Driehaus Capital Management LLC Sells 120,286 Shares of Carvana Co. $CVNA

Key Points

• Driehaus Capital Management LLC has reduced its stake in Carvana Co. by 25.5%, now holding approximately 0.16% of the company, valued at $73.38 million.
• Carvana's recent earnings report showed a quarterly revenue of $4.84 billion, exceeding estimates, with earnings per share of $1.28, surpassing analyst expectations.
• Institutional investors collectively own 56.71% of Carvana's stock, with various firms recently adjusting their positions, indicating significant investor interest in the company's shares.

Driehaus Capital Management LLC lowered its stake in shares of Carvana Co. (NYSE:CVNA - Free Report) by 25.5% in the first quarter, according to its most recent 13F filing with the SEC. The fund owned 350,966 shares of the company's stock after selling 120,286 shares during the period. Driehaus Capital Management LLC owned approximately 0.16% of Carvana worth $73,380,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD lifted its position 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 buying an additional 1,823,218 shares in the last quarter. Vanguard Group Inc. lifted its position 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 buying an additional 1,109,476 shares in the last quarter. Castle Hook Partners LP bought a new position in shares of Carvana during the 4th quarter worth approximately $116,020,000. BNP Paribas Financial Markets lifted its position in shares of Carvana by 89.8% during the 4th quarter. BNP Paribas Financial Markets now owns 1,018,321 shares of the company's stock worth $207,086,000 after buying an additional 481,912 shares in the last quarter. Finally, Whale Rock Capital Management LLC lifted its position 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 buying an additional 278,760 shares in the last quarter. Institutional investors and hedge funds own 56.71% of the company's stock.

Carvana Price Performance

NYSE:CVNA traded down $5.85 during midday trading on Tuesday, hitting $366.07. The company had a trading volume of 2,134,223 shares, compared to its average volume of 4,065,147. Carvana Co. has a 52-week low of $124.39 and a 52-week high of $413.33. The stock's fifty day moving average price is $347.76 and its 200-day moving average price is $283.29. The company has a market capitalization of $78.78 billion, a PE ratio of 91.75, a P/E/G 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 earnings per share (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 company had revenue of $4.84 billion during the quarter, compared to analyst estimates of $4.54 billion. During the same period in the previous year, the business earned ($0.05) earnings per share. The firm's quarterly revenue was up 41.9% compared to the same quarter last year. As a group, research analysts expect that Carvana Co. will post 2.85 earnings per share for the current year.

Insider Transactions at Carvana

In other Carvana news, CEO Ernest C. Garcia III sold 10,000 shares of the company's stock in a transaction dated Wednesday, August 27th. The shares were sold at an average price of $370.71, for a total transaction of $3,707,100.00. Following the completion of the sale, the chief executive officer directly owned 496,440 shares in the company, valued at $184,035,272.40. This represents a 1.97% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders have sold 2,750,257 shares of company stock worth $965,696,611 in the last ninety days. Corporate insiders own 16.36% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms recently commented on CVNA. Evercore ISI lifted their price target on shares of Carvana from $365.00 to $370.00 and gave the stock an "in-line" rating in a report on Tuesday, August 12th. Citigroup reiterated an "outperform" rating on shares of Carvana in a research report on Thursday, July 31st. Wall Street Zen upgraded Carvana from a "hold" rating to a "buy" rating in a research report on Saturday. DA Davidson lifted their price target on Carvana from $260.00 to $380.00 and gave the company a "neutral" rating in a research report on Thursday, July 31st. Finally, Piper Sandler lifted their price target on Carvana from $340.00 to $440.00 and gave the company an "overweight" rating in a research report on Thursday, July 31st. Twelve investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock presently 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.