Assenagon Asset Management S.A. Sells 27,505 Shares of Carvana Co. $CVNA

Key Points

• Assenagon Asset Management cut its Carvana stake by 63.1% in the second quarter, selling 27,505 shares and retaining 16,091 shares worth approximately $1.06 million. Institutional investors collectively own 56.71% of CVNA.
• Carvana’s refinancing of $1.66 billion in secured debt is expected to reduce annual cash interest expense by about $45 million and extend maturities, while the company’s latest quarterly results beat expectations with $7.38 billion in revenue and $0.42 EPS.
• Wall Street remains broadly positive, with a “Moderate Buy” consensus and average price target of $84.14, though some earnings forecasts and fair-value estimates were reduced; insiders also sold $26.6 million of shares over the past 90 days.

Assenagon Asset Management S.A. decreased its position in Carvana Co. (NYSE:CVNA - Free Report) by 63.1% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 16,091 shares of the company's stock after selling 27,505 shares during the quarter. Assenagon Asset Management S.A.'s holdings in Carvana were worth $1,059,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the company. Sands Capital Management LLC raised its holdings in Carvana by 44.4% during the fourth quarter. Sands Capital Management LLC now owns 2,442,534 shares of the company's stock worth $1,030,798,000 after acquiring an additional 751,019 shares in the last quarter. Capricorn Fund Managers Ltd bought a new position in Carvana in the first quarter valued at approximately $29,866,000. Gavilan Investment Partners LLC increased its position in shares of Carvana by 24.6% during the 4th quarter. Gavilan Investment Partners LLC now owns 86,000 shares of the company's stock worth $36,294,000 after purchasing an additional 17,000 shares during the last quarter. Hsbc Holdings PLC increased its position in shares of Carvana by 239.6% during the 4th quarter. Hsbc Holdings PLC now owns 221,727 shares of the company's stock worth $93,748,000 after purchasing an additional 156,430 shares during the last quarter. Finally, Swiss National Bank boosted its holdings in shares of Carvana by 9.9% in the 1st quarter. Swiss National Bank now owns 395,180 shares of the company's stock valued at $124,237,000 after buying an additional 35,720 shares during the last quarter. 56.71% of the stock is currently owned by institutional investors.

Key Stories Impacting Carvana

Here are the key news stories impacting Carvana this week:

• Positive Sentiment: Lower interest expense supports profitability: Carvana priced a $1.66 billion senior secured term loan to refinance its 9% senior secured notes due 2030. The transaction extends maturities and is expected to reduce annual cash interest expense by approximately $45 million over the next four years, improving cash flow and balance-sheet flexibility. How Investors May Respond To Carvana Refinancing To Cut Interest Costs And Extend Debt Maturities
• Positive Sentiment: Several forward earnings estimates were raised: Zacks increased its forecasts for Carvana’s 2026 EPS to $1.63 from $1.51 and 2027 EPS to $2.25 from $1.99. Estimates for each quarter of 2027 were also raised, including Q1 to $0.50, Q2 to $0.59, Q3 to $0.68 and Q4 to $0.47. These revisions suggest analysts see stronger earnings momentum ahead. Zacks Research Carvana estimates
• Neutral Sentiment: Investor commentary highlights valuation debate: Optimist Fund discussed Carvana at roughly 13 times EBITDA, potentially appealing to growth-oriented investors, but the article does not represent a new company announcement or analyst rating. Is Carvana a Clear Bargain at 13x EBITDA?
• Negative Sentiment: Some estimates and fair-value assumptions were trimmed: Zacks lowered its Q1 2028 EPS forecast to $0.68 from $0.77 and FY2028 EPS to $3.24 from $3.25. Separately, an updated fair-value estimate fell to approximately $82.83 from $89.83, signaling greater caution about valuation even though analysts continue to assume long-term growth. Carvana Stock Sees Modest Fair Value Cut After Cautious Q2 Analyst Revisions

Wall Street Analyst Weigh In

Several research firms have issued reports on CVNA. Barclays dropped their price target on shares of Carvana from $94.00 to $93.00 and set an "overweight" rating on the stock in a research report on Friday, July 31st. JPMorgan Chase & Co. raised their price objective on Carvana from $91.00 to $93.00 and gave the company an "overweight" rating in a research report on Thursday, April 30th. Evercore set a $75.00 price objective on shares of Carvana in a research report on Thursday, July 30th. DA Davidson set a $67.00 price objective on shares of Carvana in a research report on Thursday, July 30th. Finally, Gordon Haskett lifted their target price on shares of Carvana from $67.00 to $85.00 and gave the stock a "hold" rating in a report on Thursday, April 30th. One analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $84.14.

Insider Activity

In related news, VP Stephen R. Palmer sold 5,000 shares of the firm's stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $64.49, for a total value of $322,450.00. Following the sale, the vice president directly owned 136,909 shares of the company's stock, valued at $8,829,261.41. This trade represents a 3.52% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Benjamin E. Huston sold 50,000 shares of Carvana stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $64.50, for a total transaction of $3,225,000.00. Following the sale, the chief operating officer directly owned 535,709 shares in the company, valued at $34,553,230.50. This trade represents a 8.54% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 391,372 shares of company stock valued at $26,555,789. Corporate insiders own 15.19% of the company's stock.

Carvana Price Performance

CVNA stock opened at $75.56 on Friday. The company's 50-day moving average price is $67.23 and its two-hundred day moving average price is $69.18. The firm has a market cap of $83.15 billion, a P/E ratio of 41.79, a P/E/G ratio of 2.68 and a beta of 3.46. The company has a quick ratio of 2.33, a current ratio of 3.93 and a debt-to-equity ratio of 0.94. Carvana Co. has a 12 month low of $54.46 and a 12 month high of $97.38.

Carvana (NYSE:CVNA - Get Free Report) last issued its quarterly earnings results on Wednesday, July 29th. The company reported $0.42 earnings per share for the quarter, topping analysts' consensus estimates of $0.39 by $0.03. The company had revenue of $7.38 billion during the quarter, compared to the consensus estimate of $6.90 billion. Carvana had a net margin of 6.26% and a return on equity of 37.06%. The firm's quarterly revenue was up 52.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.51 EPS. On average, analysts anticipate that Carvana Co. will post 1.68 earnings per share for the current fiscal year.

Carvana Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

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