Jennison Associates LLC Invests $500,000 in Carvana Co. (NYSE:CVNA)

Jennison Associates LLC bought a new stake in shares of Carvana Co. (NYSE:CVNA) during the 4th quarter, HoldingsChannel reports. The firm bought 9,453 shares of the company’s stock, valued at approximately $500,000.

Other hedge funds have also recently modified their holdings of the company. Blue Trust Inc. bought a new stake in Carvana in the 4th quarter worth about $29,000. Vanguard Group Inc. raised its holdings in shares of Carvana by 0.7% during the third quarter. Vanguard Group Inc. now owns 9,367,976 shares of the company’s stock valued at $393,268,000 after purchasing an additional 62,820 shares during the last quarter. Quantbot Technologies LP bought a new position in Carvana during the third quarter valued at approximately $2,879,000. Charles Schwab Investment Management Inc. boosted its holdings in Carvana by 56.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 778,561 shares of the company’s stock worth $32,684,000 after purchasing an additional 280,851 shares during the last quarter. Finally, TD Asset Management Inc bought a new stake in Carvana in the 3rd quarter worth approximately $22,906,000. Hedge funds and other institutional investors own 56.71% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on CVNA shares. Raymond James upgraded Carvana from an “underperform” rating to a “market perform” rating in a research note on Friday, February 23rd. Wedbush reaffirmed a “neutral” rating and set a $80.00 price target (up previously from $60.00) on shares of Carvana in a research report on Thursday. Jefferies Financial Group raised shares of Carvana from an “underperform” rating to a “hold” rating and raised their price objective for the stock from $30.00 to $85.00 in a report on Tuesday, March 12th. Robert W. Baird increased their price target on shares of Carvana from $60.00 to $65.00 and gave the stock a “neutral” rating in a research report on Friday, April 19th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Carvana from $65.00 to $70.00 and gave the company a “neutral” rating in a research report on Thursday, April 18th. One research analyst has rated the stock with a sell rating, twelve have given a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, Carvana presently has an average rating of “Hold” and a consensus price target of $55.87.

Carvana Trading Up 8.8 %

NYSE CVNA opened at $84.31 on Monday. The stock’s 50 day moving average is $77.47 and its 200 day moving average is $53.92. Carvana Co. has a 12 month low of $6.70 and a 12 month high of $94.04. The stock has a market cap of $17.02 billion, a PE ratio of 156.13 and a beta of 3.32.

Carvana (NYSE:CVNA) last announced its quarterly earnings results on Thursday, February 22nd. The company reported ($1.00) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.95) by ($0.05). The business had revenue of $2.42 billion for the quarter, compared to the consensus estimate of $2.56 billion. During the same quarter in the prior year, the company posted ($0.97) EPS. The business’s revenue was down 14.6% compared to the same quarter last year. On average, analysts forecast that Carvana Co. will post -3.32 EPS for the current fiscal year.

Insider Buying and Selling

In other Carvana news, major shareholder Ernest C. Garcia II sold 50,000 shares of the firm’s stock in a transaction that occurred on Thursday, April 11th. The stock was sold at an average price of $80.13, for a total transaction of $4,006,500.00. Following the completion of the transaction, the insider now owns 3,312,500 shares in the company, valued at approximately $265,430,625. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Carvana news, major shareholder Ernest C. Garcia II sold 50,000 shares of the stock in a transaction on Thursday, April 11th. The shares were sold at an average price of $80.13, for a total transaction of $4,006,500.00. Following the completion of the transaction, the insider now owns 3,312,500 shares in the company, valued at $265,430,625. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Mark W. Jenkins sold 55,000 shares of Carvana stock in a transaction on Monday, April 1st. The stock was sold at an average price of $86.76, for a total transaction of $4,771,800.00. Following the completion of the transaction, the chief financial officer now directly owns 178,156 shares of the company’s stock, valued at $15,456,814.56. The disclosure for this sale can be found here. Over the last three months, insiders have sold 187,883 shares of company stock worth $15,505,178. Corporate insiders own 17.12% of the company’s stock.

Carvana Company 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.