Highland Capital Management LLC Has $1.99 Million Position in Carvana Co. $CVNA

Highland Capital Management LLC decreased its stake in Carvana Co. (NYSE:CVNA) by 2.7% in the 2nd quarter, Holdings Channel.com reports. The firm owned 5,919 shares of the company’s stock after selling 166 shares during the quarter. Highland Capital Management LLC’s holdings in Carvana were worth $1,994,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the stock. Price T Rowe Associates Inc. MD boosted its holdings 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 in the last quarter. Vanguard Group Inc. raised its position in Carvana by 9.7% in the first quarter. Vanguard Group Inc. now owns 12,534,843 shares of the company’s stock valued at $2,620,785,000 after purchasing an additional 1,109,476 shares during the last quarter. Alyeska Investment Group L.P. acquired a new stake in shares of Carvana during the first quarter valued at about $71,856,000. Contour Asset Management LLC grew its holdings 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 during the last quarter. Finally, Assenagon Asset Management S.A. increased its stake in shares of Carvana by 54.9% in the first quarter. Assenagon Asset Management S.A. now owns 592,582 shares of the company’s stock valued at $123,897,000 after buying an additional 209,975 shares during the period. 56.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Carvana

In other news, major shareholder Ernest C. Garcia II sold 93,376 shares of the firm’s stock in a transaction that occurred on Thursday, July 31st. The shares were sold at an average price of $394.16, for a total transaction of $36,805,084.16. Following the completion of the sale, the insider owned 6,624 shares in the company, valued at $2,610,915.84. This trade represents a 93.38% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Ernest C. Garcia II sold 100,000 shares of the stock in a transaction on Tuesday, July 8th. The stock was sold at an average price of $353.76, for a total value of $35,376,000.00. Following the transaction, the insider owned 36,437,346 shares of the company’s stock, valued at $12,890,075,520.96. The trade was a 0.27% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 2,289,966 shares of company stock worth $821,763,103. Corporate insiders own 16.36% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently commented on CVNA. Oppenheimer upgraded shares of Carvana from a “market perform” rating to an “outperform” rating and set a $450.00 target price on the stock in a research report on Friday, July 25th. JPMorgan Chase & Co. lifted their price target on shares of Carvana from $415.00 to $425.00 and gave the stock an “overweight” rating in a report on Wednesday, September 17th. Stephens reissued an “overweight” rating and issued a $440.00 price objective on shares of Carvana in a research note on Tuesday, September 23rd. Gordon Haskett began coverage on Carvana in a report on Monday, July 14th. They issued a “hold” rating and a $329.00 price objective for the company. Finally, William Blair reaffirmed an “outperform” rating on shares of Carvana in a report on Wednesday, July 23rd. Thirteen research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, Carvana presently has an average rating of “Moderate Buy” and a consensus target price of $404.94.

Carvana Trading Down 4.6%

NYSE CVNA opened at $376.56 on Monday. The company has a market cap of $81.04 billion, a price-to-earnings ratio of 94.38, a P/E/G ratio of 1.23 and a beta of 3.55. The business has a 50 day moving average price of $364.64 and a 200-day moving average price of $310.81. Carvana Co. has a 52 week low of $148.25 and a 52 week high of $413.33. The company has a quick ratio of 2.58, a current ratio of 4.00 and a debt-to-equity ratio of 2.51.

Carvana (NYSE:CVNA) last posted its earnings results on Wednesday, July 30th. The company reported $1.28 earnings per share for the quarter, topping analysts’ consensus estimates 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 in the prior year, the business posted ($0.05) EPS. The firm’s revenue was up 41.9% compared to the same quarter last year. As a group, equities analysts expect that Carvana Co. will post 2.85 earnings per share for the current fiscal 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.