Short Interest in Carvana Co. (NYSE:CVNA) Drops By 6.3%

Carvana Co. (NYSE:CVNA) was the recipient of a significant decrease in short interest in the month of October. As of October 15th, there was short interest totalling 13,640,000 shares, a decrease of 6.3% from the September 30th total of 14,550,000 shares. Based on an average daily volume of 3,330,000 shares, the short-interest ratio is presently 4.1 days.

Insider Activity

In other Carvana news, Director Ira J. Platt sold 12,178 shares of the stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $130.33, for a total value of $1,587,158.74. Following the transaction, the director now owns 43,229 shares in the company, valued at approximately $5,634,035.57. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Ira J. Platt sold 12,178 shares of the business’s stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $130.33, for a total transaction of $1,587,158.74. Following the completion of the sale, the director now directly owns 43,229 shares of the company’s stock, valued at $5,634,035.57. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Ira J. Platt sold 664 shares of Carvana stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $150.00, for a total value of $99,600.00. Following the transaction, the director now directly owns 30,227 shares in the company, valued at approximately $4,534,050. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 2,780,891 shares of company stock worth $465,902,485. Company insiders own 17.12% of the company’s stock.

Hedge Funds Weigh In On Carvana

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Price T Rowe Associates Inc. MD lifted its holdings in shares of Carvana by 39.5% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,459,065 shares of the company’s stock worth $655,727,000 after acquiring an additional 2,112,463 shares during the last quarter. Sylebra Capital LLC purchased a new position in shares of Carvana in the 2nd quarter worth about $67,686,000. Senator Investment Group LP bought a new position in shares of Carvana during the 2nd quarter valued at about $63,767,000. Driehaus Capital Management LLC increased its position in shares of Carvana by 124.9% during the 2nd quarter. Driehaus Capital Management LLC now owns 581,787 shares of the company’s stock valued at $74,888,000 after purchasing an additional 323,153 shares during the last quarter. Finally, Assenagon Asset Management S.A. purchased a new position in shares of Carvana during the 2nd quarter valued at about $39,997,000. 56.71% of the stock is currently owned by hedge funds and other institutional investors.

Carvana Price Performance

Shares of CVNA stock traded up $41.40 during trading hours on Thursday, reaching $248.71. The stock had a trading volume of 4,413,276 shares, compared to its average volume of 4,786,651. The stock’s fifty day simple moving average is $171.06 and its 200 day simple moving average is $135.88. The company has a current ratio of 3.11, a quick ratio of 2.02 and a debt-to-equity ratio of 47.20. The firm has a market capitalization of $50.38 billion, a PE ratio of 108.71 and a beta of 3.44. Carvana has a 12 month low of $25.09 and a 12 month high of $251.85.

Carvana (NYSE:CVNA) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $0.64 EPS for the quarter, beating the consensus estimate of $0.23 by $0.41. The firm had revenue of $3.66 billion during the quarter, compared to the consensus estimate of $3.47 billion. The firm’s revenue for the quarter was up 31.8% on a year-over-year basis. During the same period in the previous year, the business earned $0.23 earnings per share. On average, equities research analysts predict that Carvana will post 0.29 EPS for the current year.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. Needham & Company LLC boosted their price objective on Carvana from $200.00 to $300.00 and gave the stock a “buy” rating in a research report on Thursday. BTIG Research boosted their price target on shares of Carvana from $155.00 to $188.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Citigroup lifted their price target on shares of Carvana from $125.00 to $195.00 and gave the stock a “neutral” rating in a report on Thursday, October 3rd. Robert W. Baird upped their price objective on Carvana from $160.00 to $240.00 and gave the company a “neutral” rating in a research note on Thursday. Finally, Wedbush raised their target price on Carvana from $150.00 to $175.00 and gave the stock a “neutral” rating in a research report on Monday, October 7th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $197.47.

Carvana Company 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 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.