Palestra Capital Management LLC Raises Holdings in Carvana Co. (NYSE:CVNA)

Palestra Capital Management LLC raised its holdings in shares of Carvana Co. (NYSE:CVNA - Free Report) by 15.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 807,016 shares of the company's stock after acquiring an additional 108,203 shares during the quarter. Carvana comprises approximately 4.5% of Palestra Capital Management LLC's portfolio, making the stock its 9th biggest holding. Palestra Capital Management LLC owned approximately 0.39% of Carvana worth $164,115,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the stock. Charles Schwab Investment Management Inc. lifted its holdings in Carvana by 9.2% during the 4th 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 in the last quarter. Plato Investment Management Ltd lifted its holdings in shares of Carvana by 135.5% in the fourth quarter. Plato Investment Management Ltd now owns 5,204 shares of the company's stock worth $1,062,000 after buying an additional 2,994 shares in the last quarter. Bank of New York Mellon Corp boosted its position in shares of Carvana by 37.7% in the fourth quarter. Bank of New York Mellon Corp now owns 478,488 shares of the company's stock valued at $97,305,000 after acquiring an additional 130,942 shares during the period. Oak Thistle LLC grew its stake in Carvana by 115.9% during the fourth quarter. Oak Thistle LLC now owns 3,238 shares of the company's stock valued at $658,000 after acquiring an additional 1,738 shares in the last quarter. Finally, Assenagon Asset Management S.A. increased its holdings in Carvana by 33.3% during the 4th quarter. Assenagon Asset Management S.A. now owns 382,607 shares of the company's stock worth $77,807,000 after acquiring an additional 95,497 shares during the period. Hedge funds and other institutional investors own 56.71% of the company's stock.

Insider Buying and Selling

In other Carvana news, COO Benjamin E. Huston sold 50,000 shares of Carvana stock in a transaction that occurred on Friday, March 14th. The stock was sold at an average price of $178.49, for a total transaction of $8,924,500.00. Following the sale, the chief operating officer now directly owns 196,278 shares of the company's stock, valued at approximately $35,033,660.22. The trade was a 20.30 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Mark W. Jenkins sold 28,422 shares of the company's stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $288.85, for a total value of $8,209,694.70. Following the transaction, the chief financial officer now owns 219,962 shares in the company, valued at $63,536,023.70. This trade represents a 11.44 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 330,810 shares of company stock valued at $69,243,820 over the last quarter. 17.12% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on CVNA. Needham & Company LLC reaffirmed a "buy" rating and issued a $340.00 price target on shares of Carvana in a report on Friday, March 7th. Piper Sandler boosted their target price on Carvana from $225.00 to $230.00 and gave the stock an "overweight" rating in a research report on Tuesday, April 22nd. Robert W. Baird lowered their price target on Carvana from $250.00 to $200.00 and set a "neutral" rating on the stock in a report on Friday, April 4th. William Blair restated an "outperform" rating on shares of Carvana in a research report on Thursday, February 20th. Finally, Stephens reiterated an "overweight" rating and set a $300.00 target price on shares of Carvana in a research report on Monday, March 3rd. Six research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, Carvana has an average rating of "Moderate Buy" and a consensus target price of $254.76.

Carvana Trading Up 2.1 %

Shares of CVNA stock traded up $5.32 during mid-day trading on Friday, reaching $257.19. The stock had a trading volume of 2,196,445 shares, compared to its average volume of 3,893,066. The firm has a market capitalization of $54.82 billion, a PE ratio of 163.82 and a beta of 3.61. The stock's 50-day moving average price is $205.81 and its two-hundred day moving average price is $224.70. The company has a current ratio of 3.64, a quick ratio of 2.12 and a debt-to-equity ratio of 3.82. Carvana Co. has a 52-week low of $97.55 and a 52-week high of $292.84.

Carvana (NYSE:CVNA - Get Free Report) last announced its quarterly earnings results on Wednesday, February 19th. The company reported $0.56 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.29 by $0.27. Carvana had a return on equity of 36.59% and a net margin of 1.54%. The company had revenue of $3.55 billion for the quarter, compared to the consensus estimate of $3.32 billion. Equities analysts expect that Carvana Co. will post 2.85 earnings per share for the current fiscal year.

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.