Assenagon Asset Management S.A. Lowers Stake in Carvana Co. $CVNA

Assenagon Asset Management S.A. lessened its stake in Carvana Co. (NYSE:CVNA) by 73.7% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 43,596 shares of the company’s stock after selling 122,168 shares during the period. 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 and hedge funds also recently added to or reduced their stakes in CVNA. Vanguard Group Inc. grew its position in Carvana by 24.7% in the 4th 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 in the last quarter. State Street Corp lifted its position in shares of Carvana by 93.7% during the fourth quarter. State Street Corp now owns 5,714,779 shares of the company’s stock worth $2,411,751,000 after purchasing an additional 2,764,759 shares in the last quarter. Capital Research Global Investors boosted its stake in shares of Carvana by 42.9% in the fourth quarter. Capital Research Global Investors now owns 5,700,953 shares of the company’s stock valued at $2,405,959,000 after purchasing an additional 1,711,144 shares during the period. Price T Rowe Associates Inc. MD grew its holdings in shares of Carvana by 8.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 17,726,838 shares of the company’s stock valued at $7,481,081,000 after purchasing an additional 1,407,762 shares in the last quarter. Finally, Geode Capital Management LLC grew its holdings in shares of Carvana by 55.4% in the fourth quarter. Geode Capital Management LLC now owns 3,880,711 shares of the company’s stock valued at $1,632,763,000 after purchasing an additional 1,382,852 shares in the last quarter. Hedge funds and other institutional investors own 56.71% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the company. JPMorgan Chase & Co. increased their price target on Carvana from $91.00 to $93.00 and gave the company an “overweight” rating in a research report on Thursday, April 30th. Citigroup restated an “outperform” rating on shares of Carvana in a research note on Friday, May 1st. Morgan Stanley raised their price objective on Carvana from $90.00 to $102.00 and gave the stock an “overweight” rating in a report on Thursday, April 30th. Bank of America lifted their target price on Carvana from $72.00 to $82.00 and gave the stock a “neutral” rating in a research report on Tuesday, April 21st. Finally, BTIG Research reissued a “buy” rating and issued a $97.00 target price on shares of Carvana in a report on Friday, June 5th. Two analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $93.14.

Carvana Trading Down 5.9%

NYSE CVNA opened at $62.31 on Friday. The company has a debt-to-equity ratio of 1.05, a quick ratio of 2.57 and a current ratio of 4.09. The firm has a market cap of $68.34 billion, a PE ratio of 37.90, a P/E/G ratio of 10.52 and a beta of 3.45. Carvana Co. has a one year low of $54.46 and a one year high of $97.38. The firm’s fifty day moving average is $71.20 and its two-hundred day moving average is $74.65.

Carvana (NYSE:CVNA) last announced its earnings results on Wednesday, April 29th. The company reported $1.69 earnings per share for the quarter, topping the consensus estimate of $0.32 by $1.37. The business 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%. Analysts expect that Carvana Co. will post 1.58 earnings per share for the current year.

Insider Buying and Selling

In related news, Director J Danforth Quayle sold 14,525 shares of the stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $70.00, for a total transaction of $1,016,750.00. Following the completion of the sale, the director directly owned 214,960 shares of the company’s stock, valued at $15,047,200. This trade represents a 6.33% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Thomas Taira sold 18,850 shares of Carvana stock in a transaction on Wednesday, April 8th. The shares were sold at an average price of $68.20, for a total transaction of $1,285,570.00. Following the completion of the transaction, the insider owned 292,820 shares in the company, valued at approximately $19,970,324. This trade represents a 6.05% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 415,812 shares of company stock worth $29,056,896. 15.19% of the stock is currently owned by insiders.

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.