Penserra Capital Management LLC Cuts Position in Carvana Co. (NYSE:CVNA)

Penserra Capital Management LLC reduced its position in shares of Carvana Co. (NYSE:CVNA - Free Report) by 7.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 17,495 shares of the company's stock after selling 1,372 shares during the period. Penserra Capital Management LLC's holdings in Carvana were worth $3,657,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of CVNA. Charles Schwab Investment Management Inc. lifted its holdings in shares of Carvana by 9.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 462,962 shares of the company's stock worth $94,148,000 after purchasing an additional 39,089 shares during the period. J.Safra Asset Management Corp lifted its stake in shares of Carvana by 140.8% in the 1st quarter. J.Safra Asset Management Corp now owns 3,390 shares of the company's stock valued at $709,000 after purchasing an additional 1,982 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Carvana during the 4th quarter valued at about $60,866,000. Worldquant Millennium Advisors LLC purchased a new stake in shares of Carvana during the 4th quarter valued at about $51,091,000. Finally, Farther Finance Advisors LLC increased its holdings in Carvana by 333.1% during the 1st quarter. Farther Finance Advisors LLC now owns 3,482 shares of the company's stock worth $740,000 after purchasing an additional 2,678 shares during the last quarter. 56.71% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

CVNA has been the subject of a number of analyst reports. Needham & Company LLC restated a "buy" rating and set a $340.00 price objective on shares of Carvana in a research report on Thursday, May 8th. Robert W. Baird upped their target price on Carvana from $200.00 to $275.00 and gave the stock a "neutral" rating in a research report on Thursday, May 8th. Stephens boosted their target price on Carvana from $300.00 to $375.00 and gave the stock an "overweight" rating in a report on Monday. Wedbush upgraded Carvana to a "hold" rating in a report on Thursday, May 8th. Finally, Piper Sandler set a $340.00 target price on Carvana and gave the company an "overweight" rating in a report on Thursday, May 22nd. Six research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $303.59.

Carvana Stock Performance

Shares of Carvana stock traded up $0.84 during mid-day trading on Wednesday, hitting $346.76. 259,523 shares of the stock were exchanged, compared to its average volume of 3,845,124. Carvana Co. has a 12 month low of $118.50 and a 12 month high of $364.00. The company has a 50-day simple moving average of $310.23 and a 200 day simple moving average of $250.09. The company has a debt-to-equity ratio of 2.97, a quick ratio of 2.70 and a current ratio of 3.81. The company has a market capitalization of $74.25 billion, a P/E ratio of 121.79, a P/E/G ratio of 1.39 and a beta of 3.59.

Carvana (NYSE:CVNA - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The company reported $1.51 EPS for the quarter, topping analysts' consensus estimates of $0.75 by $0.76. The company had revenue of $4.23 billion for the quarter, compared to analysts' expectations of $3.94 billion. Carvana had a net margin of 2.68% and a return on equity of 44.86%. Carvana's revenue was up 38.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.23 EPS. Sell-side analysts anticipate that Carvana Co. will post 2.85 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO Mark W. Jenkins sold 12,750 shares of Carvana stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $338.36, for a total value of $4,314,090.00. Following the completion of the transaction, the chief financial officer directly owned 211,020 shares in the company, valued at approximately $71,400,727.20. The trade was a 5.70% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Daniel J. Gill sold 7,100 shares of Carvana stock in a transaction that occurred on Monday, July 7th. The shares were sold at an average price of $350.00, for a total transaction of $2,485,000.00. Following the completion of the transaction, the insider owned 197,832 shares of the company's stock, valued at $69,241,200. This represents a 3.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,406,961 shares of company stock worth $453,477,396 in the last three months. Insiders own 16.36% of the company's stock.

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.