Jennison Associates LLC Takes Position in Carvana Co. (NYSE:CVNA)

Jennison Associates LLC acquired a new position in shares of Carvana Co. (NYSE:CVNA) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm acquired 9,453 shares of the company’s stock, valued at approximately $500,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Federated Hermes Inc. acquired a new position in shares of Carvana in the fourth quarter valued at approximately $864,000. Rakuten Securities Inc. acquired a new position in Carvana in the 4th quarter worth $180,000. Imprint Wealth LLC bought a new position in Carvana during the 4th quarter worth about $481,000. International Assets Investment Management LLC acquired a new stake in shares of Carvana in the 4th quarter valued at about $5,610,000. Finally, Stratos Wealth Partners LTD. acquired a new position in Carvana during the 4th quarter worth approximately $380,000. 56.71% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Wedbush reiterated a “neutral” rating and issued a $80.00 price objective (up from $60.00) on shares of Carvana in a report on Thursday. Evercore ISI cut their price target on shares of Carvana from $78.00 to $77.00 and set an “in-line” rating on the stock in a research report on Tuesday, April 16th. Jefferies Financial Group upgraded Carvana from an “underperform” rating to a “hold” rating and raised their price objective for the company from $30.00 to $85.00 in a report on Tuesday, March 12th. Royal Bank of Canada upgraded Carvana from an “underperform” rating to a “sector perform” rating and upped their target price for the stock from $45.00 to $90.00 in a report on Friday, March 8th. Finally, William Blair upgraded Carvana from a “market perform” rating to an “outperform” rating in a research note on Friday, February 23rd. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Carvana presently has a consensus rating of “Hold” and an average target price of $55.87.

Carvana Stock Performance

Shares of CVNA opened at $84.31 on Monday. The firm has a market cap of $17.02 billion, a P/E ratio of 156.13 and a beta of 3.32. Carvana Co. has a 52 week low of $6.70 and a 52 week high of $94.04. The firm’s 50-day simple moving average is $77.47 and its 200 day simple moving average is $53.92.

Carvana (NYSE:CVNA) last posted its earnings results on Thursday, February 22nd. The company reported ($1.00) EPS for the quarter, missing the consensus estimate of ($0.95) by ($0.05). The firm had revenue of $2.42 billion during the quarter, compared to the consensus estimate of $2.56 billion. The company’s revenue was down 14.6% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.97) earnings per share. As a group, equities analysts forecast that Carvana Co. will post -3.32 earnings per share for the current year.

Insider Buying and Selling at Carvana

In other news, CEO Ernest C. Garcia III sold 9,390 shares of the business’s stock in a transaction dated Tuesday, April 2nd. The shares were sold at an average price of $82.83, for a total value of $777,773.70. Following the completion of the sale, the chief executive officer now owns 861,458 shares of the company’s stock, valued at $71,354,566.14. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, CEO Ernest C. Garcia III sold 9,390 shares of Carvana stock in a transaction that occurred on Tuesday, April 2nd. The shares were sold at an average price of $82.83, for a total value of $777,773.70. Following the completion of the sale, the chief executive officer now directly owns 861,458 shares in the company, valued at $71,354,566.14. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Paul W. Breaux sold 20,000 shares of the firm’s stock in a transaction on Friday, March 8th. The stock was sold at an average price of $89.00, for a total value of $1,780,000.00. Following the transaction, the insider now owns 115,032 shares in the company, valued at approximately $10,237,848. The disclosure for this sale can be found here. Insiders have sold a total of 187,883 shares of company stock valued at $15,505,178 in the last ninety days. 17.12% of the stock is currently owned by corporate insiders.

Carvana 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.