Penserra Capital Management LLC Trims Stake in Carvana Co. (NYSE:CVNA)

Penserra Capital Management LLC decreased its stake in Carvana Co. (NYSE:CVNA - Free Report) by 7.3% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor 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 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of CVNA. Rialto Wealth Management LLC acquired a new stake in shares of Carvana in the fourth quarter valued at approximately $31,000. Transce3nd LLC acquired a new position in Carvana during the fourth quarter valued at approximately $48,000. Versant Capital Management Inc raised its position in Carvana by 39.4% during the first quarter. Versant Capital Management Inc now owns 290 shares of the company's stock valued at $61,000 after purchasing an additional 82 shares in the last quarter. Aster Capital Management DIFC Ltd acquired a new position in Carvana during the fourth quarter valued at approximately $75,000. Finally, EverSource Wealth Advisors LLC raised its position in Carvana by 21.0% during the fourth quarter. EverSource Wealth Advisors LLC now owns 426 shares of the company's stock valued at $87,000 after purchasing an additional 74 shares in the last quarter. Institutional investors own 56.71% of the company's stock.

Analysts Set New Price Targets

A number of research firms have weighed in on CVNA. Wedbush raised shares of Carvana to a "hold" rating in a research note on Thursday, May 8th. Morgan Stanley boosted their target price on shares of Carvana from $280.00 to $290.00 and gave the stock an "overweight" rating in a research note on Thursday, May 15th. Bank of America boosted their target price on shares of Carvana from $325.00 to $375.00 and gave the stock a "buy" rating in a research note on Tuesday, June 10th. Piper Sandler set a $340.00 target price on shares of Carvana and gave the stock an "overweight" rating in a research note on Thursday, May 22nd. Finally, Wells Fargo & Company boosted their target price on shares of Carvana from $290.00 to $310.00 and gave the stock an "overweight" rating in a research note on Thursday, May 8th. Six research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $303.59.

Insider Activity at Carvana

In related news, insider Daniel J. Gill sold 70,166 shares of the business's stock in a transaction dated Thursday, May 8th. The shares were sold at an average price of $281.43, for a total transaction of $19,746,817.38. Following the transaction, the insider owned 201,087 shares in the company, valued at $56,591,914.41. The trade was a 25.87% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Ernest C. Garcia II sold 100,000 shares of the company's stock in a transaction that occurred on Friday, June 6th. The stock was 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 position. The disclosure for this sale can be found here. Insiders have sold 1,626,961 shares of company stock worth $531,064,642 over the last 90 days. 17.12% of the stock is owned by company insiders.

Carvana Stock Performance

CVNA traded down $2.22 on Friday, hitting $343.33. The company's stock had a trading volume of 1,873,600 shares, compared to its average volume of 3,828,148. The company's 50 day simple moving average is $315.96 and its 200-day simple moving average is $252.46. The firm has a market cap of $73.52 billion, a P/E ratio of 120.47, a price-to-earnings-growth ratio of 1.35 and a beta of 3.59. Carvana Co. has a 12 month low of $118.50 and a 12 month high of $364.00. The company has a quick ratio of 2.70, a current ratio of 3.81 and a debt-to-equity ratio of 2.97.

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

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.