Gilder Gagnon Howe & Co. LLC increased its stake in Carvana Co (NYSE:CVNA) by 2.9% in the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 664,100 shares of the company’s stock after acquiring an additional 18,829 shares during the quarter. Gilder Gagnon Howe & Co. LLC owned approximately 0.47% of Carvana worth $39,242,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. First Mercantile Trust Co. purchased a new stake in shares of Carvana during the second quarter worth $122,000. Global X Management Co LLC purchased a new stake in shares of Carvana during the second quarter worth $124,000. Legal & General Group Plc grew its holdings in shares of Carvana by 61.1% during the second quarter. Legal & General Group Plc now owns 4,251 shares of the company’s stock worth $177,000 after buying an additional 1,612 shares in the last quarter. United Services Automobile Association purchased a new stake in shares of Carvana during the second quarter worth $206,000. Finally, Wsfs Capital Management LLC purchased a new stake in shares of Carvana during the second quarter worth $208,000. 25.95% of the stock is owned by institutional investors.
In other Carvana news, major shareholder Ddfs Partnership Lp sold 253,877 shares of the company’s stock in a transaction dated Tuesday, September 11th. The shares were sold at an average price of $69.30, for a total value of $17,593,676.10. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Ernest C. Garcia II sold 13,249 shares of the company’s stock in a transaction dated Tuesday, October 2nd. The shares were sold at an average price of $57.39, for a total transaction of $760,360.11. Following the completion of the transaction, the insider now directly owns 52,937,458 shares in the company, valued at approximately $3,038,080,714.62. The disclosure for this sale can be found here. In the last three months, insiders have sold 2,471,036 shares of company stock worth $151,403,886. Corporate insiders own 21.41% of the company’s stock.
Carvana (NYSE:CVNA) last announced its quarterly earnings results on Wednesday, August 8th. The company reported ($0.37) earnings per share for the quarter, missing the consensus estimate of ($0.34) by ($0.03). The firm had revenue of $475.29 million for the quarter, compared to analyst estimates of $425.16 million. Carvana had a negative net margin of 5.30% and a negative return on equity of 33.44%. The company’s revenue was up 127.0% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.28) EPS. As a group, equities research analysts expect that Carvana Co will post -1.49 earnings per share for the current fiscal year.
CVNA has been the subject of a number of research reports. Zacks Investment Research lowered shares of Carvana from a “hold” rating to a “sell” rating in a report on Monday, August 13th. Robert W. Baird upped their target price on shares of Carvana from $53.00 to $60.00 and gave the stock an “outperform” rating in a report on Thursday, August 9th. Citigroup upped their target price on shares of Carvana from $60.00 to $67.00 and gave the stock an “average” rating in a report on Thursday, August 9th. Craig Hallum set a $48.00 target price on shares of Carvana and gave the stock a “hold” rating in a report on Thursday, August 9th. Finally, Wedbush reaffirmed a “neutral” rating and set a $40.00 target price (up previously from $24.00) on shares of Carvana in a report on Monday, August 6th. Five research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $55.86.
Carvana Co, together with its subsidiaries, operates an e-commerce platform for buying used cars in the United States. The company purchases, reconditions, sells, and delivers vehicles. Its platform allows customers to research and identify a vehicle; inspect it using company's proprietary 360-degree vehicle imaging technology; obtain financing and warranty coverage; purchase the vehicle; and schedule delivery or pick-up.
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