a price-to-earnings ratio of 82.85, a PEG ratio of 1.08 and a beta of 3.55. The business has a 50 day simple moving average of $365.17 and a 200-day simple moving average of $315.32.

Carvana (NYSE:CVNA) last issued its quarterly earnings results on Wednesday, July 30th. The company reported $1.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.09 by $0.19. Carvana had a return on equity of 40.57% and a net margin of 3.46%.The firm had revenue of $4.84 billion during the quarter, compared to analyst estimates of $4.54 billion. During the same period last year, the company earned ($0.05) EPS. Carvana’s quarterly revenue was up 41.9% compared to the same quarter last year. Equities analysts forecast that Carvana Co. will post 2.85 EPS for the current year.

Analyst Ratings Changes

Several research firms recently issued reports on CVNA. Weiss Ratings reiterated a “hold (c)” rating on shares of Carvana in a research report on Saturday, September 27th. Stephens reiterated an “overweight” rating and set a $440.00 target price on shares of Carvana in a research report on Tuesday, September 23rd. Citigroup reiterated a “buy” rating on shares of Carvana in a research report on Thursday. Needham & Company LLC increased their target price on Carvana from $340.00 to $500.00 and gave the stock a “buy” rating in a research report on Thursday, July 31st. Finally, Wall Street Zen upgraded Carvana from a “hold” rating to a “buy” rating in a research report on Saturday. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $407.44.

Insider Buying and Selling at Carvana

In other Carvana news, COO Benjamin E. Huston sold 10,000 shares of Carvana stock in a transaction on Wednesday, October 1st. The stock was sold at an average price of $389.27, for a total transaction of $3,892,700.00. Following the completion of the sale, the chief operating officer directly owned 103,197 shares of the company’s stock, valued at $40,171,496.19. The trade was a 8.83% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Mark W. Jenkins sold 12,750 shares of Carvana stock in a transaction on Wednesday, October 1st. The shares were sold at an average price of $389.27, for a total value of $4,963,192.50. Following the sale, the chief financial officer directly owned 207,362 shares of the company’s stock, valued at approximately $80,719,805.74. This trade represents a 5.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,996,820 shares of company stock worth $719,703,146 over the last quarter. Insiders own 17.12% of the company’s stock.

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.