683 Capital Management LLC Cuts Stake in Carvana Co. $CVNA

683 Capital Management LLC trimmed its position in Carvana Co. (NYSE:CVNA) by 9.9% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 155,000 shares of the company’s stock after selling 17,000 shares during the period. Carvana makes up approximately 3.4% of 683 Capital Management LLC’s portfolio, making the stock its 2nd biggest position. 683 Capital Management LLC owned approximately 0.07% of Carvana worth $52,229,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in CVNA. Los Angeles Capital Management LLC grew its position in Carvana by 1,950.7% in the 2nd quarter. Los Angeles Capital Management LLC now owns 111,190 shares of the company’s stock valued at $37,467,000 after purchasing an additional 105,768 shares during the period. Berkshire Capital Holdings Inc. lifted its stake in shares of Carvana by 632,200.0% in the first quarter. Berkshire Capital Holdings Inc. now owns 63,230 shares of the company’s stock valued at $13,220,000 after buying an additional 63,220 shares in the last quarter. Arrowstreet Capital Limited Partnership acquired a new position in shares of Carvana during the second quarter valued at about $183,102,000. Cresset Asset Management LLC grew its holdings in shares of Carvana by 32.2% during the first quarter. Cresset Asset Management LLC now owns 3,347 shares of the company’s stock valued at $700,000 after buying an additional 816 shares during the last quarter. Finally, Northern Trust Corp increased its position in shares of Carvana by 5.4% during the first quarter. Northern Trust Corp now owns 685,864 shares of the company’s stock worth $143,400,000 after acquiring an additional 35,168 shares in the last quarter. 56.71% of the stock is owned by institutional investors and hedge funds.

Carvana Stock Down 3.5%

CVNA stock opened at $455.95 on Friday. The stock has a market cap of $99.19 billion, a P/E ratio of 104.10, a P/E/G ratio of 1.71 and a beta of 3.51. The company has a current ratio of 4.05, a quick ratio of 2.55 and a debt-to-equity ratio of 1.63. The stock’s fifty day simple moving average is $353.83 and its two-hundred day simple moving average is $350.92. Carvana Co. has a 1-year low of $148.25 and a 1-year high of $485.33.

Carvana (NYSE:CVNA) last announced its earnings results on Wednesday, October 29th. The company reported $1.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.29 by ($0.26). The business had revenue of $5.65 billion for the quarter, compared to analysts’ expectations of $5.04 billion. Carvana had a net margin of 3.44% and a return on equity of 30.62%. The company’s revenue for the quarter was up 54.5% compared to the same quarter last year. During the same period in the prior year, the business earned $0.64 earnings per share. Analysts expect that Carvana Co. will post 2.85 EPS for the current year.

Insider Buying and Selling at Carvana

In other news, insider Paul W. Breaux sold 1,527 shares of the firm’s stock in a transaction that occurred on Friday, December 12th. The shares were sold at an average price of $475.00, for a total transaction of $725,325.00. Following the completion of the sale, the insider owned 69,289 shares in the company, valued at $32,912,275. This trade represents a 2.16% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Daniel J. Gill sold 40,000 shares of Carvana stock in a transaction that occurred on Friday, December 12th. The stock was sold at an average price of $475.24, for a total transaction of $19,009,600.00. Following the completion of the sale, the insider directly owned 191,106 shares in the company, valued at $90,821,215.44. This trade represents a 17.31% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 624,332 shares of company stock valued at $251,466,542 in the last three months. 17.12% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. Wedbush upgraded Carvana from a “neutral” rating to an “outperform” rating and lifted their price target for the company from $380.00 to $400.00 in a research note on Monday, November 24th. BTIG Research restated a “buy” rating and issued a $450.00 target price on shares of Carvana in a report on Thursday, October 30th. Needham & Company LLC reaffirmed a “buy” rating and set a $500.00 target price on shares of Carvana in a research report on Monday, November 17th. Wall Street Zen lowered Carvana from a “buy” rating to a “hold” rating in a research report on Sunday, October 19th. Finally, Morgan Stanley set a $450.00 price objective on Carvana in a research note on Monday, October 20th. Eighteen 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, the company currently has an average rating of “Moderate Buy” and an average target price of $438.76.

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.