Scge Management L.P. raised its position in Carvana Co. (NYSE:CVNA – Free Report) by 37.7% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 208,000 shares of the company’s stock after purchasing an additional 57,000 shares during the period. Carvana comprises about 2.0% of Scge Management L.P.’s investment portfolio, making the stock its 17th largest position. Scge Management L.P.’s holdings in Carvana were worth $87,780,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Sachem Head Capital Management LP purchased a new position in Carvana in the 4th quarter valued at about $263,762,000. MML Investors Services LLC lifted its holdings in Carvana by 12.6% in the 4th quarter. MML Investors Services LLC now owns 20,498 shares of the company’s stock valued at $8,651,000 after purchasing an additional 2,288 shares in the last quarter. Mufg Securities Americas Inc. purchased a new position in Carvana in the 4th quarter valued at about $1,608,000. Marathon Trading Investment Management LLC purchased a new position in Carvana in the 4th quarter valued at about $1,477,000. Finally, Motiv8 Investments LLC purchased a new position in Carvana in the 4th quarter valued at about $33,000. 56.71% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
A number of research analysts have issued reports on CVNA shares. DA Davidson upped their target price on shares of Carvana from $64.00 to $67.00 and gave the company a “neutral” rating in a report on Friday, May 1st. Morgan Stanley upped their price objective on shares of Carvana from $90.00 to $102.00 and gave the company an “overweight” rating in a research note on Thursday, April 30th. William Blair reaffirmed an “outperform” rating on shares of Carvana in a research note on Friday, March 13th. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $92.00 price objective on shares of Carvana in a research note on Friday. Finally, Evercore upped their price objective on shares of Carvana from $78.00 to $80.00 in a research note on Tuesday, April 28th. Two analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $93.14.
Insider Activity
In related news, CFO Mark W. Jenkins sold 63,750 shares of the stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $70.40, for a total transaction of $4,488,000.00. Following the completion of the sale, the chief financial officer owned 1,036,594 shares of the company’s stock, valued at approximately $72,976,217.60. This represents a 5.79% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Stephen R. Palmer sold 5,000 shares of the stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $70.42, for a total transaction of $352,100.00. Following the sale, the vice president directly owned 152,955 shares of the company’s stock, valued at approximately $10,771,091.10. This trade represents a 3.17% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 400,812 shares of company stock worth $28,039,446. Insiders own 15.19% of the company’s stock.
Carvana Trading Down 0.0%
NYSE CVNA opened at $64.09 on Monday. Carvana Co. has a 12 month low of $54.46 and a 12 month high of $97.38. The company has a 50-day moving average of $71.20 and a 200-day moving average of $75.23. The company has a debt-to-equity ratio of 1.05, a current ratio of 4.09 and a quick ratio of 2.57. The company has a market cap of $70.30 billion, a P/E ratio of 38.98, a P/E/G ratio of 10.82 and a beta of 3.45.
Carvana (NYSE:CVNA – Get Free Report) last posted its quarterly earnings data on Wednesday, April 29th. The company reported $1.69 EPS for the quarter, beating analysts’ consensus estimates of $0.32 by $1.37. The company had revenue of $6.43 billion during the quarter, compared to the consensus estimate of $6.12 billion. Carvana had a net margin of 6.40% and a return on equity of 41.46%. As a group, equities analysts predict that Carvana Co. will post 1.58 earnings per share for the current year.
About Carvana
Carvana Co is an online-only retailer of used vehicles that operates a consumer-facing e-commerce platform for buying and selling cars. The company markets and sells inspected, reconditioned pre-owned vehicles through its website, where shoppers can browse inventory, view detailed 360-degree photos and vehicle history reports, finance purchases, and arrange delivery or pickup. Carvana’s model is built around a digital end-to-end car buying experience that aims to simplify vehicle transactions compared with traditional dealerships.
Its products and services include direct retail sales of used cars, trade-in and purchase offers for consumer vehicles, vehicle financing and related protection products, and a seven-day return policy that allows customers to test a vehicle in everyday use.
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