Empowered Funds LLC Invests $494,000 in Carvana Co. (NYSE:CVNA)

Empowered Funds LLC purchased a new stake in Carvana Co. (NYSE:CVNA) during the 3rd quarter, Holdings Channel.com reports. The institutional investor purchased 2,835 shares of the company’s stock, valued at approximately $494,000.

A number of other hedge funds have also bought and sold shares of CVNA. Sylebra Capital LLC acquired a new position in Carvana in the 2nd quarter worth about $67,686,000. Senator Investment Group LP acquired a new stake in Carvana in the second quarter valued at approximately $63,767,000. Driehaus Capital Management LLC increased its stake in Carvana by 124.9% during the 2nd quarter. Driehaus Capital Management LLC now owns 581,787 shares of the company’s stock valued at $74,888,000 after purchasing an additional 323,153 shares in the last quarter. Assenagon Asset Management S.A. bought a new stake in shares of Carvana during the second quarter worth about $39,997,000. Finally, Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in shares of Carvana in the 2nd quarter worth about $37,728,000. 56.71% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on CVNA. Wedbush increased their price objective on Carvana from $150.00 to $175.00 and gave the stock a “neutral” rating in a research note on Monday, October 7th. Stephens assumed coverage on shares of Carvana in a report on Thursday, September 12th. They issued an “overweight” rating and a $190.00 target price for the company. Piper Sandler upped their price objective on shares of Carvana from $151.00 to $225.00 and gave the stock a “neutral” rating in a research report on Thursday, October 31st. Needham & Company LLC boosted their target price on Carvana from $200.00 to $300.00 and gave the stock a “buy” rating in a research note on Thursday, October 31st. Finally, Bank of America increased their price target on Carvana from $185.00 to $210.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Eleven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $217.71.

Insider Transactions at Carvana

In related news, insider Paul W. Breaux sold 14,548 shares of Carvana stock in a transaction on Tuesday, October 22nd. The stock was sold at an average price of $198.00, for a total transaction of $2,880,504.00. Following the transaction, the insider now directly owns 119,494 shares in the company, valued at approximately $23,659,812. The trade was a 10.85 % decrease in their ownership of the stock. The transaction 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 business’s stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $149.16, for a total value of $14,916,000.00. Following the transaction, the insider now owns 41,033,131 shares of the company’s stock, valued at approximately $6,120,501,819.96. This trade represents a 0.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 2,318,063 shares of company stock worth $420,434,579. 17.12% of the stock is currently owned by corporate insiders.

Carvana Price Performance

Shares of NYSE CVNA opened at $259.36 on Monday. The firm has a market capitalization of $53.85 billion, a P/E ratio of 25,961.96 and a beta of 3.37. The company has a quick ratio of 2.12, a current ratio of 3.25 and a debt-to-equity ratio of 18.99. The stock’s 50-day simple moving average is $203.96 and its two-hundred day simple moving average is $154.76. Carvana Co. has a twelve month low of $29.84 and a twelve month high of $263.61.

Carvana (NYSE:CVNA) last issued its quarterly earnings results on Wednesday, October 30th. The company reported $0.64 EPS for the quarter, topping analysts’ consensus estimates 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. During the same period in the previous year, the company earned $0.23 EPS. Carvana’s quarterly revenue was up 31.8% on a year-over-year basis. As a group, equities analysts anticipate that Carvana Co. will post 0.76 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.