313,110 Shares in Carvana Co. $CVNA Acquired by Jennison Associates LLC

Jennison Associates LLC purchased a new position in Carvana Co. (NYSE:CVNA) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 313,110 shares of the company’s stock, valued at approximately $98,436,000.

A number of other large investors have also bought and sold shares of CVNA. Annis Gardner Whiting Capital Advisors LLC lifted its position in Carvana by 152.6% in the first quarter. Annis Gardner Whiting Capital Advisors LLC now owns 96 shares of the company’s stock valued at $30,000 after purchasing an additional 58 shares during the last quarter. Financiere des Professionnels Fonds d investissement inc. bought a new position in shares of Carvana in the first quarter worth approximately $420,000. Bessemer Group Inc. grew its holdings in shares of Carvana by 2.7% in the first quarter. Bessemer Group Inc. now owns 177,794 shares of the company’s stock worth $55,896,000 after purchasing an additional 4,746 shares during the last quarter. Wealthfront Advisers LLC increased its stake in shares of Carvana by 2.0% in the first quarter. Wealthfront Advisers LLC now owns 27,919 shares of the company’s stock worth $8,777,000 after buying an additional 559 shares during the period. Finally, Bank of New York Mellon Corp increased its stake in shares of Carvana by 2.4% in the first quarter. Bank of New York Mellon Corp now owns 710,264 shares of the company’s stock worth $223,293,000 after buying an additional 16,692 shares during the period. 56.71% of the stock is owned by hedge funds and other institutional investors.

Carvana Stock Performance

Shares of CVNA stock opened at $67.50 on Monday. The stock has a fifty day moving average of $67.86 and a 200 day moving average of $72.29. Carvana Co. has a 52 week low of $54.46 and a 52 week high of $97.38. The firm has a market capitalization of $74.04 billion, a price-to-earnings ratio of 41.06, a PEG ratio of 11.34 and a beta of 3.46. The company has a quick ratio of 2.57, a current ratio of 4.09 and a debt-to-equity ratio of 1.05.

Carvana (NYSE:CVNA) last released its quarterly earnings results on Wednesday, April 29th. The company reported $1.69 earnings per share for the quarter, beating the consensus estimate of $0.32 by $1.37. The business had revenue of $6.43 billion for the quarter, compared to analysts’ expectations of $6.12 billion. Carvana had a net margin of 6.40% and a return on equity of 41.46%. As a group, research analysts expect that Carvana Co. will post 1.58 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on CVNA. Stephens increased their price target on shares of Carvana from $86.00 to $97.00 in a research report on Thursday, April 30th. Evercore boosted their price objective on shares of Carvana from $78.00 to $80.00 in a research report on Tuesday, April 28th. Jefferies Financial Group lowered their price objective on shares of Carvana from $95.00 to $90.00 and set a “buy” rating for the company in a research note on Tuesday, July 14th. Citizens Jmp increased their target price on shares of Carvana from $92.00 to $103.00 and gave the stock a “market outperform” rating in a report on Friday, May 1st. Finally, Barclays set a $93.00 target price on Carvana and gave the stock an “overweight” rating in a research note on Thursday, May 14th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $92.92.

Insider Transactions at Carvana

In other news, VP Stephen R. Palmer sold 5,000 shares of Carvana stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $68.53, for a total transaction of $342,650.00. Following the sale, the vice president owned 144,934 shares of the company’s stock, valued at approximately $9,932,327.02. The trade was a 3.33% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Ira J. Platt sold 15,000 shares of the business’s stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $67.83, for a total transaction of $1,017,450.00. Following the transaction, the director owned 186,470 shares in the company, valued at $12,648,260.10. This represents a 7.45% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 396,962 shares of company stock worth $28,525,088. 15.19% of the stock is owned by corporate insiders.

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.