Carnegie Investment Counsel Trims Stock Position in Carvana Co. (NYSE:CVNA)

Carnegie Investment Counsel trimmed its holdings in Carvana Co. (NYSE:CVNA) by 20.3% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 28,480 shares of the company’s stock after selling 7,265 shares during the quarter. Carnegie Investment Counsel’s holdings in Carvana were worth $5,792,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. FMR LLC raised its holdings in Carvana by 90.8% during the third quarter. FMR LLC now owns 12,361,790 shares of the company’s stock worth $2,152,311,000 after purchasing an additional 5,882,656 shares in the last quarter. State Street Corp grew its position in Carvana by 6.1% during the third quarter. State Street Corp now owns 1,877,511 shares of the company’s stock worth $326,893,000 after buying an additional 107,610 shares during the period. Geode Capital Management LLC grew its position in Carvana by 7.8% during the third quarter. Geode Capital Management LLC now owns 1,803,546 shares of the company’s stock worth $315,133,000 after buying an additional 131,059 shares during the period. Whale Rock Capital Management LLC acquired a new position in Carvana during the third quarter worth about $162,953,000. Finally, Driehaus Capital Management LLC grew its position in Carvana by 124.9% during the second quarter. Driehaus Capital Management LLC now owns 581,787 shares of the company’s stock worth $74,888,000 after buying an additional 323,153 shares during the period. 56.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have weighed in on CVNA shares. Stephens restated an “overweight” rating and set a $300.00 target price on shares of Carvana in a research report on Thursday, January 2nd. Jefferies Financial Group upped their target price on shares of Carvana from $150.00 to $185.00 and gave the stock a “hold” rating in a research report on Tuesday, October 22nd. Evercore ISI upped their target price on shares of Carvana from $240.00 to $245.00 and gave the stock an “in-line” rating in a research report on Tuesday, December 3rd. Wells Fargo & Company lowered their price target on shares of Carvana from $300.00 to $275.00 and set an “overweight” rating on the stock in a research report on Monday, January 6th. Finally, Citigroup upgraded shares of Carvana from a “neutral” rating to a “buy” rating and increased their price target for the company from $195.00 to $277.00 in a research report on Wednesday, January 8th. Nine investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $241.94.

Insider Activity

In related news, CFO Mark W. Jenkins sold 10,000 shares of the firm’s stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $200.75, for a total transaction of $2,007,500.00. Following the completion of the sale, the chief financial officer now directly owns 189,097 shares of the company’s stock, valued at approximately $37,961,222.75. This trade represents a 5.02 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Ernest C. Garcia II sold 100,000 shares of the firm’s stock in a transaction on Monday, October 21st. The shares were sold at an average price of $190.79, for a total transaction of $19,079,000.00. Following the sale, the insider now directly owns 37,658,131 shares of the company’s stock, valued at approximately $7,184,794,813.49. The trade was a 0.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 651,908 shares of company stock valued at $142,079,285. Company insiders own 17.18% of the company’s stock.

Carvana Stock Performance

NYSE:CVNA opened at $230.59 on Friday. The company has a quick ratio of 2.12, a current ratio of 3.25 and a debt-to-equity ratio of 18.99. The company has a market cap of $47.88 billion, a P/E ratio of 23,082.38 and a beta of 3.38. Carvana Co. has a fifty-two week low of $40.21 and a fifty-two week high of $268.34. The firm’s 50 day moving average is $231.78 and its two-hundred day moving average is $186.25.

Carvana (NYSE:CVNA) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $0.64 earnings per share for the quarter, topping analysts’ consensus estimates of $0.23 by $0.41. The company had revenue of $3.66 billion for the quarter, compared to analysts’ expectations of $3.47 billion. During the same period in the prior year, the business earned $0.23 EPS. The business’s revenue for the quarter was up 31.8% on a year-over-year basis. Analysts expect that Carvana Co. will post 0.88 EPS for the current year.

Carvana Company Profile

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.