Steadview Capital Management LLC Reduces Stock Holdings in Carvana Co. $CVNA

Steadview Capital Management LLC trimmed its holdings in shares of Carvana Co. (NYSE:CVNA) by 30.2% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 309,560 shares of the company’s stock after selling 133,975 shares during the period. Carvana comprises approximately 16.7% of Steadview Capital Management LLC’s investment portfolio, making the stock its 3rd biggest position. Steadview Capital Management LLC owned approximately 0.14% of Carvana worth $116,778,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in shares of Carvana by 1.8% during the 2nd quarter. Vanguard Group Inc. now owns 12,764,230 shares of the company’s stock valued at $4,301,035,000 after acquiring an additional 229,387 shares during the last quarter. State Street Corp lifted its holdings in shares of Carvana by 15.0% during the second quarter. State Street Corp now owns 2,765,046 shares of the company’s stock valued at $931,710,000 after purchasing an additional 361,624 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Carvana by 11.0% in the 2nd quarter. Geode Capital Management LLC now owns 2,232,179 shares of the company’s stock valued at $750,301,000 after purchasing an additional 221,161 shares during the period. Sands Capital Management LLC increased its stake in Carvana by 1,374.3% in the 2nd quarter. Sands Capital Management LLC now owns 901,227 shares of the company’s stock worth $303,677,000 after purchasing an additional 840,096 shares in the last quarter. Finally, Norges Bank purchased a new stake in Carvana during the second quarter valued at about $259,468,000. Institutional investors and hedge funds own 56.71% of the company’s stock.

Insiders Place Their Bets

In related news, COO Benjamin E. Huston sold 10,000 shares of the stock in a transaction that occurred on Friday, January 2nd. The stock was sold at an average price of $401.94, for a total value of $4,019,400.00. Following the transaction, the chief operating officer owned 99,871 shares in the company, valued at approximately $40,142,149.74. This represents a 9.10% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Stephen R. Palmer sold 1,000 shares of the firm’s stock in a transaction that occurred on Friday, January 2nd. The shares were sold at an average price of $419.48, for a total transaction of $419,480.00. Following the transaction, the vice president directly owned 38,744 shares in the company, valued at approximately $16,252,333.12. The trade was a 2.52% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 467,626 shares of company stock worth $192,090,109 in the last quarter. Corporate insiders own 17.12% of the company’s stock.

Carvana Trading Up 4.9%

NYSE CVNA opened at $477.44 on Friday. The company has a current ratio of 4.05, a quick ratio of 2.55 and a debt-to-equity ratio of 1.63. Carvana Co. has a 1-year low of $148.25 and a 1-year high of $485.33. The firm’s fifty day simple moving average is $416.97 and its 200-day simple moving average is $375.02. The company has a market capitalization of $103.86 billion, a PE ratio of 109.00, a price-to-earnings-growth ratio of 1.09 and a beta of 3.54.

Carvana (NYSE:CVNA) last issued its earnings results on Wednesday, October 29th. The company reported $1.03 EPS for the quarter, missing analysts’ consensus estimates of $1.29 by ($0.26). Carvana had a net margin of 3.44% and a return on equity of 30.62%. The firm had revenue of $5.65 billion during the quarter, compared to analysts’ expectations of $5.04 billion. During the same quarter last year, the firm earned $0.64 EPS. The business’s revenue for the quarter was up 54.5% compared to the same quarter last year. As a group, sell-side analysts anticipate that Carvana Co. will post 2.85 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Wall Street Zen downgraded shares of Carvana from a “buy” rating to a “hold” rating in a research report on Sunday, October 19th. Wedbush boosted their target price on shares of Carvana from $400.00 to $500.00 and gave the company an “outperform” rating in a research note on Friday, December 19th. Argus assumed coverage on Carvana in a research report on Monday, December 15th. They issued a “buy” rating and a $500.00 target price for the company. Weiss Ratings reiterated a “hold (c)” rating on shares of Carvana in a report on Monday, December 29th. Finally, Royal Bank Of Canada reissued an “outperform” rating and issued a $460.00 price objective on shares of Carvana in a research note on Thursday, October 30th. Nineteen equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $468.59.

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.