Los Angeles Capital Management LLC Grows Stake in Carvana Co. (NYSE:CVNA)

Los Angeles Capital Management LLC grew its position in Carvana Co. (NYSE:CVNA) by 78.5% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 28,558 shares of the company’s stock after buying an additional 12,559 shares during the quarter. Los Angeles Capital Management LLC’s holdings in Carvana were worth $1,512,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in CVNA. Blue Trust Inc. bought a new position in Carvana during the 4th quarter worth about $29,000. Hanseatic Management Services Inc. purchased a new position in Carvana during the third quarter valued at approximately $34,000. Harvest Fund Management Co. Ltd lifted its holdings in Carvana by 1,225.6% during the third quarter. Harvest Fund Management Co. Ltd now owns 1,193 shares of the company’s stock worth $50,000 after buying an additional 1,103 shares during the period. Allspring Global Investments Holdings LLC increased its holdings in shares of Carvana by 1,370.0% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 1,470 shares of the company’s stock valued at $62,000 after acquiring an additional 1,370 shares during the period. Finally, DekaBank Deutsche Girozentrale purchased a new stake in shares of Carvana during the 3rd quarter worth $64,000. Institutional investors own 56.71% of the company’s stock.

Insider Activity

In other news, major shareholder Ernest C. Garcia II sold 60,000 shares of the stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $120.35, for a total value of $7,221,000.00. Following the completion of the sale, the insider now directly owns 2,992,500 shares in the company, valued at $360,147,375. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Carvana news, Director Neha Parikh acquired 1,300 shares of the firm’s stock in a transaction that occurred on Friday, March 1st. The shares were purchased at an average cost of $77.00 per share, for a total transaction of $100,100.00. Following the completion of the acquisition, the director now owns 58,495 shares of the company’s stock, valued at approximately $4,504,115. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Ernest C. Garcia II sold 60,000 shares of Carvana stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $120.35, for a total value of $7,221,000.00. Following the completion of the sale, the insider now owns 2,992,500 shares in the company, valued at approximately $360,147,375. The disclosure for this sale can be found here. Insiders have sold a total of 502,233 shares of company stock worth $45,421,169 over the last quarter. 17.18% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. Wedbush raised their price target on shares of Carvana from $80.00 to $120.00 and gave the company a “neutral” rating in a report on Thursday, May 2nd. Needham & Company LLC reiterated a “hold” rating on shares of Carvana in a report on Thursday, May 2nd. Morgan Stanley boosted their target price on Carvana from $32.00 to $45.00 and gave the stock an “underweight” rating in a research note on Monday, February 26th. TD Cowen increased their price target on Carvana from $58.00 to $70.00 and gave the company a “hold” rating in a research note on Monday, April 29th. Finally, JMP Securities increased their price objective on shares of Carvana from $80.00 to $135.00 and gave the company a “market outperform” rating in a research report on Friday, May 3rd. One investment analyst has rated the stock with a sell rating, thirteen have issued a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $73.44.

Carvana Trading Down 5.1 %

Shares of CVNA stock opened at $116.66 on Wednesday. The company has a market capitalization of $23.55 billion, a P/E ratio of 51.17 and a beta of 3.28. Carvana Co. has a 12-month low of $8.86 and a 12-month high of $129.00. The business’s 50 day moving average is $83.59 and its two-hundred day moving average is $57.44.

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

About Carvana

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.