Credit Suisse AG purchased a new stake in Carvana Co (NYSE:CVNA) in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 3,406 shares of the company’s stock, valued at approximately $201,000.
Other hedge funds also recently bought and sold shares of the company. BlackRock Inc. raised its stake in Carvana by 13.0% during the third quarter. BlackRock Inc. now owns 2,099,988 shares of the company’s stock worth $124,088,000 after acquiring an additional 241,002 shares in the last quarter. Bank of New York Mellon Corp raised its stake in Carvana by 4.9% during the third quarter. Bank of New York Mellon Corp now owns 685,349 shares of the company’s stock worth $40,496,000 after acquiring an additional 31,721 shares in the last quarter. Gilder Gagnon Howe & Co. LLC raised its stake in Carvana by 2.9% during the third quarter. Gilder Gagnon Howe & Co. LLC now owns 664,100 shares of the company’s stock worth $39,242,000 after acquiring an additional 18,829 shares in the last quarter. Penserra Capital Management LLC raised its stake in Carvana by 20.2% during the third quarter. Penserra Capital Management LLC now owns 649,749 shares of the company’s stock worth $38,393,000 after acquiring an additional 109,296 shares in the last quarter. Finally, Cheyne Capital Management UK LLP raised its stake in Carvana by 137.2% during the third quarter. Cheyne Capital Management UK LLP now owns 390,200 shares of the company’s stock worth $23,056,000 after acquiring an additional 225,700 shares in the last quarter. 26.48% of the stock is owned by institutional investors and hedge funds.
Several brokerages have commented on CVNA. Wells Fargo & Co boosted their target price on Carvana from $60.00 to $72.00 and gave the stock an “outperform” rating in a research note on Monday, October 1st. Wolfe Research started coverage on Carvana in a research note on Tuesday, October 2nd. They set an “outperform” rating for the company. Wedbush set a $52.00 price target on Carvana and gave the stock a “hold” rating in a report on Thursday, October 4th. Bank of America boosted their price target on Carvana from $60.00 to $72.00 and gave the stock a “buy” rating in a report on Thursday, November 8th. Finally, Zacks Investment Research upgraded Carvana from a “sell” rating to a “hold” rating in a report on Tuesday, October 9th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and ten have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $56.36.
In other Carvana news, major shareholder Spruce House Partnership Lp purchased 100,000 shares of the business’s stock in a transaction on Thursday, January 3rd. The shares were purchased at an average cost of $29.71 per share, for a total transaction of $2,971,000.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, major shareholder Ernest C. Garcia II sold 86,254 shares of the stock in a transaction that occurred on Friday, November 2nd. The stock was sold at an average price of $45.60, for a total value of $3,933,182.40. Following the transaction, the insider now owns 52,937,458 shares in the company, valued at $2,413,948,084.80. The disclosure for this sale can be found here. Over the last quarter, insiders purchased 956,000 shares of company stock worth $31,957,500 and sold 612,992 shares worth $28,296,345. Corporate insiders own 21.41% of the company’s stock.
Shares of CVNA stock opened at $36.91 on Friday. Carvana Co has a one year low of $16.02 and a one year high of $72.59. The company has a market capitalization of $5.16 billion, a P/E ratio of -30.50 and a beta of 2.71. The company has a current ratio of 2.04, a quick ratio of 1.30 and a debt-to-equity ratio of 1.55.
Carvana (NYSE:CVNA) last announced its earnings results on Wednesday, November 7th. The company reported ($0.40) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.37) by ($0.03). Carvana had a negative net margin of 5.01% and a negative return on equity of 35.13%. The company had revenue of $535.00 million during the quarter, compared to the consensus estimate of $509.09 million. During the same quarter in the previous year, the company earned ($0.29) earnings per share. The business’s revenue was up 137.8% on a year-over-year basis. As a group, sell-side analysts anticipate that Carvana Co will post -1.65 EPS for the current fiscal year.
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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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