Raymond James & Associates Acquires 6,394 Shares of Carvana Co. (NYSE:CVNA)

Raymond James & Associates boosted its holdings in Carvana Co. (NYSE:CVNA) by 154.1% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 10,544 shares of the company’s stock after buying an additional 6,394 shares during the period. Raymond James & Associates’ holdings in Carvana were worth $1,357,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in CVNA. Truist Financial Corp raised its stake in Carvana by 62.0% during the 4th quarter. Truist Financial Corp now owns 8,495 shares of the company’s stock valued at $450,000 after purchasing an additional 3,251 shares during the last quarter. Russell Investments Group Ltd. boosted its holdings in Carvana by 112.9% in the 4th quarter. Russell Investments Group Ltd. now owns 1,699 shares of the company’s stock valued at $90,000 after purchasing an additional 901 shares during the period. Van ECK Associates Corp bought a new stake in Carvana in the 4th quarter valued at $853,000. Victory Capital Management Inc. boosted its holdings in Carvana by 37.1% in the 4th quarter. Victory Capital Management Inc. now owns 12,680 shares of the company’s stock valued at $671,000 after purchasing an additional 3,430 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its holdings in Carvana by 6.8% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 831,879 shares of the company’s stock valued at $44,040,000 after acquiring an additional 53,318 shares in the last quarter. 56.71% of the stock is owned by institutional investors.

Carvana Stock Down 2.5 %

Shares of NYSE CVNA opened at $141.16 on Friday. The firm’s 50-day simple moving average is $138.67 and its 200 day simple moving average is $108.89. The company has a market cap of $28.59 billion, a price-to-earnings ratio of 61.91 and a beta of 3.37. The company has a quick ratio of 2.02, a current ratio of 3.11 and a debt-to-equity ratio of 47.20. Carvana Co. has a 12-month low of $25.09 and a 12-month high of $159.85.

Insider Buying and Selling

In related news, major shareholder Ernest C. Garcia II sold 60,000 shares of the company’s stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $108.04, for a total transaction of $6,482,400.00. Following the transaction, the insider now owns 1,477,500 shares in the company, valued at approximately $159,629,100. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other Carvana news, insider Thomas Taira sold 68,556 shares of the company’s stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $102.74, for a total transaction of $7,043,443.44. Following the transaction, the insider now directly owns 186,397 shares in the company, valued at approximately $19,150,427.78. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, major shareholder Ernest C. Garcia II sold 60,000 shares of Carvana stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $108.04, for a total transaction of $6,482,400.00. Following the sale, the insider now owns 1,477,500 shares of the company’s stock, valued at approximately $159,629,100. The disclosure for this sale can be found here. Insiders have sold a total of 2,660,422 shares of company stock worth $352,116,577 in the last 90 days. Corporate insiders own 17.12% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on CVNA. Royal Bank of Canada raised Carvana to a “sector perform” rating and lifted their price objective for the stock from $166.00 to $170.00 in a report on Monday, August 19th. Wells Fargo & Company upgraded shares of Carvana from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $77.00 to $175.00 in a research note on Thursday, August 1st. JMP Securities lifted their price target on shares of Carvana from $150.00 to $200.00 and gave the stock a “market outperform” rating in a research note on Friday, August 2nd. BTIG Research lifted their price target on shares of Carvana from $155.00 to $188.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. Finally, Needham & Company LLC lifted their price target on shares of Carvana from $160.00 to $200.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $148.40.

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.