Carvana Co. $CVNA Shares Sold by Convergence Investment Partners LLC

Convergence Investment Partners LLC lowered its position in Carvana Co. (NYSE:CVNA) by 84.6% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,203 shares of the company’s stock after selling 6,604 shares during the period. Convergence Investment Partners LLC’s holdings in Carvana were worth $454,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently bought and sold shares of CVNA. Sands Capital Management LLC boosted its holdings in shares of Carvana by 1,374.3% in the 2nd quarter. Sands Capital Management LLC now owns 901,227 shares of the company’s stock valued at $303,677,000 after acquiring an additional 840,096 shares during the last quarter. Norges Bank acquired a new position in Carvana during the second quarter valued at $259,468,000. Massachusetts Financial Services Co. MA acquired a new position in Carvana during the second quarter valued at $193,091,000. Arrowstreet Capital Limited Partnership purchased a new stake in Carvana in the second quarter valued at $183,102,000. Finally, Invesco Ltd. grew its position in Carvana by 231.8% during the 2nd quarter. Invesco Ltd. now owns 734,436 shares of the company’s stock worth $247,476,000 after purchasing an additional 513,092 shares during the period. 56.71% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, VP Stephen R. Palmer sold 1,000 shares of the company’s stock in a transaction dated Friday, January 2nd. The shares were sold at an average price of $419.48, for a total transaction of $419,480.00. Following the completion of the transaction, the vice president owned 38,744 shares in the company, valued at $16,252,333.12. This represents a 2.52% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Benjamin E. Huston sold 10,000 shares of the firm’s stock in a transaction dated Friday, January 2nd. The shares were sold at an average price of $401.94, for a total transaction of $4,019,400.00. Following the completion of the transaction, the chief operating officer directly owned 99,871 shares in the company, valued at $40,142,149.74. This represents a 9.10% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 409,006 shares of company stock valued at $173,845,815. 16.36% of the stock is owned by company insiders.

Carvana Trading Up 1.8%

Shares of NYSE:CVNA opened at $408.22 on Tuesday. The business’s 50 day moving average price is $433.47 and its 200-day moving average price is $379.81. Carvana Co. has a 1 year low of $148.25 and a 1 year high of $486.89. The firm has a market capitalization of $88.80 billion, a price-to-earnings ratio of 93.20, a price-to-earnings-growth ratio of 0.96 and a beta of 3.57. The company has a debt-to-equity ratio of 1.63, a current ratio of 4.05 and a quick ratio of 2.55.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. DA Davidson set a $360.00 price objective on Carvana in a report on Thursday, October 30th. JPMorgan Chase & Co. lifted their price target on Carvana from $490.00 to $510.00 and gave the company an “overweight” rating in a research report on Wednesday, January 28th. Zacks Research lowered Carvana from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 4th. Wall Street Zen lowered shares of Carvana from a “buy” rating to a “hold” rating in a report on Sunday, October 19th. Finally, Citigroup increased their price target on shares of Carvana from $445.00 to $550.00 and gave the stock a “buy” rating in a report on Friday, December 12th. Nineteen analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $474.27.

Carvana 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.