Voleon Capital Management LP Sells 21,315 Shares of Carvana Co. $CVNA

Key Points

• Voleon Capital Management LP has reduced its stake in Carvana Co. by 57.8%, indicating a significant sell-off with the firm now holding 15,576 shares worth approximately $3.26 million.
• Carvana reported earnings of $1.28 EPS for the last quarter, surpassing estimates and reflecting a 41.9% year-over-year revenue growth to $4.84 billion.
• Recent analyst ratings show a positive outlook for Carvana, with multiple firms raising their price targets, setting a consensus target price of $383.47 with an average rating of "Moderate Buy".

Voleon Capital Management LP lowered its position in shares of Carvana Co. (NYSE:CVNA - Free Report) by 57.8% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 15,576 shares of the company's stock after selling 21,315 shares during the quarter. Voleon Capital Management LP's holdings in Carvana were worth $3,257,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of CVNA. Price T Rowe Associates Inc. MD raised its stake in shares of Carvana by 13.9% during the 1st 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 in the last quarter. Vanguard Group Inc. raised its stake in shares of Carvana by 9.7% during the 1st 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 in the last quarter. Alyeska Investment Group L.P. bought a new stake in shares of Carvana during the 1st quarter worth approximately $71,856,000. Whale Rock Capital Management LLC raised its stake in shares of Carvana by 29.8% during the 4th 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 in the last quarter. Finally, Contour Asset Management LLC raised its stake in shares of Carvana by 71.4% during the 1st quarter. Contour Asset Management LLC now owns 643,114 shares of the company's stock worth $134,462,000 after purchasing an additional 267,994 shares in the last quarter. Institutional investors and hedge funds own 56.71% of the company's stock.

Carvana Stock Performance

CVNA stock traded up $7.42 during trading hours on Friday, hitting $361.66. 2,818,947 shares of the stock were exchanged, compared to its average volume of 3,980,996. The company has a current ratio of 4.00, a quick ratio of 2.58 and a debt-to-equity ratio of 2.51. The firm has a market capitalization of $77.83 billion, a P/E ratio of 90.64, a P/E/G ratio of 1.21 and a beta of 3.51. The company has a 50-day simple moving average of $353.80 and a two-hundred day simple moving average of $289.02. Carvana Co. has a 12 month low of $140.23 and a 12 month high of $413.33.

Carvana (NYSE:CVNA - Get Free Report) last posted its quarterly earnings data 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. The firm had revenue of $4.84 billion for the quarter, compared to analysts' expectations of $4.54 billion. Carvana had a return on equity of 40.57% and a net margin of 3.46%.The company's quarterly revenue was up 41.9% compared to the same quarter last year. During the same quarter last year, the business earned ($0.05) EPS. On average, analysts forecast that Carvana Co. will post 2.85 earnings per share for the current fiscal year.

Insider Activity at Carvana

In related news, COO Benjamin E. Huston sold 10,000 shares of the firm's stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $364.66, for a total value of $3,646,600.00. Following the transaction, the chief operating officer owned 104,416 shares in the company, valued at approximately $38,076,338.56. This trade represents a 8.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Ernest C. Garcia III sold 10,000 shares of the firm's stock in a transaction on Wednesday, September 10th. The stock was sold at an average price of $367.06, for a total value of $3,670,600.00. Following the completion of the transaction, the chief executive officer owned 451,440 shares in the company, valued at $165,705,566.40. The trade was a 2.17% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,423,157 shares of company stock worth $856,602,667 in the last quarter. 17.12% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

CVNA has been the topic of a number of analyst reports. Bank of America upped 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. Royal Bank Of Canada upped their price objective on Carvana from $400.00 to $460.00 and gave the stock an "outperform" rating in a research note on Thursday, July 31st. William Blair restated an "outperform" rating on shares of Carvana in a research note on Wednesday, July 23rd. Morgan Stanley increased their price target on Carvana from $280.00 to $290.00 and gave the company an "overweight" rating in a research note on Thursday, May 15th. Finally, JPMorgan Chase & Co. increased their price target on Carvana from $350.00 to $415.00 and gave the company an "overweight" rating in a research note on Thursday, July 31st. Twelve equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $383.47.

About Carvana

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.