Assenagon Asset Management S.A. reduced its holdings in Carvana Co. (NYSE:CVNA – Free Report) by 73.7% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 43,596 shares of the company’s stock after selling 122,168 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Carvana were worth $13,706,000 at the end of the most recent quarter.
A number of other institutional investors have also recently modified their holdings of CVNA. Price T Rowe Associates Inc. MD grew its holdings in Carvana by 8.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 17,726,838 shares of the company’s stock worth $7,481,081,000 after acquiring an additional 1,407,762 shares during the period. Vanguard Group Inc. lifted its holdings in Carvana by 24.7% in the fourth quarter. Vanguard Group Inc. now owns 16,783,101 shares of the company’s stock valued at $7,082,804,000 after acquiring an additional 3,328,115 shares during the period. State Street Corp lifted its holdings in Carvana by 93.7% in the fourth quarter. State Street Corp now owns 5,714,779 shares of the company’s stock valued at $2,411,751,000 after acquiring an additional 2,764,759 shares during the period. Capital Research Global Investors boosted its position in shares of Carvana by 42.9% during the 4th quarter. Capital Research Global Investors now owns 5,700,953 shares of the company’s stock worth $2,405,959,000 after purchasing an additional 1,711,144 shares in the last quarter. Finally, Geode Capital Management LLC boosted its position in shares of Carvana by 55.4% during the 4th quarter. Geode Capital Management LLC now owns 3,880,711 shares of the company’s stock worth $1,632,763,000 after purchasing an additional 1,382,852 shares in the last quarter. 56.71% of the stock is currently owned by hedge funds and other institutional investors.
Carvana Trading Down 5.9%
NYSE:CVNA opened at $62.31 on Friday. Carvana Co. has a 52-week low of $54.46 and a 52-week high of $97.38. The company has a quick ratio of 2.57, a current ratio of 4.09 and a debt-to-equity ratio of 1.05. The stock has a fifty day simple moving average of $71.20 and a 200-day simple moving average of $74.65. The company has a market capitalization of $68.34 billion, a PE ratio of 37.90, a price-to-earnings-growth ratio of 10.52 and a beta of 3.45.
Wall Street Analyst Weigh In
A number of equities analysts have recently issued reports on CVNA shares. Wells Fargo & Company increased their price target on shares of Carvana from $85.00 to $95.00 and gave the company an “overweight” rating in a report on Thursday, April 30th. Argus decreased their price objective on shares of Carvana from $500.00 to $100.00 in a report on Monday, May 11th. Citizens Jmp upped their target price on shares of Carvana from $92.00 to $103.00 and gave the stock a “market outperform” rating in a research report on Friday, May 1st. William Blair reaffirmed an “outperform” rating on shares of Carvana in a report on Friday, March 13th. Finally, Gordon Haskett lifted their price target on shares of Carvana from $67.00 to $85.00 and gave the company a “hold” rating in a research report on Thursday, April 30th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $93.14.
Get Our Latest Research Report on CVNA
Insiders Place Their Bets
In other Carvana news, CFO Mark W. Jenkins sold 63,750 shares of the stock in a transaction on Monday, June 1st. The stock was sold at an average price of $70.40, for a total transaction of $4,488,000.00. Following the sale, the chief financial officer owned 1,036,594 shares in the company, valued at approximately $72,976,217.60. This represents a 5.79% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Thomas Taira sold 5,597 shares of the firm’s stock in a transaction on Monday, June 8th. The stock was sold at an average price of $67.15, for a total value of $375,838.55. Following the transaction, the insider directly owned 315,075 shares of the company’s stock, valued at $21,157,286.25. The trade was a 1.75% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 415,812 shares of company stock valued at $29,056,896. Corporate insiders own 15.19% of the company’s stock.
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.
See Also
- Five stocks we like better than Carvana
- 3 Stocks That Could Benefit as the Robotaxi Race Heats Up
- 3 Waste Stocks Turning AI Investments into Growth
- 3 Overlooked Tech ETFs That Are Quietly Killing It This Year
- 3 ETFs Pairing Market-Beating Returns With High Dividend Yields
Want to see what other hedge funds are holding CVNA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Carvana Co. (NYSE:CVNA – Free Report).
Receive News & Ratings for Carvana Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Carvana and related companies with MarketBeat.com's FREE daily email newsletter.
