Convergence Investment Partners LLC Cuts Stock Position in Carvana Co. $CVNA

Convergence Investment Partners LLC lowered its holdings in Carvana Co. (NYSE:CVNA) by 8.0% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 7,807 shares of the company’s stock after selling 678 shares during the period. Convergence Investment Partners LLC’s holdings in Carvana were worth $2,631,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Warren Street Wealth Advisors LLC boosted its position in Carvana by 2.8% in the second quarter. Warren Street Wealth Advisors LLC now owns 1,153 shares of the company’s stock worth $388,000 after purchasing an additional 31 shares during the last quarter. Northwestern Mutual Wealth Management Co. boosted its position in Carvana by 5.2% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 1,223 shares of the company’s stock worth $256,000 after purchasing an additional 60 shares during the last quarter. Harbour Investments Inc. boosted its position in Carvana by 46.5% in the second quarter. Harbour Investments Inc. now owns 208 shares of the company’s stock worth $70,000 after purchasing an additional 66 shares during the last quarter. Commerce Bank boosted its position in Carvana by 1.6% in the first quarter. Commerce Bank now owns 4,446 shares of the company’s stock worth $930,000 after purchasing an additional 69 shares during the last quarter. Finally, PNC Financial Services Group Inc. boosted its position in Carvana by 3.3% in the first quarter. PNC Financial Services Group Inc. now owns 2,227 shares of the company’s stock worth $466,000 after purchasing an additional 72 shares during the last quarter. Hedge funds and other institutional investors own 56.71% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on CVNA shares. JMP Securities boosted their target price on Carvana from $440.00 to $460.00 and gave the company a “market outperform” rating in a research note on Thursday, July 31st. Wells Fargo & Company boosted their target price on Carvana from $390.00 to $425.00 and gave the company an “overweight” rating in a research note on Thursday, July 31st. Zacks Research upgraded Carvana from a “hold” rating to a “strong-buy” rating in a research note on Monday, October 6th. Citigroup restated a “buy” rating on shares of Carvana in a research note on Thursday, October 9th. Finally, Bank of America boosted their target price on Carvana from $375.00 to $425.00 and gave the company a “buy” rating in a research note on Thursday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $419.94.

Carvana Stock Performance

NYSE:CVNA opened at $351.33 on Monday. The company has a debt-to-equity ratio of 2.51, a quick ratio of 2.58 and a current ratio of 4.00. Carvana Co. has a 52-week low of $148.25 and a 52-week high of $413.33. The firm has a market cap of $75.61 billion, a price-to-earnings ratio of 88.05, a PEG ratio of 1.12 and a beta of 3.55. The business’s fifty day moving average is $363.68 and its 200 day moving average is $326.56.

Carvana (NYSE:CVNA) last released its quarterly earnings data on Wednesday, July 30th. The company reported $1.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.09 by $0.19. Carvana had a return on equity of 40.57% and a net margin of 3.46%.The company had revenue of $4.84 billion for the quarter, compared to analyst estimates of $4.54 billion. During the same period in the previous year, the company posted ($0.05) EPS. The firm’s revenue for the quarter was up 41.9% compared to the same quarter last year. Research analysts predict that Carvana Co. will post 2.85 EPS for the current year.

Insiders Place Their Bets

In other Carvana news, insider Daniel J. Gill sold 80,000 shares of the company’s stock in a transaction dated Thursday, July 31st. The stock was sold at an average price of $398.91, for a total value of $31,912,800.00. Following the transaction, the insider directly owned 197,832 shares in the company, valued at $78,917,163.12. This represents a 28.79% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Ernest C. Garcia II sold 93,376 shares of the company’s stock in a transaction dated Thursday, July 31st. The stock was sold at an average price of $394.16, for a total value of $36,805,084.16. Following the completion of the transaction, the insider owned 6,624 shares in the company, valued at $2,610,915.84. This represents a 93.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,438,292 shares of company stock worth $527,769,407 in the last ninety days. 16.36% of the stock is currently owned by insiders.

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.