Draper Asset Management LLC bought a new stake in Carvana Co. (NYSE:CVNA) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 1,223 shares of the company’s stock, valued at approximately $369,000. Carvana accounts for about 0.4% of Draper Asset Management LLC’s portfolio, making the stock its 26th largest holding.
Several other hedge funds and other institutional investors have also modified their holdings of CVNA. Spruce House Partnership LLC acquired a new position in shares of Carvana during the first quarter worth approximately $1,040,013,000. Jennison Associates LLC boosted its position in shares of Carvana by 59.6% during the first quarter. Jennison Associates LLC now owns 5,111,023 shares of the company’s stock worth $1,341,132,000 after buying an additional 1,908,755 shares during the period. Baillie Gifford & Co. boosted its position in shares of Carvana by 25.2% during the second quarter. Baillie Gifford & Co. now owns 7,806,561 shares of the company’s stock worth $2,356,175,000 after buying an additional 1,569,995 shares during the period. BlackRock Inc. boosted its position in shares of Carvana by 14.0% during the first quarter. BlackRock Inc. now owns 3,915,017 shares of the company’s stock worth $1,027,301,000 after buying an additional 482,239 shares during the period. Finally, Third Point LLC bought a new stake in Carvana during the first quarter worth approximately $104,960,000. Institutional investors and hedge funds own 54.18% of the company’s stock.
In related news, insider Thomas Taira sold 155 shares of the stock in a transaction dated Friday, September 3rd. The shares were sold at an average price of $333.95, for a total value of $51,762.25. Following the completion of the transaction, the insider now owns 43,654 shares of the company’s stock, valued at $14,578,253.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Mark W. Jenkins sold 10,000 shares of the company’s stock in a transaction dated Thursday, July 1st. The stock was sold at an average price of $302.97, for a total transaction of $3,029,700.00. Following the sale, the chief financial officer now directly owns 40,932 shares in the company, valued at $12,401,168.04. The disclosure for this sale can be found here. Insiders have sold 1,303,434 shares of company stock valued at $426,520,549 in the last ninety days. 10.70% of the stock is owned by company insiders.
Carvana (NYSE:CVNA) last released its earnings results on Thursday, August 5th. The company reported $0.26 earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.37) by $0.63. The firm had revenue of $3.34 billion during the quarter, compared to analyst estimates of $2.49 billion. Carvana had a negative net margin of 0.94% and a negative return on equity of 6.20%. Equities analysts anticipate that Carvana Co. will post -1.1 EPS for the current fiscal year.
CVNA has been the topic of several recent analyst reports. Wells Fargo & Company boosted their target price on Carvana from $385.00 to $405.00 and gave the stock an “overweight” rating in a report on Friday, August 6th. Royal Bank of Canada initiated coverage on Carvana in a report on Wednesday, May 26th. They set an “outperform” rating and a $300.00 target price on the stock. JMP Securities boosted their target price on Carvana from $326.00 to $470.00 and gave the stock a “market outperform” rating in a report on Monday, August 9th. Evercore ISI reissued a “hold” rating on shares of Carvana in a report on Sunday, August 8th. Finally, Zacks Investment Research raised Carvana from a “hold” rating to a “buy” rating and set a $374.00 target price on the stock in a report on Tuesday, August 10th. Seven equities research analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company. Based on data from MarketBeat, Carvana currently has an average rating of “Buy” and a consensus price target of $337.85.
Carvana Co is a holding company and an eCommerce platform, which engages in the buying of used cars and provision of different and convenient car buying experience. It operates through the following segments: Vehicle Sales; Wholesale Vehicle Sales; and Other Sales and Revenue. The Vehicle Sales segment consists of used vehicle to customers through website.
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