Fred Alger Management LLC Sells 15,301 Shares of Carvana Co. $CVNA

Fred Alger Management LLC decreased its stake in shares of Carvana Co. (NYSE:CVNA) by 8.3% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 169,480 shares of the company’s stock after selling 15,301 shares during the quarter. Fred Alger Management LLC owned about 0.08% of Carvana worth $71,524,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in CVNA. Dragoneer Investment Group LLC raised its position in Carvana by 44.3% during the fourth quarter. Dragoneer Investment Group LLC now owns 979,460 shares of the company’s stock worth $413,352,000 after acquiring an additional 300,539 shares in the last quarter. Siemens Fonds Invest GmbH lifted its stake in Carvana by 45.8% in the fourth quarter. Siemens Fonds Invest GmbH now owns 2,482 shares of the company’s stock valued at $1,066,000 after acquiring an additional 780 shares during the last quarter. Mangrove Partners IM LLC bought a new position in shares of Carvana in the 4th quarter valued at about $1,343,000. Rakuten Investment Management Inc. grew its position in shares of Carvana by 107.3% in the 4th quarter. Rakuten Investment Management Inc. now owns 18,170 shares of the company’s stock valued at $7,878,000 after acquiring an additional 9,403 shares during the period. Finally, Goodnow Investment Group LLC increased its stake in shares of Carvana by 9.0% during the 4th quarter. Goodnow Investment Group LLC now owns 710,091 shares of the company’s stock worth $299,673,000 after purchasing an additional 58,828 shares during the last quarter. Institutional investors own 56.71% of the company’s stock.

Carvana News Roundup

Here are the key news stories impacting Carvana this week:

• Positive Sentiment: Carvana is expanding beyond used cars and has purchased seven new-vehicle franchises since last year, a move that could broaden its revenue base and potentially disrupt the traditional dealership model. Carvana is expanding into new vehicles. The implications could reshape the U.S. automotive retail market
• Positive Sentiment: Wall Street price targets imply roughly 37% upside for CVNA, and the recent trend in earnings estimate revisions suggests analysts remain constructive on the company’s outlook. Can Carvana (CVNA) Climb 37.01% to Reach the Level Wall Street Analysts Expect?
• Positive Sentiment: Market commentary has also been favorable, with Jim Cramer calling Carvana “a great buy,” which may have helped reinforce bullish sentiment among retail investors. Jim Cramer Notes “Carvana Was a Great Buy for Us”
• Neutral Sentiment: Carvana shares have been rising while the broader market has been weaker, indicating relative strength rather than a clear company-specific catalyst from the latest trading session. Carvana (CVNA) Ascends While Market Falls: Some Facts to Note
• Neutral Sentiment: A director sold 15,000 shares at $67.83, but the transaction was relatively small versus the insider’s remaining holdings and does not necessarily signal a major shift in fundamentals. SEC Form 4 filing for Ira J. Platt

Insider Activity

In other news, VP Stephen R. Palmer sold 5,000 shares of the company’s stock in a transaction 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 completion of the sale, the vice president directly owned 152,955 shares in the company, valued at approximately $10,771,091.10. This represents a 3.17% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, 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 value of $4,488,000.00. Following the sale, the chief financial officer directly owned 1,036,594 shares in the company, valued at approximately $72,976,217.60. This trade represents a 5.79% decrease in their ownership of the stock. 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 quarter, insiders sold 415,812 shares of company stock worth $29,056,896. 15.19% of the stock is owned by insiders.

Carvana Stock Performance

Shares of NYSE:CVNA opened at $69.96 on Wednesday. Carvana Co. has a 12-month low of $54.46 and a 12-month high of $97.38. The company’s 50 day moving average price is $71.47 and its two-hundred day moving average price is $75.25. The firm has a market cap of $76.73 billion, a PE ratio of 42.55, a PEG ratio of 11.63 and a beta of 3.45. The company has a quick ratio of 2.57, a current ratio of 4.09 and a debt-to-equity ratio of 1.05.

Carvana (NYSE:CVNA) last released its quarterly earnings results on Wednesday, April 29th. The company reported $1.69 earnings per share 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%. Equities research analysts predict that Carvana Co. will post 1.58 earnings per share for the current year.

Wall Street Analyst Weigh In

CVNA has been the subject of a number of research analyst reports. Wedbush reduced their price target on Carvana from $100.00 to $85.00 and set an “outperform” rating for the company in a report on Thursday, February 19th. Zacks Research raised Carvana from a “hold” rating to a “strong-buy” rating in a research report on Monday, June 8th. Jefferies Financial Group cut their price objective on Carvana from $97.00 to $95.00 and set a “buy” rating for the company in a research report on Tuesday, April 14th. Wells Fargo & Company boosted their target price on Carvana from $85.00 to $95.00 and gave the stock an “overweight” rating in a report on Thursday, April 30th. Finally, Royal Bank Of Canada restated an “outperform” rating and issued a $92.00 price target on shares of Carvana in a research note on Friday. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $93.14.

Carvana Company Profile

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.