Fred Alger Management LLC Acquires Shares of 13,804 Carvana Co. (NYSE:CVNA)

Fred Alger Management LLC bought a new stake in Carvana Co. (NYSE:CVNA - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 13,804 shares of the company's stock, valued at approximately $2,807,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. raised its holdings in Carvana by 9.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 462,962 shares of the company's stock worth $94,148,000 after acquiring an additional 39,089 shares in the last quarter. Plato Investment Management Ltd raised its stake in shares of Carvana by 135.5% during the 4th quarter. Plato Investment Management Ltd now owns 5,204 shares of the company's stock worth $1,062,000 after purchasing an additional 2,994 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Carvana by 37.7% in the 4th quarter. Bank of New York Mellon Corp now owns 478,488 shares of the company's stock valued at $97,305,000 after buying an additional 130,942 shares during the last quarter. Oak Thistle LLC grew its stake in shares of Carvana by 115.9% in the fourth quarter. Oak Thistle LLC now owns 3,238 shares of the company's stock valued at $658,000 after buying an additional 1,738 shares in the last quarter. Finally, Assenagon Asset Management S.A. increased its holdings in Carvana by 33.3% during the fourth quarter. Assenagon Asset Management S.A. now owns 382,607 shares of the company's stock worth $77,807,000 after buying an additional 95,497 shares during the last quarter. 56.71% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have commented on the stock. Morgan Stanley upgraded shares of Carvana from an "underweight" rating to an "overweight" rating in a research note on Monday, March 31st. Citigroup raised their target price on shares of Carvana from $280.00 to $325.00 and gave the company a "buy" rating in a research note on Thursday, May 8th. Bank of America boosted their price target on Carvana from $290.00 to $295.00 and gave the stock a "buy" rating in a research report on Thursday, May 8th. JPMorgan Chase & Co. cut their price objective on Carvana from $365.00 to $325.00 and set an "overweight" rating for the company in a research report on Thursday, March 27th. Finally, DA Davidson lifted their target price on Carvana from $220.00 to $260.00 and gave the stock a "neutral" rating in a research note on Thursday, February 20th. Six analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $268.59.

Carvana Stock Performance

Shares of CVNA traded up $13.38 during midday trading on Tuesday, reaching $293.00. 5,883,877 shares of the stock were exchanged, compared to its average volume of 3,924,515. The stock's 50 day simple moving average is $211.21 and its 200 day simple moving average is $227.94. The company has a market cap of $62.46 billion, a P/E ratio of 186.62 and a beta of 3.61. Carvana Co. has a twelve month low of $97.55 and a twelve month high of $298.67. The company has a quick ratio of 2.12, a current ratio of 3.64 and a debt-to-equity ratio of 3.82.

Carvana (NYSE:CVNA - Get Free Report) last issued its quarterly earnings data on Wednesday, May 7th. The company reported $1.51 earnings per share for the quarter, topping the consensus estimate of $0.75 by $0.76. Carvana had a net margin of 1.54% and a return on equity of 36.59%. The business had revenue of $4.23 billion during the quarter, compared to analysts' expectations of $3.94 billion. During the same quarter in the previous year, the company earned $0.23 EPS. The business's revenue was up 38.3% on a year-over-year basis. On average, sell-side analysts expect that Carvana Co. will post 2.85 earnings per share for the current year.

Insider Activity

In related news, insider Daniel J. Gill sold 70,166 shares of the business's stock in a transaction dated Thursday, May 8th. The stock was sold at an average price of $281.43, for a total value of $19,746,817.38. Following the completion of the transaction, the insider now owns 201,087 shares of the company's stock, valued at $56,591,914.41. The trade was a 25.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Thomas Taira sold 27,593 shares of the company's stock in a transaction dated Tuesday, March 25th. The stock was sold at an average price of $225.03, for a total transaction of $6,209,252.79. Following the sale, the insider now directly owns 179,673 shares of the company's stock, valued at $40,431,815.19. This represents a 13.31% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 441,353 shares of company stock worth $99,768,424. Corporate insiders own 17.12% of the company's stock.

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.