Lord Abbett & CO. LLC Cuts Position in Carvana Co. $CVNA

Lord Abbett & CO. LLC cut its stake in Carvana Co. (NYSE:CVNA) by 11.3% in the 4th quarter, Holdings Channel reports. The fund owned 603,583 shares of the company’s stock after selling 77,083 shares during the quarter. Lord Abbett & CO. LLC’s holdings in Carvana were worth $254,724,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Keystone Investors PTE Ltd. purchased a new position in Carvana in the fourth quarter worth $498,000. Wealthspire Advisors LLC boosted its position in Carvana by 31.4% during the fourth quarter. Wealthspire Advisors LLC now owns 573 shares of the company’s stock valued at $242,000 after buying an additional 137 shares during the period. CI Investments Inc. boosted its position in Carvana by 3,520.4% during the fourth quarter. CI Investments Inc. now owns 16,835 shares of the company’s stock valued at $7,105,000 after buying an additional 16,370 shares during the period. Northwest & Ethical Investments L.P. boosted its position in Carvana by 6.2% during the fourth quarter. Northwest & Ethical Investments L.P. now owns 1,062 shares of the company’s stock valued at $456,000 after buying an additional 62 shares during the period. Finally, Federation des caisses Desjardins du Quebec boosted its position in Carvana by 9.1% during the fourth quarter. Federation des caisses Desjardins du Quebec now owns 4,958 shares of the company’s stock valued at $2,092,000 after buying an additional 412 shares during the period. 56.71% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Carvana

In related news, Director J Danforth Quayle sold 14,525 shares of the stock in a transaction dated Wednesday, June 10th. The shares were sold at an average price of $70.00, for a total value of $1,016,750.00. Following the completion of the transaction, the director directly owned 214,960 shares of the company’s stock, valued at $15,047,200. This represents a 6.33% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Mark W. Jenkins sold 63,750 shares of the stock in a transaction dated Wednesday, April 1st. The stock was sold at an average price of $62.07, for a total transaction of $3,956,962.50. Following the completion of the transaction, the chief financial officer directly owned 985,445 shares of the company’s stock, valued at approximately $61,166,571.15. The trade was a 6.08% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 400,812 shares of company stock valued at $28,039,446 in the last three months. Corporate insiders own 15.19% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently commented on CVNA. UBS Group reaffirmed a “buy” rating and set a $104.00 price objective (up from $97.00) on shares of Carvana in a research note on Thursday, April 30th. Robert W. Baird set a $88.00 price objective on shares of Carvana in a research note on Friday, May 15th. Jefferies Financial Group lowered their price objective on shares of Carvana from $97.00 to $95.00 and set a “buy” rating for the company in a research note on Tuesday, April 14th. DA Davidson upped their price objective on shares of Carvana from $64.00 to $67.00 and gave the company a “neutral” rating in a research note on Friday, May 1st. Finally, Morgan Stanley upped their price objective on shares of Carvana from $90.00 to $102.00 and gave the company an “overweight” rating in a research note on Thursday, April 30th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $93.14.

Carvana Price Performance

CVNA stock opened at $64.09 on Friday. Carvana Co. has a 1 year low of $54.46 and a 1 year high of $97.38. The company has a market cap of $70.30 billion, a P/E ratio of 38.98, a PEG ratio of 11.45 and a beta of 3.45. The firm has a 50-day moving average of $71.20 and a 200 day moving average of $75.23. The company has a debt-to-equity ratio of 1.05, a current ratio of 4.09 and a quick ratio of 2.57.

Carvana (NYSE:CVNA) last released its quarterly earnings results on Wednesday, April 29th. The company reported $1.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.32 by $1.37. Carvana had a net margin of 6.40% and a return on equity of 41.46%. The company had revenue of $6.43 billion during the quarter, compared to the consensus estimate of $6.12 billion. On average, sell-side analysts forecast that Carvana Co. will post 1.58 EPS for the current year.

About Carvana

Carvana Co is an online-only retailer of used vehicles that operates a consumer-facing e-commerce platform for buying and selling cars. The company markets and sells inspected, reconditioned pre-owned vehicles through its website, where shoppers can browse inventory, view detailed 360-degree photos and vehicle history reports, finance purchases, and arrange delivery or pickup. Carvana’s model is built around a digital end-to-end car buying experience that aims to simplify vehicle transactions compared with traditional dealerships.

Its products and services include direct retail sales of used cars, trade-in and purchase offers for consumer vehicles, vehicle financing and related protection products, and a seven-day return policy that allows customers to test a vehicle in everyday use.