Concurrent Investment Advisors LLC Boosts Holdings in Carvana Co. $CVNA

Concurrent Investment Advisors LLC boosted its position in Carvana Co. (NYSE:CVNA) by 1.5% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,208 shares of the company’s stock after purchasing an additional 198 shares during the quarter. Concurrent Investment Advisors LLC’s holdings in Carvana were worth $4,451,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of CVNA. Price T Rowe Associates Inc. MD lifted its stake in Carvana by 13.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 14,950,011 shares of the company’s stock worth $3,125,749,000 after purchasing an additional 1,823,218 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of Carvana by 9.7% in the 1st quarter. Vanguard Group Inc. now owns 12,534,843 shares of the company’s stock worth $2,620,785,000 after buying an additional 1,109,476 shares during the last quarter. Alyeska Investment Group L.P. bought a new position in shares of Carvana in the 1st quarter worth $71,856,000. Contour Asset Management LLC increased its holdings in shares of Carvana by 71.4% in the 1st quarter. Contour Asset Management LLC now owns 643,114 shares of the company’s stock worth $134,462,000 after buying an additional 267,994 shares during the last quarter. Finally, National Pension Service bought a new position in shares of Carvana in the 1st quarter worth $39,090,000. 56.71% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on CVNA. Needham & Company LLC increased their price target on shares of Carvana from $340.00 to $500.00 and gave the stock a “buy” rating in a report on Thursday, July 31st. Citigroup reissued a “buy” rating on shares of Carvana in a report on Thursday. Wall Street Zen raised shares of Carvana from a “hold” rating to a “buy” rating in a report on Saturday. Gordon Haskett began coverage on shares of Carvana in a report on Monday, July 14th. They issued a “hold” rating and a $329.00 price target on the stock. Finally, JMP Securities increased their price target on shares of Carvana from $440.00 to $460.00 and gave the stock a “market outperform” rating in a report on Thursday, July 31st. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $407.44.

Insiders Place Their Bets

In other Carvana news, CEO Ernest C. Garcia III sold 2,880 shares of the firm’s stock in a transaction on Thursday, October 9th. The shares were sold at an average price of $355.19, for a total value of $1,022,947.20. Following the sale, the chief executive officer owned 350,000 shares of the company’s stock, valued at $124,316,500. This trade represents a 0.82% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Benjamin E. Huston sold 10,000 shares of the firm’s 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 in the company, valued at approximately $40,171,496.19. This trade represents a 8.83% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,898,292 shares of company stock worth $685,241,007. 16.36% of the stock is currently owned by insiders.

Carvana Price Performance

CVNA stock opened at $330.58 on Monday. The company has a debt-to-equity ratio of 2.51, a quick ratio of 2.58 and a current ratio of 4.00. Carvana Co. has a 52 week low of $148.25 and a 52 week high of $413.33. The firm’s fifty day moving average is $365.17 and its 200 day moving average is $316.10. The firm has a market cap of $71.14 billion, a P/E ratio of 82.85, a P/E/G ratio of 1.07 and a beta of 3.55.

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

Carvana Company 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.