State of New Jersey Common Pension Fund D Trims Position in Carvana Co. $CVNA

Key Points

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State of New Jersey Common Pension Fund D lessened its holdings in Carvana Co. (NYSE:CVNA - Free Report) by 5.9% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 39,556 shares of the company's stock after selling 2,496 shares during the quarter. State of New Jersey Common Pension Fund D's holdings in Carvana were worth $8,270,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently added to or reduced their stakes in the business. N.E.W. Advisory Services LLC bought a new stake in Carvana in the 1st quarter worth $33,000. Transce3nd LLC bought a new stake in shares of Carvana during the 4th quarter valued at about $48,000. Versant Capital Management Inc boosted its stake in shares of Carvana by 39.4% during the 1st 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. Strategic Investment Solutions Inc. IL bought a new stake in shares of Carvana during the 1st quarter valued at about $90,000. Finally, Gordian Capital Singapore Pte Ltd bought a new stake in shares of Carvana during the 4th quarter valued at about $98,000. Hedge funds and other institutional investors own 56.71% of the company's stock.

Carvana Stock Performance

Shares of CVNA traded up $18.1040 during mid-day trading on Friday, hitting $357.1740. 2,900,856 shares of the company traded hands, compared to its average volume of 4,129,726. The company has a debt-to-equity ratio of 2.51, a quick ratio of 2.58 and a current ratio of 4.00. The stock has a 50-day moving average price of $338.88 and a two-hundred day moving average price of $278.17. Carvana Co. has a 1 year low of $124.39 and a 1 year high of $413.33. The stock has a market cap of $76.86 billion, a price-to-earnings ratio of 89.52, a P/E/G ratio of 1.12 and a beta of 3.57.

Carvana (NYSE:CVNA - Get Free Report) last released its quarterly earnings data on Wednesday, July 30th. The company reported $1.28 earnings per share for the quarter, beating 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 firm had revenue of $4.84 billion during the quarter, compared to analysts' expectations of $4.54 billion. During the same period in the previous year, the company earned ($0.05) earnings per share. The firm's quarterly revenue was up 41.9% on a year-over-year basis. Equities analysts anticipate that Carvana Co. will post 2.85 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on CVNA. DA Davidson lifted their price target on shares of Carvana from $260.00 to $380.00 and gave the company a "neutral" rating in a research report on Thursday, July 31st. Bank of America lifted their price target on shares of Carvana from $375.00 to $425.00 and gave the company a "buy" rating in a research report on Thursday, July 31st. Wells Fargo & Company lifted their price target on shares of Carvana from $390.00 to $425.00 and gave the company an "overweight" rating in a research report on Thursday, July 31st. Evercore ISI lifted their price target on shares of Carvana from $365.00 to $370.00 and gave the company an "in-line" rating in a research report on Tuesday, August 12th. Finally, Royal Bank Of Canada lifted their price target on shares of Carvana from $400.00 to $460.00 and gave the company an "outperform" rating in a research report 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 stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $383.47.

Insider Buying and Selling at Carvana

In related news, major shareholder Ernest C. Garcia II sold 100,000 shares of the business's stock in a transaction that occurred 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 sale, the insider directly owned 37,092,317 shares in the company, valued at approximately $12,870,663,075.83. The trade was a 0.27% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders have sold 3,036,140 shares of company stock worth $1,057,170,571 over the last three months. 17.12% of the stock is owned by insiders.

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.