Intech Investment Management LLC Makes New Investment in Carvana Co. (NYSE:CVNA)

Intech Investment Management LLC purchased a new stake in shares of Carvana Co. (NYSE:CVNA) in the third quarter, according to the company in its most recent filing with the SEC. The firm purchased 14,335 shares of the company’s stock, valued at approximately $2,496,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Lingotto Investment Management LLP lifted its stake in Carvana by 1.4% during the second quarter. Lingotto Investment Management LLP now owns 3,776,747 shares of the company’s stock worth $486,143,000 after purchasing an additional 52,833 shares during the last quarter. Renaissance Technologies LLC raised its holdings in shares of Carvana by 12.2% during the 2nd quarter. Renaissance Technologies LLC now owns 813,400 shares of the company’s stock valued at $104,701,000 after buying an additional 88,500 shares in the last quarter. Driehaus Capital Management LLC lifted its position in Carvana by 124.9% in the 2nd quarter. Driehaus Capital Management LLC now owns 581,787 shares of the company’s stock worth $74,888,000 after buying an additional 323,153 shares during the last quarter. Sylebra Capital LLC bought a new position in Carvana during the second quarter valued at approximately $67,686,000. Finally, Point72 Asset Management L.P. raised its stake in shares of Carvana by 14.3% during the second quarter. Point72 Asset Management L.P. now owns 511,333 shares of the company’s stock worth $65,819,000 after acquiring an additional 63,792 shares in the last quarter. Hedge funds and other institutional investors own 56.71% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. TD Cowen increased their target price on shares of Carvana from $110.00 to $148.00 and gave the company a “hold” rating in a report on Thursday, August 1st. Piper Sandler raised their price objective on Carvana from $151.00 to $225.00 and gave the company a “neutral” rating in a research note on Thursday, October 31st. Morgan Stanley upgraded Carvana from an “underweight” rating to an “equal weight” rating and lifted their price objective for the stock from $110.00 to $260.00 in a report on Tuesday, November 5th. Citigroup increased their target price on Carvana from $125.00 to $195.00 and gave the company a “neutral” rating in a report on Thursday, October 3rd. Finally, Stephens began coverage on Carvana in a research note on Thursday, September 12th. They issued an “overweight” rating and a $190.00 price target on the stock. Eleven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat, Carvana presently has a consensus rating of “Hold” and a consensus price target of $217.71.

Insiders Place Their Bets

In related news, CFO Mark W. Jenkins sold 20,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $241.78, for a total transaction of $4,835,600.00. Following the completion of the transaction, the chief financial officer now owns 170,732 shares of the company’s stock, valued at $41,279,582.96. This trade represents a 10.49 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Ernest C. Garcia II sold 100,000 shares of Carvana stock in a transaction on Friday, August 30th. The shares were sold at an average price of $149.16, for a total value of $14,916,000.00. Following the transaction, the insider now owns 41,033,131 shares of the company’s stock, valued at $6,120,501,819.96. The trade was a 0.24 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 2,318,063 shares of company stock worth $420,434,579. 17.12% of the stock is owned by corporate insiders.

Carvana Price Performance

Shares of NYSE CVNA opened at $259.36 on Monday. Carvana Co. has a 1 year low of $29.84 and a 1 year high of $263.61. The stock has a market capitalization of $53.85 billion, a P/E ratio of 25,961.96 and a beta of 3.37. The company’s 50-day moving average is $203.96 and its 200 day moving average is $154.76. The company has a debt-to-equity ratio of 18.99, a current ratio of 3.25 and a quick ratio of 2.12.

Carvana (NYSE:CVNA) last posted its earnings results on Wednesday, October 30th. The company reported $0.64 earnings per share for the quarter, topping analysts’ consensus estimates of $0.23 by $0.41. The firm had revenue of $3.66 billion for the quarter, compared to analysts’ expectations of $3.47 billion. The firm’s revenue was up 31.8% on a year-over-year basis. During the same quarter last year, the company posted $0.23 EPS. On average, sell-side analysts expect that Carvana Co. will post 0.76 earnings per share for the current year.

Carvana Company 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.