Traynor Capital Management Inc. Takes Position in Carvana Co. (NYSE:CVNA)

by · The Cerbat Gem

Traynor Capital Management Inc. bought a new stake in Carvana Co. (NYSE:CVNA – Free Report) during the third quarter, Holdings Channel reports. The institutional investor bought 9,653 shares of the company’s stock, valued at approximately $1,681,000.

Other institutional investors have also modified their holdings of the company. Driehaus Capital Management LLC increased its holdings in shares of Carvana by 124.9% in the 2nd quarter. Driehaus Capital Management LLC now owns 581,787 shares of the company’s stock valued at $74,888,000 after acquiring an additional 323,153 shares during the period. Legacy Capital Group California Inc. acquired a new position in shares of Carvana in the 3rd quarter valued at $1,248,000. Chicago Capital LLC acquired a new position in shares of Carvana in the 3rd quarter valued at $940,000. Tidal Investments LLC acquired a new position in shares of Carvana in the 1st quarter valued at $1,783,000. Finally, Vanguard Group Inc. increased its holdings in shares of Carvana by 2.7% in the 1st quarter. Vanguard Group Inc. now owns 10,290,551 shares of the company’s stock valued at $904,642,000 after acquiring an additional 266,972 shares during the period. 56.71% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, major shareholder Ernest C. Garcia II sold 100,000 shares of the business’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $148.68, for a total value of $14,868,000.00. Following the sale, the insider now directly owns 690,814 shares in the company, valued at $102,710,225.52. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, major shareholder Ernest C. Garcia II sold 75,000 shares of the business’s stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $133.41, for a total value of $10,005,750.00. Following the completion of the transaction, the insider now owns 1,565,814 shares of the company’s stock, valued at approximately $208,895,245.74. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder Ernest C. Garcia II sold 100,000 shares of the business’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $148.68, for a total transaction of $14,868,000.00. Following the completion of the transaction, the insider now directly owns 690,814 shares of the company’s stock, valued at $102,710,225.52. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,880,891 shares of company stock worth $479,638,935 in the last three months. Corporate insiders own 17.12% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently commented on CVNA. Evercore ISI lifted their target price on shares of Carvana from $178.00 to $182.00 and gave the company an “in-line” rating in a report on Tuesday, October 22nd. Needham & Company LLC boosted their price objective on shares of Carvana from $160.00 to $200.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. Citigroup boosted their price objective on shares of Carvana from $125.00 to $195.00 and gave the company a “neutral” rating in a research note on Thursday, October 3rd. Stephens started coverage on shares of Carvana in a research note on Thursday, September 12th. They issued an “overweight” rating and a $190.00 price objective on the stock. Finally, Robert W. Baird started coverage on shares of Carvana in a research note on Thursday, August 1st. They issued a “neutral” rating and a $160.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, Carvana has a consensus rating of “Hold” and an average target price of $182.29.

View Our Latest Report on CVNA

Carvana Price Performance

Carvana stock opened at $205.23 on Tuesday. Carvana Co. has a 52 week low of $25.09 and a 52 week high of $208.30. The company has a quick ratio of 2.02, a current ratio of 3.11 and a debt-to-equity ratio of 47.20. The firm’s 50-day simple moving average is $168.96 and its 200 day simple moving average is $134.44. The firm has a market capitalization of $41.57 billion, a PE ratio of 90.01 and a beta of 3.44.

Carvana (NYSE:CVNA – Get Free Report) last released its quarterly earnings data on Wednesday, July 31st. The company reported $0.14 EPS for the quarter. The business had revenue of $3.41 billion during the quarter, compared to analysts’ expectations of $3.23 billion. On average, equities research analysts predict that Carvana Co. will post 0.29 EPS for the current fiscal year.

About Carvana

(Free Report)

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.

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