Versor Investments LP Lowers Stake in Carvana Co. $CVNA

Key Points

• Versor Investments LP reduced its stake in Carvana Co. by 24.0%, now holding 17,370 shares valued at approximately $3.6 million.
• Despite the stake reduction by some investors, other firms such as Berkshire Capital Holdings Inc. significantly increased their positions in Carvana, growing by over 632,200% during the same quarter.
• Carvana reported earnings of $1.28 per share, exceeding analyst expectations, with a year-over-year revenue increase of 41.9%.

Versor Investments LP trimmed its position in shares of Carvana Co. (NYSE:CVNA - Free Report) by 24.0% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 17,370 shares of the company's stock after selling 5,478 shares during the quarter. Carvana accounts for 0.6% of Versor Investments LP's investment portfolio, making the stock its 14th largest holding. Versor Investments LP's holdings in Carvana were worth $3,632,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in CVNA. Yousif Capital Management LLC boosted its position in Carvana by 4.1% in the first quarter. Yousif Capital Management LLC now owns 1,266 shares of the company's stock worth $265,000 after purchasing an additional 50 shares during the last quarter. Commerce Bank increased its position in shares of Carvana by 1.6% during the first quarter. Commerce Bank now owns 4,446 shares of the company's stock valued at $930,000 after buying an additional 69 shares during the period. PNC Financial Services Group Inc. increased its holdings in Carvana by 3.3% during the 1st quarter. PNC Financial Services Group Inc. now owns 2,227 shares of the company's stock worth $466,000 after acquiring an additional 72 shares during the period. Versant Capital Management Inc raised its position in shares of Carvana by 39.4% in the first quarter. Versant Capital Management Inc now owns 290 shares of the company's stock worth $61,000 after buying an additional 82 shares in the last quarter. Finally, IFP Advisors Inc raised its holdings in shares of Carvana by 16.0% in the 1st quarter. IFP Advisors Inc now owns 638 shares of the company's stock valued at $133,000 after acquiring an additional 88 shares in the last quarter. Institutional investors and hedge funds own 56.71% of the company's stock.

Carvana Stock Performance

Carvana stock traded down $5.0780 during midday trading on Wednesday, reaching $339.1620. 4,084,776 shares of the company traded hands, compared to its average volume of 4,154,286. The business has a 50 day moving average of $338.49 and a two-hundred day moving average of $277.14. The firm has a market capitalization of $72.99 billion, a price-to-earnings ratio of 85.00, a price-to-earnings-growth ratio of 1.19 and a beta of 3.57. The company has a debt-to-equity ratio of 2.51, a current ratio of 4.00 and a quick ratio of 2.58. Carvana Co. has a 12 month low of $124.39 and a 12 month high of $413.33.

Carvana (NYSE:CVNA - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The company reported $1.28 EPS for the quarter, topping the consensus estimate of $1.09 by $0.19. The company had revenue of $4.84 billion during the quarter, compared to analyst estimates of $4.54 billion. Carvana had a return on equity of 40.57% and a net margin of 3.46%.Carvana's revenue was up 41.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.05) earnings per share. As a group, research analysts predict that Carvana Co. will post 2.85 earnings per share for the current year.

Insider Buying and Selling at Carvana

In other news, major shareholder Ernest C. Garcia II sold 100,000 shares of the business's stock in a transaction 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 owned 37,092,317 shares of the company's stock, valued at $12,870,663,075.83. The trade was a 0.27% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. In the last 90 days, insiders have sold 3,036,140 shares of company stock worth $1,056,693,071. Company insiders own 16.36% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on CVNA shares. Bank of America raised their price objective 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. JMP Securities boosted their price objective on Carvana from $440.00 to $460.00 and gave the company a "market outperform" rating in a research report on Thursday, July 31st. Evercore ISI upped their price objective on shares of Carvana from $365.00 to $370.00 and gave the company an "in-line" rating in a research note on Tuesday, August 12th. JPMorgan Chase & Co. raised their price target on Carvana from $350.00 to $415.00 and gave the stock an "overweight" rating in a research note on Thursday, July 31st. Finally, William Blair restated an "outperform" rating on shares of Carvana in a report on Wednesday, July 23rd. Twelve investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $383.47.

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.