Acadian Asset Management LLC Sells 69,639 Shares of Carvana Co. $CVNA

Key Points

• Acadian Asset Management LLC reduced its holdings in Carvana Co. by 69.2%, selling 69,639 shares and bringing its ownership down to 30,926 shares worth approximately $6.46 million.
• Research analysts recently updated their price targets for Carvana, with estimates ranging from $329 to $500, reflecting a generally positive outlook on the stock.
• Carvana reported quarterly earnings exceeding analysts' expectations, with earnings per share of $1.28 and revenue of $4.84 billion, a 41.9% increase compared to the same quarter last year.

Acadian Asset Management LLC lowered its holdings in Carvana Co. (NYSE:CVNA - Free Report) by 69.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 30,926 shares of the company's stock after selling 69,639 shares during the quarter. Acadian Asset Management LLC's holdings in Carvana were worth $6,459,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of CVNA. Price T Rowe Associates Inc. MD raised its stake in shares of 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 worth $3,125,749,000 after purchasing an additional 1,823,218 shares during the last quarter. Vanguard Group Inc. increased its position in Carvana by 9.7% in the first quarter. Vanguard Group Inc. now owns 12,534,843 shares of the company's stock worth $2,620,785,000 after buying an additional 1,109,476 shares in the last quarter. Alyeska Investment Group L.P. purchased a new stake in Carvana in the first quarter worth about $71,856,000. Whale Rock Capital Management LLC increased its position in Carvana by 29.8% in the fourth quarter. Whale Rock Capital Management LLC now owns 1,214,679 shares of the company's stock worth $247,017,000 after buying an additional 278,760 shares in the last quarter. Finally, Contour Asset Management LLC increased its position in Carvana by 71.4% in the first quarter. Contour Asset Management LLC now owns 643,114 shares of the company's stock worth $134,462,000 after buying an additional 267,994 shares in the last quarter. Hedge funds and other institutional investors own 56.71% of the company's stock.

Carvana Stock Performance

Shares of CVNA opened at $361.66 on Friday. The stock has a 50-day moving average of $354.06 and a two-hundred day moving average of $290.39. Carvana Co. has a one year low of $140.23 and a one year high of $413.33. The company has a debt-to-equity ratio of 2.51, a quick ratio of 2.58 and a current ratio of 4.00. The stock has a market cap of $77.83 billion, a P/E ratio of 90.64, a P/E/G ratio of 1.17 and a beta of 3.51.

Carvana (NYSE:CVNA - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The company reported $1.28 EPS for the quarter, topping analysts' consensus estimates of $1.09 by $0.19. Carvana had a return on equity of 40.57% and a net margin of 3.46%.The company had revenue of $4.84 billion during the quarter, compared to analysts' expectations of $4.54 billion. During the same quarter in the previous year, the firm posted ($0.05) EPS. The firm's revenue was up 41.9% compared to the same quarter last year. As a group, research analysts predict that Carvana Co. will post 2.85 EPS for the current year.

Insider Activity

In other news, major shareholder Ernest C. Garcia II sold 93,376 shares of the business's stock in a transaction dated 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 completion of the transaction, the insider owned 6,624 shares of the company's stock, valued at $2,610,915.84. The trade was a 93.38% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, major shareholder Ernest C. Garcia II sold 100,000 shares of the business's stock in a transaction dated Tuesday, July 8th. The shares were sold at an average price of $353.76, for a total value of $35,376,000.00. Following the completion of the transaction, the insider directly owned 36,437,346 shares of the company's stock, valued at approximately $12,890,075,520.96. This trade represents a 0.27% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 2,423,157 shares of company stock valued at $856,602,667. Insiders own 17.12% of the company's stock.

Analysts Set New Price Targets

A number of research firms have recently weighed in on CVNA. Evercore ISI upped their price objective on Carvana from $365.00 to $370.00 and gave the stock an "in-line" rating in a research note on Tuesday, August 12th. Needham & Company LLC increased their price target on Carvana from $340.00 to $500.00 and gave the stock a "buy" rating in a report on Thursday, July 31st. Oppenheimer upgraded Carvana from a "market perform" rating to an "outperform" rating and set a $450.00 price target on the stock in a report on Friday, July 25th. Gordon Haskett started coverage on Carvana in a report on Monday, July 14th. They set a "hold" rating and a $329.00 price objective on the stock. Finally, Wells Fargo & Company raised their price objective on Carvana from $390.00 to $425.00 and gave the stock an "overweight" rating in a report on Thursday, July 31st. Twelve equities research 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, the stock currently has an average rating of "Moderate Buy" and an average price target of $383.47.

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.

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