Trexquant Investment LP Sells 180,118 Shares of Carvana Co. $CVNA

Key Points

• Trexquant Investment LP significantly reduced its holdings in Carvana Co. by 76.6%, selling 180,118 shares and retaining 54,995 shares valued at approximately $11.5 million.
• Major shareholder Ernest C. Garcia II sold 100,000 shares at an average price of $346.99, resulting in a total transaction value of about $34.7 million.
• Several analysts have raised their price targets for Carvana, with the consensus rating now being a "Moderate Buy" and an average target price of $383.47.

Trexquant Investment LP decreased its holdings in shares of Carvana Co. (NYSE:CVNA - Free Report) by 76.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 54,995 shares of the company's stock after selling 180,118 shares during the quarter. Trexquant Investment LP's holdings in Carvana were worth $11,498,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the business. Landscape Capital Management L.L.C. acquired a new stake in shares of Carvana during the 1st quarter worth approximately $1,755,000. Next Century Growth Investors LLC acquired a new stake in shares of Carvana during the 1st quarter worth approximately $1,877,000. B. Metzler seel. Sohn & Co. AG grew its position in shares of Carvana by 639.4% during the 1st quarter. B. Metzler seel. Sohn & Co. AG now owns 32,617 shares of the company's stock worth $6,820,000 after buying an additional 28,206 shares during the period. Ieq Capital LLC grew its position in shares of Carvana by 4,436.5% during the 1st quarter. Ieq Capital LLC now owns 178,150 shares of the company's stock worth $37,248,000 after buying an additional 174,223 shares during the period. Finally, Avalon Global Asset Management LLC acquired a new stake in shares of Carvana during the 1st quarter worth approximately $2,091,000. Institutional investors and hedge funds own 56.71% of the company's stock.

Insider Buying and Selling

In related news, major shareholder Ernest C. Garcia II sold 100,000 shares of the stock in a transaction on Friday, June 6th. The shares were sold at an average price of $346.99, for a total transaction of $34,699,000.00. Following the completion of the transaction, the insider owned 37,092,317 shares in the company, valued at approximately $12,870,663,075.83. This represents a 0.27% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders have sold a total of 2,865,507 shares of company stock worth $1,003,408,791 in the last ninety days. Corporate insiders own 17.12% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have recently commented on CVNA shares. Wall Street Zen upgraded shares of Carvana from a "hold" rating to a "buy" rating in a research report on Saturday. Morgan Stanley boosted their price objective on shares of Carvana from $280.00 to $290.00 and gave the company an "overweight" rating in a report on Thursday, May 15th. Gordon Haskett initiated coverage on shares of Carvana in a report on Monday, July 14th. They set a "hold" rating and a $329.00 price objective for the company. JMP Securities boosted their price objective on shares of Carvana from $440.00 to $460.00 and gave the company a "market outperform" rating in a report on Thursday, July 31st. Finally, Evercore ISI boosted their price objective on shares of Carvana from $365.00 to $370.00 and gave the company an "in-line" rating in a report on Tuesday, August 12th. Twelve investment 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.com, Carvana presently has a consensus rating of "Moderate Buy" and an average price target of $383.47.

Carvana Stock Down 1.4%

CVNA traded down $5.42 during trading hours on Friday, hitting $371.96. 1,835,939 shares of the company's stock were exchanged, compared to its average volume of 2,644,905. Carvana Co. has a 1-year low of $124.39 and a 1-year high of $413.33. The stock's 50-day moving average is $346.72 and its two-hundred day moving average is $282.68. The stock has a market cap of $80.05 billion, a price-to-earnings ratio of 93.22, a PEG ratio of 1.23 and a beta of 3.51. The company has a quick ratio of 2.58, a current ratio of 4.00 and a debt-to-equity ratio of 2.51.

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