Smith Group Asset Management LLC Invests $571,000 in Carvana Co. (NYSE:CVNA)

Smith Group Asset Management LLC purchased a new position in shares of Carvana Co. (NYSE:CVNA - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 2,810 shares of the company's stock, valued at approximately $571,000.

Several other hedge funds have also recently modified their holdings of CVNA. American Century Companies Inc. increased its stake in Carvana by 2.6% during the 2nd quarter. American Century Companies Inc. now owns 9,365 shares of the company's stock valued at $1,205,000 after purchasing an additional 241 shares in the last quarter. Envestnet Asset Management Inc. raised its stake in Carvana by 155.7% in the 2nd quarter. Envestnet Asset Management Inc. now owns 23,278 shares of the company's stock worth $2,996,000 after acquiring an additional 14,174 shares during the last quarter. Sei Investments Co. lifted its position in Carvana by 158.3% during the 2nd quarter. Sei Investments Co. now owns 11,165 shares of the company's stock worth $1,437,000 after acquiring an additional 6,843 shares during the period. The Manufacturers Life Insurance Company grew its stake in Carvana by 9.9% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 166,904 shares of the company's stock valued at $21,484,000 after purchasing an additional 15,088 shares during the last quarter. Finally, Creative Planning increased its holdings in shares of Carvana by 34.4% in the second quarter. Creative Planning now owns 15,296 shares of the company's stock valued at $1,969,000 after purchasing an additional 3,913 shares during the period. Institutional investors and hedge funds own 56.71% of the company's stock.

Analysts Set New Price Targets

CVNA has been the topic of a number of recent research reports. Bank of America upped their target price on Carvana from $185.00 to $210.00 and gave the company a "buy" rating in a research report on Wednesday, October 9th. JPMorgan Chase & Co. raised their price target on shares of Carvana from $230.00 to $300.00 and gave the company an "overweight" rating in a research report on Thursday, October 31st. JMP Securities reiterated a "market outperform" rating and set a $320.00 price target on shares of Carvana in a research report on Monday, December 16th. Robert W. Baird boosted their price objective on Carvana from $160.00 to $240.00 and gave the company a "neutral" rating in a research report on Thursday, October 31st. Finally, Piper Sandler increased their target price on Carvana from $151.00 to $225.00 and gave the company a "neutral" rating in a research report on Thursday, October 31st. Nine equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company's stock. According to data from MarketBeat, Carvana currently has a consensus rating of "Moderate Buy" and an average target price of $241.94.

Insider Buying and Selling at Carvana

In other news, insider Paul W. Breaux sold 30,000 shares of Carvana stock in a transaction that occurred on Thursday, October 31st. The shares were sold at an average price of $240.22, for a total transaction of $7,206,600.00. Following the sale, the insider now owns 135,025 shares of the company's stock, valued at approximately $32,435,705.50. The trade was a 18.18 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Benjamin E. Huston sold 3,043 shares of the company's stock in a transaction that occurred on Thursday, October 31st. The shares were sold at an average price of $240.00, for a total value of $730,320.00. Following the completion of the transaction, the chief operating officer now owns 218,686 shares in the company, valued at $52,484,640. This represents a 1.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 380,383 shares of company stock worth $88,981,508 in the last three months. 17.12% of the stock is owned by corporate insiders.

Carvana Price Performance

NYSE CVNA traded up $0.25 during trading hours on Wednesday, hitting $245.10. 1,155,939 shares of the company's stock traded hands, compared to its average volume of 4,478,089. The company has a debt-to-equity ratio of 18.99, a current ratio of 3.25 and a quick ratio of 2.12. The firm's 50-day moving average is $230.87 and its 200-day moving average is $192.47. Carvana Co. has a 52-week low of $40.21 and a 52-week high of $268.34. The company has a market capitalization of $50.89 billion, a PE ratio of 24,534.43 and a beta of 3.38.

Carvana (NYSE:CVNA - Get Free Report) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $0.64 EPS for the quarter, beating the consensus estimate of $0.23 by $0.41. The company had revenue of $3.66 billion during the quarter, compared to analyst estimates of $3.47 billion. Carvana's revenue for the quarter was up 31.8% compared to the same quarter last year. During the same period in the prior year, the business posted $0.23 EPS. Equities analysts forecast that Carvana Co. will post 0.88 EPS for the current fiscal year.

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.