Carvana Co (CVNA) Stake Increased by Covey Capital Advisors LLC

Covey Capital Advisors LLC lifted its position in Carvana Co (NYSE:CVNA) by 4.6% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 46,550 shares of the company’s stock after acquiring an additional 2,050 shares during the quarter. Carvana makes up approximately 3.5% of Covey Capital Advisors LLC’s portfolio, making the stock its 12th largest position. Covey Capital Advisors LLC’s holdings in Carvana were worth $2,751,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently bought and sold shares of CVNA. Global X Management Co LLC bought a new position in Carvana during the second quarter valued at about $124,000. Legal & General Group Plc boosted its position in Carvana by 61.1% during the second quarter. Legal & General Group Plc now owns 4,251 shares of the company’s stock worth $177,000 after purchasing an additional 1,612 shares during the period. Credit Suisse AG bought a new position in Carvana during the third quarter worth about $201,000. United Services Automobile Association bought a new position in Carvana during the second quarter worth about $206,000. Finally, Wsfs Capital Management LLC bought a new position in Carvana during the second quarter worth about $208,000. Institutional investors own 26.61% of the company’s stock.

In other news, COO Benjamin E. Huston sold 13,000 shares of the stock in a transaction dated Friday, November 9th. The shares were sold at an average price of $50.07, for a total value of $650,910.00. Following the sale, the chief operating officer now directly owns 26,233 shares of the company’s stock, valued at $1,313,486.31. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Paul W. Breaux sold 7,000 shares of the stock in a transaction dated Friday, November 9th. The stock was sold at an average price of $50.05, for a total transaction of $350,350.00. Following the completion of the sale, the insider now directly owns 10,031 shares in the company, valued at $502,051.55. The disclosure for this sale can be found here. Over the last three months, insiders sold 3,084,028 shares of company stock worth $179,700,231. Insiders own 21.41% of the company’s stock.

A number of equities analysts have weighed in on CVNA shares. Wells Fargo & Co increased their target price on shares of Carvana from $60.00 to $72.00 and gave the stock an “outperform” rating in a research report on Monday, October 1st. Wolfe Research started coverage on shares of Carvana in a research report on Tuesday, October 2nd. They set an “outperform” rating for the company. Citigroup increased their target price on shares of Carvana from $67.00 to $77.00 and gave the stock a “buy” rating in a research report on Tuesday, September 11th. They noted that the move was a valuation call. Robert W. Baird increased their target price on shares of Carvana from $53.00 to $60.00 and gave the stock an “outperform” rating in a research report on Thursday, August 9th. Finally, Craig Hallum reiterated a “hold” rating on shares of Carvana in a research report on Thursday, September 13th. Five equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $59.14.

Shares of NYSE:CVNA opened at $43.29 on Monday. The company has a debt-to-equity ratio of 1.55, a current ratio of 2.04 and a quick ratio of 1.30. Carvana Co has a twelve month low of $15.36 and a twelve month high of $72.59.

Carvana (NYSE:CVNA) last announced its quarterly earnings results on Wednesday, November 7th. The company reported ($0.40) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.37) by ($0.03). Carvana had a negative return on equity of 35.13% and a negative net margin of 5.01%. The firm had revenue of $535.00 million during the quarter, compared to analysts’ expectations of $509.09 million. During the same period in the previous year, the company posted ($0.29) earnings per share. The company’s quarterly revenue was up 137.8% compared to the same quarter last year. Sell-side analysts expect that Carvana Co will post -1.61 EPS for the current year.

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Carvana Profile

Carvana Co, together with its subsidiaries, operates an e-commerce platform for buying used cars in the United States. The company purchases, reconditions, sells, and delivers vehicles. Its platform allows customers to research and identify a vehicle; inspect it using company's proprietary 360-degree vehicle imaging technology; obtain financing and warranty coverage; purchase the vehicle; and schedule delivery or pick-up.

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Institutional Ownership by Quarter for Carvana (NYSE:CVNA)

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