Fmr LLC Acquires 5,882,656 Shares of Carvana Co. (NYSE:CVNA)

Fmr LLC boosted its holdings in Carvana Co. (NYSE:CVNA) by 90.8% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 12,361,790 shares of the company’s stock after acquiring an additional 5,882,656 shares during the quarter. Fmr LLC owned 5.95% of Carvana worth $2,152,311,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in CVNA. The Manufacturers Life Insurance Company grew its holdings in Carvana by 2.7% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 171,389 shares of the company’s stock worth $29,841,000 after acquiring an additional 4,485 shares during the last quarter. Bank of Montreal Can lifted its position in shares of Carvana by 17.7% during the third quarter. Bank of Montreal Can now owns 239,336 shares of the company’s stock worth $40,634,000 after purchasing an additional 35,922 shares in the last quarter. Harvest Fund Management Co. Ltd grew its stake in shares of Carvana by 97.5% during the third quarter. Harvest Fund Management Co. Ltd now owns 1,489 shares of the company’s stock valued at $259,000 after purchasing an additional 735 shares during the last quarter. Daiwa Securities Group Inc. acquired a new stake in shares of Carvana in the third quarter valued at approximately $244,000. Finally, Alpha DNA Investment Management LLC bought a new position in Carvana in the 3rd quarter worth approximately $891,000. Institutional investors and hedge funds own 56.71% of the company’s stock.

Carvana Stock Down 1.9 %

Shares of Carvana stock opened at $255.92 on Wednesday. The company has a market capitalization of $53.14 billion, a P/E ratio of 25,617.62 and a beta of 3.37. The company has a debt-to-equity ratio of 18.99, a current ratio of 3.25 and a quick ratio of 2.12. The business has a 50-day moving average of $206.13 and a two-hundred day moving average of $155.75. Carvana Co. has a 1 year low of $29.84 and a 1 year high of $268.34.

Carvana (NYSE:CVNA) last posted its earnings results on Wednesday, October 30th. The company reported $0.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.23 by $0.41. The business had revenue of $3.66 billion for the quarter, compared to the consensus estimate of $3.47 billion. During the same period in the previous year, the company posted $0.23 earnings per share. Carvana’s revenue for the quarter was up 31.8% compared to the same quarter last year. As a group, equities analysts predict that Carvana Co. will post 0.76 EPS for the current year.

Insider Buying and Selling

In other news, Director Gregory B. Sullivan sold 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 5th. The shares were sold at an average price of $235.00, for a total transaction of $1,175,000.00. Following the completion of the transaction, the director now directly owns 53,407 shares of the company’s stock, valued at $12,550,645. This trade represents a 8.56 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Benjamin E. Huston sold 3,043 shares of Carvana stock in a transaction that occurred on Thursday, October 31st. The shares were sold at an average price of $240.00, for a total transaction of $730,320.00. Following the completion of the sale, the chief operating officer now owns 218,686 shares in the company, valued at $52,484,640. This trade represents a 1.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,218,063 shares of company stock worth $404,865,579 over the last ninety days. Company insiders own 17.18% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have commented on CVNA shares. Citigroup increased their price objective on Carvana from $125.00 to $195.00 and gave the company a “neutral” rating in a research report on Thursday, October 3rd. Stephens started coverage on Carvana in a research report on Thursday, September 12th. They issued an “overweight” rating and a $190.00 price objective for the company. BTIG Research boosted their price objective on Carvana from $155.00 to $188.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Needham & Company LLC raised their target price on shares of Carvana from $200.00 to $300.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. Finally, JPMorgan Chase & Co. boosted their price target on shares of Carvana from $230.00 to $300.00 and gave the stock an “overweight” rating in a research note on Thursday, October 31st. Eleven analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, Carvana currently has an average rating of “Hold” and a consensus price target of $217.71.

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.