New York State Common Retirement Fund Has $2.08 Million Stock Position in Carvana Co. (NYSE:CVNA)

New York State Common Retirement Fund cut its holdings in Carvana Co. (NYSE:CVNA) by 2.5% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 39,268 shares of the company’s stock after selling 995 shares during the quarter. New York State Common Retirement Fund’s holdings in Carvana were worth $2,079,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Blue Trust Inc. acquired a new position in shares of Carvana during the fourth quarter worth $29,000. Hanseatic Management Services Inc. bought a new stake in Carvana during the 3rd quarter worth $34,000. Harvest Fund Management Co. Ltd increased its holdings in Carvana by 1,225.6% in the 3rd quarter. Harvest Fund Management Co. Ltd now owns 1,193 shares of the company’s stock worth $50,000 after purchasing an additional 1,103 shares in the last quarter. Allspring Global Investments Holdings LLC raised its position in Carvana by 1,370.0% in the third quarter. Allspring Global Investments Holdings LLC now owns 1,470 shares of the company’s stock valued at $62,000 after purchasing an additional 1,370 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale acquired a new stake in shares of Carvana during the third quarter valued at about $64,000. Institutional investors own 56.71% of the company’s stock.

Carvana Trading Down 1.9 %

NYSE:CVNA opened at $114.39 on Thursday. The firm has a fifty day simple moving average of $84.37 and a two-hundred day simple moving average of $57.84. Carvana Co. has a 12 month low of $10.16 and a 12 month high of $129.00. The stock has a market capitalization of $23.10 billion, a price-to-earnings ratio of 50.17 and a beta of 3.28.

Carvana (NYSE:CVNA) last issued its earnings results on Thursday, February 22nd. The company reported ($1.00) EPS for the quarter, missing analysts’ consensus estimates of ($0.95) by ($0.05). The company had revenue of $2.42 billion during the quarter, compared to analyst estimates of $2.56 billion. During the same period last year, the firm earned ($0.97) earnings per share. Carvana’s quarterly revenue was down 14.6% compared to the same quarter last year. Equities analysts predict that Carvana Co. will post -3.05 earnings per share for the current fiscal year.

Insider Activity

In related news, major shareholder Ernest C. Garcia II sold 75,000 shares of the stock in a transaction on Monday, May 6th. The stock was sold at an average price of $125.43, for a total value of $9,407,250.00. Following the transaction, the insider now directly owns 2,917,500 shares in the company, valued at approximately $365,942,025. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other Carvana news, insider Paul W. Breaux sold 15,000 shares of the business’s stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $69.00, for a total transaction of $1,035,000.00. Following the completion of the sale, the insider now directly owns 150,126 shares of the company’s stock, valued at approximately $10,358,694. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Ernest C. Garcia II sold 75,000 shares of the firm’s stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $125.43, for a total value of $9,407,250.00. Following the completion of the transaction, the insider now owns 2,917,500 shares in the company, valued at approximately $365,942,025. The disclosure for this sale can be found here. Insiders sold a total of 623,849 shares of company stock worth $60,475,821 over the last quarter. 17.18% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

CVNA has been the subject of several recent research reports. William Blair reaffirmed an “outperform” rating on shares of Carvana in a research note on Thursday, May 2nd. Evercore ISI cut their price target on shares of Carvana from $78.00 to $77.00 and set an “in-line” rating on the stock in a report on Tuesday, April 16th. Jefferies Financial Group upgraded Carvana from an “underperform” rating to a “hold” rating and increased their price objective for the company from $30.00 to $85.00 in a report on Tuesday, March 12th. Raymond James raised Carvana from an “underperform” rating to a “market perform” rating in a report on Friday, February 23rd. Finally, Wedbush increased their price target on Carvana from $80.00 to $120.00 and gave the company a “neutral” rating in a research note on Thursday, May 2nd. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and three have given a buy rating to the company. According to MarketBeat, Carvana currently has an average rating of “Hold” and a consensus target price of $77.60.

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.