Zacks Investment Management Makes New $5.96 Million Investment in Carvana Co. (NYSE:CVNA)

Zacks Investment Management purchased a new position in shares of Carvana Co. (NYSE:CVNA - Free Report) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 34,217 shares of the company's stock, valued at approximately $5,958,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Cetera Investment Advisers lifted its stake in shares of Carvana by 171.7% in the 1st quarter. Cetera Investment Advisers now owns 20,862 shares of the company's stock valued at $1,834,000 after purchasing an additional 13,185 shares in the last quarter. Cetera Advisors LLC acquired a new position in Carvana during the first quarter valued at approximately $461,000. GAMMA Investing LLC grew its stake in Carvana by 127.9% during the second quarter. GAMMA Investing LLC now owns 458 shares of the company's stock worth $59,000 after buying an additional 257 shares during the period. CWM LLC increased its position in shares of Carvana by 19.5% in the second quarter. CWM LLC now owns 883 shares of the company's stock worth $114,000 after acquiring an additional 144 shares in the last quarter. Finally, Simplicity Wealth LLC purchased a new position in shares of Carvana in the 2nd quarter valued at $280,000. Institutional investors and hedge funds own 56.71% of the company's stock.

Carvana Stock Down 1.8 %

NYSE CVNA traded down $4.52 on Friday, hitting $251.21. 2,730,660 shares of the stock traded hands, compared to its average volume of 2,256,915. The company has a current ratio of 3.25, a quick ratio of 2.12 and a debt-to-equity ratio of 18.99. The stock has a 50-day moving average of $221.77 and a 200 day moving average of $164.17. Carvana Co. has a twelve month low of $36.53 and a twelve month high of $268.34. The company has a market capitalization of $52.16 billion, a P/E ratio of 25,146.15 and a beta of 3.32.

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

Wall Street Analyst Weigh In

A number of analysts recently weighed in on CVNA shares. JPMorgan Chase & Co. upped their price target on shares of Carvana from $230.00 to $300.00 and gave the stock an "overweight" rating in a research report on Thursday, October 31st. Needham & Company LLC upped their target price on Carvana from $200.00 to $300.00 and gave the stock a "buy" rating in a research report on Thursday, October 31st. Citigroup raised their target price on Carvana from $125.00 to $195.00 and gave the company a "neutral" rating in a report on Thursday, October 3rd. JMP Securities upped their price target on Carvana from $200.00 to $320.00 and gave the stock a "market outperform" rating in a report on Thursday, October 31st. Finally, Wells Fargo & Company increased their price objective on shares of Carvana from $175.00 to $250.00 and gave the company an "overweight" rating in a research report on Wednesday, October 23rd. Eleven equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $220.94.

Insider Transactions at Carvana

In related news, insider Paul W. Breaux sold 14,548 shares of Carvana stock in a transaction dated Tuesday, October 22nd. The shares were sold at an average price of $198.00, for a total value of $2,880,504.00. Following the sale, the insider now directly owns 119,494 shares in the company, valued at $23,659,812. This trade represents a 10.85 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Mark W. Jenkins sold 10,000 shares of the company's stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $255.07, for a total transaction of $2,550,700.00. Following the completion of the transaction, the chief financial officer now owns 189,761 shares of the company's stock, valued at approximately $48,402,338.27. This trade represents a 5.01 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 2,097,063 shares of company stock worth $393,287,959. 17.12% of the stock is currently owned by insiders.

Carvana Company Profile

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.