Deepwater Asset Management LLC Takes Position in Carvana Co. $CVNA

Deepwater Asset Management LLC bought a new position in Carvana Co. (NYSE:CVNA) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 12,885 shares of the company’s stock, valued at approximately $4,861,000. Carvana makes up about 1.9% of Deepwater Asset Management LLC’s holdings, making the stock its 19th largest holding.

Several other institutional investors have also bought and sold shares of CVNA. Royal Bank of Canada raised its stake in Carvana by 40.8% during the first quarter. Royal Bank of Canada now owns 29,867 shares of the company’s stock worth $6,243,000 after acquiring an additional 8,654 shares in the last quarter. Geneos Wealth Management Inc. grew its holdings in shares of Carvana by 251.4% in the 1st quarter. Geneos Wealth Management Inc. now owns 253 shares of the company’s stock worth $53,000 after purchasing an additional 181 shares during the last quarter. AlphaQuest LLC increased its position in shares of Carvana by 41.3% during the 2nd quarter. AlphaQuest LLC now owns 424 shares of the company’s stock worth $143,000 after purchasing an additional 124 shares in the last quarter. Arkadios Wealth Advisors increased its position in shares of Carvana by 29.8% during the 2nd quarter. Arkadios Wealth Advisors now owns 1,501 shares of the company’s stock worth $506,000 after purchasing an additional 345 shares in the last quarter. Finally, Spire Wealth Management lifted its holdings in Carvana by 575.0% during the 2nd quarter. Spire Wealth Management now owns 540 shares of the company’s stock valued at $182,000 after purchasing an additional 460 shares during the last quarter. Institutional investors and hedge funds own 56.71% of the company’s stock.

Analyst Ratings Changes

Several analysts have weighed in on the stock. Gordon Haskett decreased their price objective on shares of Carvana from $435.00 to $350.00 and set a “hold” rating on the stock in a research note on Friday, February 20th. Bank of America decreased their price target on Carvana from $460.00 to $400.00 and set a “buy” rating on the stock in a research report on Thursday, February 19th. Jefferies Financial Group cut their price objective on Carvana from $550.00 to $485.00 and set a “buy” rating for the company in a research report on Monday, February 23rd. Citigroup decreased their target price on Carvana from $550.00 to $465.00 and set a “buy” rating on the stock in a report on Thursday, February 19th. Finally, Wells Fargo & Company cut their price target on Carvana from $525.00 to $425.00 and set an “overweight” rating for the company in a report on Thursday, February 19th. Twenty analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, Carvana currently has a consensus rating of “Moderate Buy” and an average target price of $440.59.

Carvana Trading Down 1.3%

CVNA stock opened at $318.91 on Wednesday. The company has a quick ratio of 2.73, a current ratio of 4.31 and a debt-to-equity ratio of 1.15. Carvana Co. has a twelve month low of $148.25 and a twelve month high of $486.89. The company has a market cap of $69.79 billion, a P/E ratio of 39.67 and a beta of 3.60. The business has a fifty day moving average of $406.55 and a 200-day moving average of $381.11.

Carvana (NYSE:CVNA) last announced its quarterly earnings data on Wednesday, February 18th. The company reported $4.22 EPS for the quarter, topping analysts’ consensus estimates of $1.10 by $3.12. Carvana had a return on equity of 50.96% and a net margin of 6.92%.The firm had revenue of $5.60 billion during the quarter, compared to analyst estimates of $5.24 billion. During the same period last year, the company earned $0.56 earnings per share. The company’s revenue was up 58.0% on a year-over-year basis. As a group, equities research analysts expect that Carvana Co. will post 2.85 EPS for the current year.

Insider Activity at Carvana

In other Carvana news, COO Benjamin E. Huston sold 10,000 shares of Carvana stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $411.27, for a total transaction of $4,112,700.00. Following the completion of the sale, the chief operating officer owned 98,652 shares of the company’s stock, valued at approximately $40,572,608.04. The trade was a 9.20% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Thomas Taira sold 1,047 shares of the company’s stock in a transaction on Monday, February 9th. The shares were sold at an average price of $398.54, for a total transaction of $417,271.38. Following the sale, the insider owned 66,625 shares of the company’s stock, valued at $26,552,727.50. The trade was a 1.55% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 300,673 shares of company stock worth $133,268,531 over the last 90 days. Insiders own 16.36% of the company’s stock.

Carvana Profile

Carvana Co is an online-only retailer of used vehicles that operates a consumer-facing e-commerce platform for buying and selling cars. The company markets and sells inspected, reconditioned pre-owned vehicles through its website, where shoppers can browse inventory, view detailed 360-degree photos and vehicle history reports, finance purchases, and arrange delivery or pickup. Carvana’s model is built around a digital end-to-end car buying experience that aims to simplify vehicle transactions compared with traditional dealerships.

Its products and services include direct retail sales of used cars, trade-in and purchase offers for consumer vehicles, vehicle financing and related protection products, and a seven-day return policy that allows customers to test a vehicle in everyday use.