Renaissance Technologies LLC Sells 206,180 Shares of Carvana Co. $CVNA

Renaissance Technologies LLC reduced its position in Carvana Co. (NYSE:CVNA) by 14.6% during the first quarter, Holdings Channel.com reports. The institutional investor owned 1,201,218 shares of the company’s stock after selling 206,180 shares during the period. Carvana accounts for 0.6% of Renaissance Technologies LLC’s investment portfolio, making the stock its 13th largest holding. Renaissance Technologies LLC’s holdings in Carvana were worth $377,639,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CVNA. Thurston Springer Miller Herd & Titak Inc. purchased a new position in Carvana during the 4th quarter valued at approximately $29,000. Farmers & Merchants Investments Inc. bought a new stake in Carvana in the 4th quarter worth approximately $29,000. Motiv8 Investments LLC purchased a new stake in shares of Carvana during the 4th quarter worth approximately $33,000. Ascentis Independent Advisors purchased a new stake in shares of Carvana during the 1st quarter worth approximately $26,000. Finally, Salomon & Ludwin LLC boosted its position in shares of Carvana by 112.5% during the 4th quarter. Salomon & Ludwin LLC now owns 85 shares of the company’s stock valued at $37,000 after acquiring an additional 45 shares during the last quarter. 56.71% of the stock is owned by institutional investors.

Carvana Stock Up 0.4%

NYSE CVNA opened at $60.43 on Friday. 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 Co. has a 52 week low of $54.46 and a 52 week high of $97.38. The firm has a market capitalization of $66.28 billion, a price-to-earnings ratio of 36.76, a PEG ratio of 13.51 and a beta of 3.46. The company has a fifty day moving average of $66.99 and a two-hundred day moving average of $71.53.

Carvana (NYSE:CVNA) last announced its earnings results on Wednesday, April 29th. The company reported $1.69 earnings per share for the quarter, beating the consensus estimate of $0.32 by $1.37. The business had revenue of $6.43 billion for 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%. On average, analysts predict that Carvana Co. will post 1.63 earnings per share for the current year.

Insider Activity

In related news, CFO Mark W. Jenkins sold 63,750 shares of the company’s stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $77.44, for a total transaction of $4,936,672.50. Following the transaction, the chief financial officer directly owned 1,050,635 shares in the company, valued at approximately $81,359,073.13. This represents a 5.72% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director J Danforth Quayle sold 14,525 shares of the stock in a transaction dated 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 in the company, valued at $15,047,200. This trade represents a 6.33% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 396,962 shares of company stock worth $28,525,088 in the last 90 days. Company insiders own 15.19% of the company’s stock.

Analyst Ratings Changes

CVNA has been the subject of a number of recent research reports. BTIG Research reissued a “buy” rating and issued a $97.00 target price on shares of Carvana in a report on Friday, June 5th. Bank of America upped their price target on shares of Carvana from $72.00 to $82.00 and gave the company a “neutral” rating in a research note on Tuesday, April 21st. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $107.40 price objective on shares of Carvana in a research report on Thursday, April 30th. Citizens Jmp lifted their price objective on shares of Carvana from $92.00 to $103.00 and gave the stock a “market outperform” rating in a research note on Friday, May 1st. Finally, Royal Bank Of Canada restated an “outperform” rating and issued a $92.00 target price on shares of Carvana in a report on Friday, June 12th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat, Carvana has an average rating of “Moderate Buy” and an average price target of $92.65.

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.