Kovitz Investment Group Partners LLC Makes New Investment in Carvana Co. (NYSE:CVNA)

Kovitz Investment Group Partners LLC acquired a new stake in Carvana Co. (NYSE:CVNA - Free Report) during the third quarter, according to its most recent 13F filing with the SEC. The fund acquired 20,864 shares of the company's stock, valued at approximately $3,633,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Ridgewood Investments LLC purchased a new position in shares of Carvana during the second quarter worth about $32,000. Sugarloaf Wealth Management LLC bought a new stake in Carvana in the third quarter valued at approximately $32,000. Summit Securities Group LLC raised its holdings in shares of Carvana by 110.0% during the second quarter. Summit Securities Group LLC now owns 300 shares of the company's stock valued at $39,000 after acquiring an additional 3,300 shares in the last quarter. Capital Performance Advisors LLP bought a new position in shares of Carvana during the third quarter valued at approximately $40,000. Finally, Fifth Third Bancorp raised its holdings in shares of Carvana by 450.8% during the second quarter. Fifth Third Bancorp now owns 336 shares of the company's stock valued at $43,000 after acquiring an additional 275 shares in the last quarter. 56.71% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on CVNA shares. JPMorgan Chase & Co. upped their price target on Carvana from $230.00 to $300.00 and gave the stock an "overweight" rating in a research note on Thursday, October 31st. Morgan Stanley raised Carvana from an "underweight" rating to an "equal weight" rating and increased their price objective for the company from $110.00 to $260.00 in a research report on Tuesday, November 5th. Robert W. Baird increased their target price on Carvana from $160.00 to $240.00 and gave the company a "neutral" rating in a report on Thursday, October 31st. Evercore ISI lifted their target price on Carvana from $240.00 to $245.00 and gave the company an "in-line" rating in a research note on Tuesday, December 3rd. Finally, Bank of America raised their price target on Carvana from $185.00 to $210.00 and gave the company a "buy" rating in a report on Wednesday, October 9th. Eleven analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, Carvana presently has an average rating of "Hold" and a consensus target price of $222.71.

Carvana Stock Down 2.9 %

Shares of CVNA traded down $7.33 during trading hours on Monday, hitting $243.88. The company had a trading volume of 2,423,193 shares, compared to its average volume of 4,582,833. The company has a market capitalization of $50.64 billion, a PE ratio of 25,300.00 and a beta of 3.32. The company has a current ratio of 3.25, a quick ratio of 2.12 and a debt-to-equity ratio of 18.99. Carvana Co. has a one year low of $37.47 and a one year high of $268.34. The company's fifty day moving average price is $221.77 and its two-hundred day moving average price is $164.51.

Carvana (NYSE:CVNA - Get Free Report) last released its quarterly earnings results on Wednesday, October 30th. The company reported $0.64 EPS for the quarter, topping the consensus estimate of $0.23 by $0.41. The company had revenue of $3.66 billion during the quarter, compared to the consensus estimate of $3.47 billion. The company's revenue was up 31.8% on a year-over-year basis. During the same period in the previous year, the firm posted $0.23 earnings per share. As a group, equities analysts forecast that Carvana Co. will post 0.76 earnings per share for the current fiscal year.

Insider Activity at Carvana

In other news, insider Daniel J. Gill sold 30,000 shares of the stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $175.00, for a total value of $5,250,000.00. Following the transaction, the insider now directly owns 328,329 shares of the company's stock, valued at approximately $57,457,575. This represents a 8.37 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Ernest C. Garcia II sold 100,000 shares of the stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $155.00, for a total value of $15,500,000.00. Following the completion of the transaction, the insider now directly owns 40,058,131 shares in the company, valued at $6,209,010,305. This represents a 0.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,022,063 shares of company stock valued at $383,108,209 in the last ninety days. Corporate insiders own 17.12% of the company's stock.

About Carvana

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.