North Peak Capital Management LLC reduced its position in shares of Carvana Co (NYSE:CVNA) by 7.2% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 311,905 shares of the company’s stock after selling 24,295 shares during the period. Carvana accounts for about 11.0% of North Peak Capital Management LLC’s investment portfolio, making the stock its 4th largest position. North Peak Capital Management LLC owned about 0.21% of Carvana worth $19,522,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently modified their holdings of the company. FNY Investment Advisers LLC increased its stake in Carvana by 12,800.0% in the second quarter. FNY Investment Advisers LLC now owns 1,290 shares of the company’s stock valued at $80,000 after purchasing an additional 1,280 shares during the last quarter. Meridian Wealth Management LLC acquired a new position in shares of Carvana during the 2nd quarter valued at about $118,000. Gamco Investors INC. ET AL purchased a new position in shares of Carvana during the 1st quarter worth about $656,000. Advisor Group Inc. lifted its holdings in shares of Carvana by 993.4% during the 1st quarter. Advisor Group Inc. now owns 17,342 shares of the company’s stock worth $1,006,000 after acquiring an additional 15,756 shares during the period. Finally, CX Institutional acquired a new stake in shares of Carvana in the second quarter worth approximately $221,000. Institutional investors and hedge funds own 37.05% of the company’s stock.
In other Carvana news, Director Ira J. Platt sold 1,300 shares of the business’s stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $84.50, for a total value of $109,850.00. Following the transaction, the director now owns 23,682 shares in the company, valued at approximately $2,001,129. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Paul W. Breaux sold 10,000 shares of the company’s stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $62.72, for a total transaction of $627,200.00. Following the completion of the transaction, the insider now directly owns 10,628 shares of the company’s stock, valued at $666,588.16. The disclosure for this sale can be found here. Insiders sold 189,861 shares of company stock valued at $14,527,351 in the last ninety days. 13.02% of the stock is owned by corporate insiders.
Several equities analysts recently commented on the stock. BMO Capital Markets upped their price target on shares of Carvana from $65.00 to $68.00 and gave the stock a “market perform” rating in a research report on Thursday, August 8th. Cowen reiterated an “outperform” rating and issued a $85.00 target price (up previously from $81.00) on shares of Carvana in a report on Thursday, August 8th. Wells Fargo & Co reissued a “buy” rating and set a $85.00 price target on shares of Carvana in a research report on Monday, July 1st. JMP Securities upped their price target on Carvana from $64.00 to $80.00 and gave the stock an “outperform” rating in a research note on Thursday, August 8th. Finally, Zacks Investment Research downgraded Carvana from a “hold” rating to a “sell” rating in a report on Tuesday, July 9th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and eight have assigned a buy rating to the company’s stock. Carvana currently has an average rating of “Hold” and an average price target of $73.64.
Shares of CVNA traded up $0.58 during midday trading on Wednesday, reaching $78.09. 52,698 shares of the company were exchanged, compared to its average volume of 1,445,422. Carvana Co has a 1-year low of $28.44 and a 1-year high of $85.07. The stock has a 50-day moving average price of $74.70 and a 200-day moving average price of $64.26. The company has a current ratio of 3.83, a quick ratio of 1.40 and a debt-to-equity ratio of 2.10. The company has a market cap of $11.79 billion, a price-to-earnings ratio of -45.29 and a beta of 2.24.
Carvana (NYSE:CVNA) last posted its earnings results on Wednesday, August 7th. The company reported ($0.40) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.39) by ($0.01). The company had revenue of $986.22 million during the quarter, compared to analyst estimates of $914.50 million. Carvana had a negative net margin of 3.49% and a negative return on equity of 30.55%. Carvana’s quarterly revenue was up 107.5% compared to the same quarter last year. During the same quarter last year, the business posted ($0.37) EPS. Equities research analysts anticipate that Carvana Co will post -1.82 earnings per share for the current year.
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 proprietary 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.
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