Empowered Funds LLC Acquires Shares of 2,835 Carvana Co. (NYSE:CVNA)

Empowered Funds LLC purchased a new position in Carvana Co. (NYSE:CVNA) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 2,835 shares of the company’s stock, valued at approximately $494,000.

A number of other large investors also recently added to or reduced their stakes in CVNA. Ridgewood Investments LLC acquired a new position in Carvana in the second quarter valued at about $32,000. Sugarloaf Wealth Management LLC purchased a new stake in shares of Carvana in the 3rd quarter valued at approximately $32,000. Summit Securities Group LLC raised its stake in Carvana by 110.0% in the second quarter. Summit Securities Group LLC now owns 300 shares of the company’s stock valued at $39,000 after buying an additional 3,300 shares in the last quarter. Capital Performance Advisors LLP acquired a new stake in shares of Carvana during the 3rd quarter worth about $40,000. Finally, Fifth Third Bancorp raised its holdings in Carvana by 450.8% during the second quarter. Fifth Third Bancorp now owns 336 shares of the company’s stock worth $43,000 after purchasing an additional 275 shares in the last quarter. 56.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. Morgan Stanley upgraded Carvana from an “underweight” rating to an “equal weight” rating and raised their price target for the stock from $110.00 to $260.00 in a research note on Tuesday, November 5th. Wells Fargo & Company upped their price target on Carvana from $175.00 to $250.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 23rd. Citigroup boosted their price target on shares of Carvana from $125.00 to $195.00 and gave the stock a “neutral” rating in a research note on Thursday, October 3rd. DA Davidson lifted their price target on Carvana from $110.00 to $155.00 and gave the company a “neutral” rating in a research note on Thursday, August 1st. Finally, JMP Securities boosted their price objective on shares of Carvana from $200.00 to $320.00 and gave the stock a “market outperform” rating in a report on Thursday, October 31st. Eleven equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat, Carvana has an average rating of “Hold” and a consensus price target of $217.71.

Carvana Price Performance

Shares of CVNA stock opened at $259.36 on Monday. The stock has a 50 day moving average of $203.96 and a two-hundred day moving average of $154.76. The company has a current ratio of 3.25, a quick ratio of 2.12 and a debt-to-equity ratio of 18.99. The company has a market capitalization of $53.85 billion, a P/E ratio of 25,961.96 and a beta of 3.37. Carvana Co. has a 12 month low of $29.84 and a 12 month high of $263.61.

Carvana (NYSE:CVNA) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $0.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.23 by $0.41. The business had revenue of $3.66 billion during the quarter, compared to the consensus estimate of $3.47 billion. The company’s quarterly revenue was up 31.8% compared to the same quarter last year. During the same period last year, the firm earned $0.23 EPS. As a group, equities analysts expect that Carvana Co. will post 0.76 EPS for the current year.

Insider Buying and Selling

In other Carvana news, major shareholder Ernest C. Garcia II sold 100,000 shares of the company’s stock in a transaction dated Wednesday, August 28th. The shares were sold at an average price of $155.69, for a total transaction of $15,569,000.00. Following the sale, the insider now directly owns 41,233,131 shares of the company’s stock, valued at approximately $6,419,586,165.39. This represents a 0.24 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Mark W. Jenkins sold 20,000 shares of Carvana stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $241.78, for a total transaction of $4,835,600.00. Following the completion of the transaction, the chief financial officer now owns 170,732 shares of the company’s stock, valued at $41,279,582.96. This trade represents a 10.49 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,318,063 shares of company stock valued at $420,434,579 over the last quarter. Corporate insiders own 17.12% of the company’s stock.

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.