OP Asset Management Ltd Invests $7.60 Million in Carvana Co. $CVNA

OP Asset Management Ltd acquired a new position in Carvana Co. (NYSE:CVNA) in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund acquired 24,161 shares of the company’s stock, valued at approximately $7,596,000.

A number of other hedge funds also recently bought and sold shares of CVNA. First Horizon Corp grew its stake in shares of Carvana by 6.4% during the 4th quarter. First Horizon Corp now owns 418 shares of the company’s stock valued at $176,000 after purchasing an additional 25 shares during the period. Gilder Gagnon Howe & Co. LLC lifted its stake in shares of Carvana by 1.7% in the 2nd quarter. Gilder Gagnon Howe & Co. LLC now owns 1,846 shares of the company’s stock worth $622,000 after purchasing an additional 31 shares during the period. Finivi Inc. lifted its stake in shares of Carvana by 4.6% in the 4th quarter. Finivi Inc. now owns 698 shares of the company’s stock worth $295,000 after purchasing an additional 31 shares during the period. HB Wealth Management LLC boosted its holdings in shares of Carvana by 1.0% in the fourth quarter. HB Wealth Management LLC now owns 3,190 shares of the company’s stock worth $1,346,000 after buying an additional 31 shares during the last quarter. Finally, Insigneo Advisory Services LLC boosted its holdings in shares of Carvana by 4.8% in the fourth quarter. Insigneo Advisory Services LLC now owns 696 shares of the company’s stock worth $294,000 after buying an additional 32 shares during the last quarter. Hedge funds and other institutional investors own 56.71% of the company’s stock.

Carvana Stock Performance

CVNA opened at $66.22 on Friday. The company has a 50 day simple moving average of $71.45 and a two-hundred day simple moving average of $74.78. The company has a debt-to-equity ratio of 1.05, a current ratio of 4.09 and a quick ratio of 2.57. The firm has a market cap of $72.63 billion, a P/E ratio of 40.28, a PEG ratio of 11.46 and a beta of 3.45. Carvana Co. has a 1-year low of $54.46 and a 1-year high of $97.38.

Carvana (NYSE:CVNA) last announced its quarterly earnings data on Wednesday, April 29th. The company reported $1.69 EPS for the quarter, beating the consensus estimate of $0.32 by $1.37. Carvana had a net margin of 6.40% and a return on equity of 41.46%. The firm had revenue of $6.43 billion for the quarter, compared to the consensus estimate of $6.12 billion. Equities analysts forecast that Carvana Co. will post 1.58 earnings per share for the current fiscal year.

Insider Buying and Selling at Carvana

In other news, insider Thomas Taira sold 5,597 shares of the company’s stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $67.15, for a total value of $375,838.55. Following the completion of the transaction, the insider owned 315,075 shares of the company’s stock, valued at $21,157,286.25. This represents a 1.75% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director J Danforth Quayle sold 14,525 shares of the stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $70.00, for a total value of $1,016,750.00. Following the sale, the director owned 214,960 shares of the company’s stock, valued at $15,047,200. This represents a 6.33% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 415,812 shares of company stock valued at $29,056,896. 15.19% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

CVNA has been the subject of a number of research reports. Zacks Research raised shares of Carvana from a “hold” rating to a “strong-buy” rating in a report on Monday, June 8th. BTIG Research reiterated a “buy” rating and set a $97.00 price target on shares of Carvana in a research note on Friday, June 5th. Argus cut their price objective on shares of Carvana from $500.00 to $100.00 in a research report on Monday, May 11th. JPMorgan Chase & Co. upped their price objective on Carvana from $91.00 to $93.00 and gave the stock an “overweight” rating in a research note on Thursday, April 30th. Finally, UBS Group reaffirmed a “buy” rating and issued a $104.00 target price (up from $97.00) on shares of Carvana in a report on Thursday, April 30th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat, Carvana presently has a consensus rating of “Moderate Buy” and a consensus price target of $93.14.

Carvana Company 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.