PDT Partners LLC Raises Stock Position in Carvana Co. $CVNA

Key Points

• PDT Partners LLC increased its stake in Carvana Co. by 135.8% in the first quarter, acquiring an additional 26,899 shares, bringing its total holdings to 46,700 shares valued at approximately $9.76 million.
• Carvana reported a 41.9% year-over-year increase in revenue for the last quarter, amounting to $4.84 billion, along with earnings per share of $1.28, exceeding estimates.
• Recent analyst ratings have been positive, with twelve analysts rating the stock as a Buy and price targets being adjusted upward, reflecting confidence in the company's performance and potential growth.

PDT Partners LLC increased its holdings in Carvana Co. (NYSE:CVNA - Free Report) by 135.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 46,700 shares of the company's stock after buying an additional 26,899 shares during the period. Carvana accounts for 0.7% of PDT Partners LLC's holdings, making the stock its 5th largest position. PDT Partners LLC's holdings in Carvana were worth $9,764,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the stock. Brooklyn Investment Group increased its stake in Carvana by 961.5% during the 1st quarter. Brooklyn Investment Group now owns 138 shares of the company's stock worth $29,000 after acquiring an additional 125 shares during the period. N.E.W. Advisory Services LLC bought a new position in Carvana during the 1st quarter worth $33,000. Versant Capital Management Inc increased its stake in Carvana by 39.4% during the 1st quarter. Versant Capital Management Inc now owns 290 shares of the company's stock worth $61,000 after acquiring an additional 82 shares during the period. Strategic Investment Solutions Inc. IL bought a new position in Carvana during the 1st quarter worth $90,000. Finally, Gordian Capital Singapore Pte Ltd bought a new position in Carvana during the 4th quarter worth $98,000. Institutional investors and hedge funds own 56.71% of the company's stock.

Insider Buying and Selling at Carvana

In related news, CFO Mark W. Jenkins sold 12,750 shares of the business's stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $364.42, for a total value of $4,646,355.00. Following the sale, the chief financial officer owned 208,581 shares of the company's stock, valued at $76,011,088.02. The trade was a 5.76% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Stephen R. Palmer sold 1,000 shares of Carvana stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $361.04, for a total transaction of $361,040.00. Following the transaction, the vice president directly owned 45,157 shares of the company's stock, valued at $16,303,483.28. This represents a 2.17% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 2,708,333 shares of company stock worth $952,613,769. Company insiders own 17.12% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have commented on the company. Bank of America raised their price objective on Carvana from $375.00 to $425.00 and gave the stock a "buy" rating in a research note on Thursday, July 31st. DA Davidson lifted their price objective on shares of Carvana from $260.00 to $380.00 and gave the company a "neutral" rating in a research note on Thursday, July 31st. Needham & Company LLC lifted their price objective on shares of Carvana from $340.00 to $500.00 and gave the company a "buy" rating in a research note on Thursday, July 31st. William Blair reissued an "outperform" rating on shares of Carvana in a research note on Wednesday, July 23rd. Finally, Wall Street Zen raised shares of Carvana from a "hold" rating to a "buy" rating in a research note on Saturday, August 30th. Twelve equities research 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, Carvana presently has an average rating of "Moderate Buy" and a consensus price target of $383.47.

Carvana Trading Up 2.3%

Shares of NYSE:CVNA traded up $8.45 during midday trading on Thursday, hitting $370.77. 1,407,122 shares of the stock were exchanged, compared to its average volume of 4,033,920. The stock has a market capitalization of $79.79 billion, a price-to-earnings ratio of 92.92, a P/E/G ratio of 1.23 and a beta of 3.51. 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 business's 50-day moving average price is $349.56 and its 200 day moving average price is $284.40. Carvana Co. has a 12 month low of $124.39 and a 12 month high of $413.33.

Carvana (NYSE:CVNA - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The company reported $1.28 earnings per share for the quarter, topping the consensus estimate 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 for the quarter, compared to analysts' expectations of $4.54 billion. During the same period in the previous year, the business posted ($0.05) earnings per share. The business's quarterly revenue was up 41.9% compared to the same quarter last year. Analysts predict that Carvana Co. will post 2.85 earnings per share for the current year.

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.