Paloma Partners Management Co Makes New Investment in Carvana Co (NYSE:CVNA)

Paloma Partners Management Co bought a new position in Carvana Co (NYSE:CVNA) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 80,799 shares of the company’s stock, valued at approximately $5,058,000. Paloma Partners Management Co owned 0.05% of Carvana as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in CVNA. FNY Investment Advisers LLC lifted its holdings in Carvana by 12,800.0% in the 2nd quarter. FNY Investment Advisers LLC now owns 1,290 shares of the company’s stock worth $80,000 after buying an additional 1,280 shares in the last quarter. Meridian Wealth Management LLC acquired a new stake in shares of Carvana in the 2nd quarter valued at about $118,000. Advisor Group Inc. raised its stake in shares of Carvana by 993.4% in the 1st quarter. Advisor Group Inc. now owns 17,342 shares of the company’s stock valued at $1,006,000 after purchasing an additional 15,756 shares in the last quarter. First Trust Advisors LP raised its stake in shares of Carvana by 1.4% in the 1st quarter. First Trust Advisors LP now owns 201,433 shares of the company’s stock valued at $11,695,000 after purchasing an additional 2,815 shares in the last quarter. Finally, CX Institutional acquired a new stake in shares of Carvana in the 2nd quarter valued at about $221,000. 37.05% of the stock is owned by hedge funds and other institutional investors.

In related news, Director Ira J. Platt sold 39,431 shares of the stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $75.85, for a total transaction of $2,990,841.35. Following the completion of the sale, the director now directly owns 32,863 shares of the company’s stock, valued at $2,492,658.55. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Daniel J. Gill sold 12,500 shares of the stock in a transaction that occurred on Wednesday, July 10th. The shares were sold at an average price of $67.65, for a total transaction of $845,625.00. Following the sale, the insider now directly owns 10,683 shares of the company’s stock, valued at $722,704.95. The disclosure for this sale can be found here. Insiders sold 189,861 shares of company stock valued at $14,527,351 over the last quarter. Insiders own 13.02% of the company’s stock.

A number of equities research analysts have recently issued reports on CVNA shares. Barrington Research restated a “hold” rating on shares of Carvana in a research note on Monday, August 5th. Needham & Company LLC started coverage on shares of Carvana in a research note on Thursday, September 12th. They issued a “buy” rating and a $105.00 target price on the stock. Wells Fargo & Co restated a “buy” rating and issued a $85.00 target price on shares of Carvana in a research note on Monday, July 1st. Cowen restated an “outperform” rating and issued a $85.00 target price (up previously from $81.00) on shares of Carvana in a research note on Thursday, August 8th. Finally, BMO Capital Markets upped their target price on shares of Carvana from $65.00 to $68.00 and gave the company a “market perform” rating in a research note on Thursday, August 8th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and ten have given a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $77.69.

NYSE CVNA traded down $1.16 on Friday, hitting $75.40. The stock had a trading volume of 1,118,507 shares, compared to its average volume of 1,257,664. Carvana Co has a one year low of $28.44 and a one year high of $85.07. The company has a quick ratio of 1.40, a current ratio of 3.83 and a debt-to-equity ratio of 2.10. The stock has a market cap of $11.70 billion, a price-to-earnings ratio of -43.59 and a beta of 2.24. The company’s 50-day moving average is $77.03 and its two-hundred day moving average is $65.82.

Carvana (NYSE:CVNA) last posted its quarterly earnings data on Wednesday, August 7th. The company reported ($0.40) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.39) by ($0.01). The company had revenue of $986.22 million during the quarter, compared to the consensus estimate of $914.50 million. Carvana had a negative net margin of 3.49% and a negative return on equity of 30.55%. The company’s revenue was up 107.5% on a year-over-year basis. During the same quarter last year, the business earned ($0.37) earnings per share. On average, sell-side analysts anticipate that Carvana Co will post -1.81 earnings per share for the current year.

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 proprietary 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.

See Also: Earnings Per Share (EPS)

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Institutional Ownership by Quarter for Carvana (NYSE:CVNA)

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