Carvana Co. $CVNA Stock Position Cut by 683 Capital Management LLC

Key Points

• 683 Capital Management LLC reduced its stake in Carvana Co. by 23.6%, selling 53,000 shares, resulting in ownership of 172,000 shares, constituting about 2.5% of their investment portfolio.
• Carvana's stock has received several analyst upgrades, with price targets raised to as high as $500.00, reflecting strong market confidence and an average rating of Moderate Buy.
• Insider transactions showed CEO Ernest C. Garcia III selling 10,000 shares for approximately $3.7 million, while insiders collectively sold over $965 million worth of shares in the last 90 days.

683 Capital Management LLC reduced its stake in Carvana Co. (NYSE:CVNA - Free Report) by 23.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 172,000 shares of the company's stock after selling 53,000 shares during the period. Carvana accounts for about 2.5% of 683 Capital Management LLC's holdings, making the stock its 4th biggest position. 683 Capital Management LLC owned 0.08% of Carvana worth $35,962,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently added to or reduced their stakes in CVNA. Price T Rowe Associates Inc. MD increased its stake in Carvana by 13.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 14,950,011 shares of the company's stock valued at $3,125,749,000 after purchasing an additional 1,823,218 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of Carvana by 9.7% during the first quarter. Vanguard Group Inc. now owns 12,534,843 shares of the company's stock worth $2,620,785,000 after purchasing an additional 1,109,476 shares during the period. Castle Hook Partners LP acquired a new stake in shares of Carvana during the fourth quarter worth $116,020,000. BNP Paribas Financial Markets lifted its holdings in shares of Carvana by 89.8% during the fourth quarter. BNP Paribas Financial Markets now owns 1,018,321 shares of the company's stock worth $207,086,000 after purchasing an additional 481,912 shares during the period. Finally, Whale Rock Capital Management LLC lifted its holdings in shares of Carvana by 29.8% during the fourth quarter. Whale Rock Capital Management LLC now owns 1,214,679 shares of the company's stock worth $247,017,000 after purchasing an additional 278,760 shares during the period. 56.71% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

CVNA has been the subject of a number of recent analyst reports. DA Davidson raised their target price on Carvana from $260.00 to $380.00 and gave the company a "neutral" rating in a report on Thursday, July 31st. William Blair reiterated an "outperform" rating on shares of Carvana in a research report on Wednesday, July 23rd. Gordon Haskett started coverage on Carvana in a research report on Monday, July 14th. They set a "hold" rating and a $329.00 price objective for the company. Bank of America lifted their price objective on Carvana from $375.00 to $425.00 and gave the stock a "buy" rating in a research report on Thursday, July 31st. Finally, Piper Sandler lifted their price objective on Carvana from $340.00 to $440.00 and gave the stock an "overweight" rating in a research report on Thursday, July 31st. Twelve analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $383.47.

Carvana Trading Down 0.3%

Shares of NYSE CVNA traded down $0.94 during midday trading on Friday, hitting $369.23. The stock had a trading volume of 2,443,272 shares, compared to its average volume of 2,330,485. The company has a market capitalization of $79.46 billion, a price-to-earnings ratio of 92.54, a PEG ratio of 1.22 and a beta of 3.51. Carvana Co. has a 1-year low of $124.39 and a 1-year high of $413.33. The company has a quick ratio of 2.58, a current ratio of 4.00 and a debt-to-equity ratio of 2.51. The company has a fifty day moving average price of $351.83 and a 200 day moving average price of $285.57.

Carvana (NYSE:CVNA - Get Free Report) last released its quarterly earnings data on Wednesday, July 30th. The company reported $1.28 earnings per share for the quarter, beating the consensus estimate of $1.09 by $0.19. The business had revenue of $4.84 billion for the quarter, compared to analyst estimates of $4.54 billion. Carvana had a return on equity of 40.57% and a net margin of 3.46%.The company's revenue was up 41.9% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.05) EPS. On average, analysts predict that Carvana Co. will post 2.85 earnings per share for the current year.

Insider Activity at Carvana

In related news, major shareholder Ernest C. Garcia II sold 100,000 shares of the business's stock in a transaction that occurred on Tuesday, July 8th. The stock was sold at an average price of $353.76, for a total transaction of $35,376,000.00. Following the transaction, the insider directly owned 36,437,346 shares of the company's stock, valued at approximately $12,890,075,520.96. The trade was a 0.27% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, major shareholder Ernest C. Garcia II sold 93,376 shares of the business's stock in a transaction that occurred on Thursday, July 31st. The stock was sold at an average price of $394.16, for a total value of $36,805,084.16. Following the transaction, the insider directly owned 6,624 shares in the company, valued at $2,610,915.84. This trade represents a 93.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,522,933 shares of company stock worth $888,062,136 over the last three months. 17.12% of the stock is currently owned by corporate insiders.

Carvana 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.