Driehaus Capital Management LLC Has $74.89 Million Stock Holdings in Carvana Co. (NYSE:CVNA)

Driehaus Capital Management LLC raised its holdings in Carvana Co. (NYSE:CVNA) by 124.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 581,787 shares of the company’s stock after buying an additional 323,153 shares during the period. Driehaus Capital Management LLC owned about 0.29% of Carvana worth $74,888,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Scientech Research LLC acquired a new position in Carvana during the 2nd quarter valued at about $3,053,000. The Manufacturers Life Insurance Company boosted its holdings in Carvana by 9.9% during the second quarter. The Manufacturers Life Insurance Company now owns 166,904 shares of the company’s stock worth $21,484,000 after purchasing an additional 15,088 shares during the last quarter. Alight Capital Management LP grew its position in Carvana by 200.0% in the 2nd quarter. Alight Capital Management LP now owns 30,000 shares of the company’s stock worth $3,862,000 after purchasing an additional 20,000 shares in the last quarter. Point72 Hong Kong Ltd purchased a new stake in Carvana in the 2nd quarter valued at about $4,044,000. Finally, Point72 Asset Management L.P. lifted its position in shares of Carvana by 14.3% during the 2nd quarter. Point72 Asset Management L.P. now owns 511,333 shares of the company’s stock worth $65,819,000 after buying an additional 63,792 shares in the last quarter. 56.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. DA Davidson boosted their price objective on Carvana from $110.00 to $155.00 and gave the stock a “neutral” rating in a research report on Thursday, August 1st. Piper Sandler increased their price target on shares of Carvana from $105.00 to $151.00 and gave the company a “neutral” rating in a research report on Thursday, August 1st. JMP Securities reiterated a “market outperform” rating and issued a $200.00 target price on shares of Carvana in a research note on Monday, September 9th. 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 report on Thursday, August 1st. Finally, BTIG Research upped their price objective on Carvana from $155.00 to $188.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $155.12.

Insider Activity

In related news, major shareholder Ernest C. Garcia II sold 100,000 shares of Carvana stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $170.51, for a total transaction of $17,051,000.00. Following the completion of the sale, the insider now owns 39,458,131 shares of the company’s stock, valued at $6,728,005,916.81. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Carvana news, insider Daniel J. Gill sold 30,000 shares of the stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $175.00, for a total transaction of $5,250,000.00. Following the transaction, the insider now directly owns 328,329 shares in the company, valued at $57,457,575. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Ernest C. Garcia II sold 100,000 shares of Carvana stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $170.51, for a total transaction of $17,051,000.00. Following the transaction, the insider now directly owns 39,458,131 shares in the company, valued at $6,728,005,916.81. The disclosure for this sale can be found here. Insiders sold 2,616,866 shares of company stock worth $374,145,934 in the last three months. Corporate insiders own 17.12% of the company’s stock.

Carvana Stock Performance

Shares of CVNA opened at $169.72 on Friday. The company has a debt-to-equity ratio of 47.20, a quick ratio of 2.02 and a current ratio of 3.11. The stock has a market capitalization of $34.38 billion, a price-to-earnings ratio of 74.44 and a beta of 3.43. Carvana Co. has a 52-week low of $25.09 and a 52-week high of $176.33. The stock’s 50-day simple moving average is $146.68 and its 200 day simple moving average is $118.27.

Carvana (NYSE:CVNA) last released its quarterly earnings data on Wednesday, July 31st. The company reported $0.14 EPS for the quarter. The firm had revenue of $3.41 billion during the quarter, compared to the consensus estimate of $3.23 billion. Research analysts forecast that Carvana Co. will post 0.27 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.