Royal Fund Management 13F: Adds $1.5M to Carvana (CVNA) Stake

Royal Fund Management lifted its stake in Carvana Co. CVNA by 35.3% during the third quarter, acquiring an additional 24,711 shares. That update came through a Form 13F filing disclosed with the Securities and Exchange Commission on October 22, 2026. The fund ended the period with 94,711 shares of the e-commerce used car retailer, carrying a reported value of about $5.89 million.

CVNA Carvana Co.

$58.72 ▼ -26.65% year to date

1M 3M YTD

Daily close · Oct 22, 2026

What Changed in Royal Fund Management's Carvana Position

The fund held 70,000 shares of Carvana Co. prior to this reporting period. The addition of 24,711 shares marked a 35.3% increase in its investment size. This adjustment placed the total value of the firm's holdings near $5.89 million based on market valuations at the time of the filing.

Other Institutional Activity in Carvana

Other large institutional investors also adjusted their positions in Carvana Co. Capital International Investors grew its holdings by 6,617,732 shares, ending with 23,257,742 shares worth about $1.36 billion after a 39.8% increase. CAS Investment Partners, LLC reduced its stake by 147,597 shares, or 0.6%, closing the period with 22,559,570 shares valued at about $1.32 billion. Lone Pine Capital trimmed its holdings by 123,095 shares, or 1.4%, holding 8,773,545 shares worth roughly $559.05 million. Meanwhile, D1 Capital Partners L.P. maintained a position of 3,342,160 shares valued at about $212.96 million, and CTC opened a new position with 19,330 shares worth about $1.23 million.

Carvana Co. Stock Down 2.5%

Carvana Co. shares closed at $58.72 on October 22, 2026, and recently traded around $58.73 as of October 23, 2026. The stock sits below its 50-day moving average of $67.21 and its 200-day moving average of $70.23. The shares trade down about 39.7% from their 52-week high of $97.38 while remaining above their 52-week low of $54.46.

Recent Earnings

Carvana Co. generated $25.06 billion in trailing twelve-month revenue alongside basic earnings of $1.89 per share. The company reported a net profit margin of 6.3% and a return on equity of 58.8%. Its next quarterly financial update is scheduled for October 28, 2026.

Insider Buying and Selling at Carvana Co.

Company insiders executed several stock sales prior to the filing date. Thomas Taira sold 16,789 shares on September 14, 2026, for a total value of about $1.18 million. Chief Financial Officer Mark W. Jenkins sold 63,750 shares on October 1, 2026, for about $3.93 million. Stephen R. Palmer sold 5,000 shares on October 1, 2026, for roughly $308,203. Additionally, Thomas Taira sold 5,597 shares at a price of $65.00 on October 12, 2026, under a planned trading arrangement, totaling about $363,805.

Analysts Set New Price Targets

Wall Street firms updated their outlooks on Carvana Co. through the autumn months. Oppenheimer maintained an Outperform rating on September 30, 2026, adjusting its price target to $90.00 from $450.00. Stephens & Co. kept an Overweight rating on October 6, 2026, with a target of $83.00, down from $91.50. Barclays maintained an Overweight rating on October 6, 2026, setting a target of $80.00. BTIG reiterated a Buy rating on October 9, 2026, with an $87.00 price target. Morgan Stanley kept an Overweight rating on October 15, 2026, lowering its target to $88.00 from $90.00. Across 21 analyst opinions, the stock carries a consensus buy recommendation and a mean price target of $82.19.

About Carvana Co.

Carvana Co. runs an online platform for buying and certified selling of used vehicles. The Tempe, Arizona-based business handles vehicle acquisition, inspection, reconditioning, digital browsing, financing, and logistics through its website and auction sites.

Bottom Line

Royal Fund Management expanded its exposure to Carvana Co. as the automotive retailer prepares for its upcoming earnings release on October 28, 2026. Investors continue to monitor how the company performs against analyst expectations amid shifting market averages.