Massachusetts Financial Services Co. MA Trims Stake in Carvana Co. (NYSE:CVNA)

Massachusetts Financial Services Co. MA lowered its holdings in Carvana Co. (NYSE:CVNA) by 2.4% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 33,007 shares of the company’s stock after selling 798 shares during the quarter. Massachusetts Financial Services Co. MA’s holdings in Carvana were worth $5,747,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CVNA. Sylebra Capital LLC purchased a new stake in Carvana in the second quarter valued at $67,686,000. Senator Investment Group LP acquired a new stake in shares of Carvana in the second quarter valued at $63,767,000. Driehaus Capital Management LLC grew its stake in shares of Carvana by 124.9% in the second quarter. Driehaus Capital Management LLC now owns 581,787 shares of the company’s stock valued at $74,888,000 after buying an additional 323,153 shares in the last quarter. Assenagon Asset Management S.A. acquired a new stake in shares of Carvana in the second quarter valued at $39,997,000. Finally, Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in shares of Carvana in the second quarter valued at $37,728,000. Hedge funds and other institutional investors own 56.71% of the company’s stock.

Carvana Trading Down 1.9 %

NYSE:CVNA opened at $255.92 on Wednesday. The stock has a 50-day simple moving average of $206.13 and a 200-day simple moving average of $155.75. The stock has a market cap of $53.14 billion, a P/E ratio of 25,625.63 and a beta of 3.37. Carvana Co. has a 1 year low of $29.84 and a 1 year high of $268.34. The company has a debt-to-equity ratio of 18.99, a quick ratio of 2.12 and a current ratio of 3.25.

Carvana (NYSE:CVNA) last posted its earnings results on Wednesday, October 30th. The company reported $0.64 earnings per share for the quarter, beating the consensus estimate of $0.23 by $0.41. The firm had revenue of $3.66 billion during the quarter, compared to analysts’ expectations of $3.47 billion. During the same period in the previous year, the firm posted $0.23 earnings per share. The firm’s revenue for the quarter was up 31.8% on a year-over-year basis. As a group, analysts anticipate that Carvana Co. will post 0.76 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

CVNA has been the subject of a number of research reports. Stephens initiated coverage on Carvana in a research note on Thursday, September 12th. They issued an “overweight” rating and a $190.00 price objective for the company. Royal Bank of Canada raised Carvana to a “sector perform” rating and lifted their price objective for the company from $166.00 to $170.00 in a research note on Monday, August 19th. Needham & Company LLC lifted their price objective on Carvana from $200.00 to $300.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. JMP Securities boosted their target price on Carvana from $200.00 to $320.00 and gave the stock a “market outperform” rating in a research note on Thursday, October 31st. Finally, Morgan Stanley raised Carvana from an “underweight” rating to an “equal weight” rating and boosted their target price for the stock from $110.00 to $260.00 in a research note on Tuesday, November 5th. Eleven research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, Carvana presently has an average rating of “Hold” and an average price target of $217.71.

Insider Activity

In other Carvana news, COO Benjamin E. Huston sold 3,043 shares of the company’s stock in a transaction that occurred on Thursday, October 31st. The stock was sold at an average price of $240.00, for a total transaction of $730,320.00. Following the completion of the sale, the chief operating officer now directly owns 218,686 shares of the company’s stock, valued at $52,484,640. This represents a 1.37 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Gregory B. Sullivan sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 5th. The shares were sold at an average price of $235.00, for a total value of $1,175,000.00. Following the sale, the director now directly owns 53,407 shares of the company’s stock, valued at approximately $12,550,645. This represents a 8.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 2,218,063 shares of company stock valued at $404,865,579. Insiders own 17.18% of the company’s stock.

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.