Sugarloaf Wealth Management LLC Invests $32,000 in Carvana Co. (NYSE:CVNA)

Sugarloaf Wealth Management LLC bought a new stake in Carvana Co. (NYSE:CVNA) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 185 shares of the company’s stock, valued at approximately $32,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Ridgewood Investments LLC acquired a new position in Carvana in the 2nd quarter valued at approximately $32,000. Summit Securities Group LLC raised its stake in shares of Carvana by 110.0% in the 2nd 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. Fifth Third Bancorp lifted its stake 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 during the period. Benjamin F. Edwards & Company Inc. acquired a new position in shares of Carvana in the 2nd quarter worth approximately $51,000. Finally, GAMMA Investing LLC raised its holdings in shares of Carvana by 127.9% in the 2nd quarter. GAMMA Investing LLC now owns 458 shares of the company’s stock worth $59,000 after buying an additional 257 shares in the last quarter. Institutional investors and hedge funds own 56.71% of the company’s stock.

Carvana Stock Performance

CVNA opened at $190.96 on Wednesday. The company has a market capitalization of $38.68 billion, a price-to-earnings ratio of 83.75 and a beta of 3.44. The business’s 50-day moving average price is $153.92 and its two-hundred day moving average price is $123.62. Carvana Co. has a 1 year low of $25.09 and a 1 year high of $191.00. The company has a debt-to-equity ratio of 47.20, a current ratio of 3.11 and a quick ratio of 2.02.

Carvana (NYSE:CVNA) last announced its earnings results on Wednesday, July 31st. The company reported $0.14 earnings per share (EPS) for the quarter. The firm had revenue of $3.41 billion during the quarter, compared to analyst estimates of $3.23 billion. Equities analysts expect that Carvana Co. will post 0.27 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, major shareholder Ernest C. Garcia II sold 100,000 shares of the firm’s stock in a transaction on Friday, October 4th. The shares were sold at an average price of $179.06, for a total value of $17,906,000.00. Following the completion of the transaction, the insider now directly owns 38,858,131 shares of the company’s stock, valued at approximately $6,957,936,936.86. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Ira J. Platt sold 664 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $150.00, for a total value of $99,600.00. Following the completion of the sale, the director now directly owns 30,227 shares of the company’s stock, valued at $4,534,050. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, major shareholder Ernest C. Garcia II sold 100,000 shares of the business’s stock in a transaction that occurred on Friday, October 4th. The stock was sold at an average price of $179.06, for a total value of $17,906,000.00. Following the transaction, the insider now directly owns 38,858,131 shares in the company, valued at $6,957,936,936.86. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,586,866 shares of company stock valued at $389,372,534 in the last 90 days. 17.12% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

CVNA has been the topic of a number of analyst reports. Citigroup upped their price target on Carvana from $125.00 to $195.00 and gave the company a “neutral” rating in a research report on Thursday, October 3rd. Bank of America reiterated a “buy” rating and issued a $185.00 target price on shares of Carvana in a research note on Tuesday, September 17th. Wells Fargo & Company upgraded Carvana from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $77.00 to $175.00 in a research report on Thursday, August 1st. BTIG Research lifted their price objective on Carvana from $155.00 to $188.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. Finally, Morgan Stanley increased their target price on Carvana from $75.00 to $110.00 and gave the stock an “underweight” rating in a report on Thursday, August 1st. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and eight have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $158.72.

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.