Highland Capital Management LLC Reduces Holdings in Carvana Co. (NYSE:CVNA)

Highland Capital Management LLC lessened its holdings in Carvana Co. (NYSE:CVNA) by 43.7% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 4,250 shares of the company’s stock after selling 3,296 shares during the period. Highland Capital Management LLC’s holdings in Carvana were worth $864,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of CVNA. FMR LLC lifted its stake in Carvana by 90.8% in the 3rd quarter. FMR LLC now owns 12,361,790 shares of the company’s stock valued at $2,152,311,000 after buying an additional 5,882,656 shares in the last quarter. State Street Corp boosted its stake in shares of Carvana by 6.1% during the third quarter. State Street Corp now owns 1,877,511 shares of the company’s stock valued at $326,893,000 after acquiring an additional 107,610 shares during the last quarter. Geode Capital Management LLC increased its position in Carvana by 7.8% during the 3rd quarter. Geode Capital Management LLC now owns 1,803,546 shares of the company’s stock worth $315,133,000 after purchasing an additional 131,059 shares in the last quarter. Whale Rock Capital Management LLC acquired a new position in Carvana in the 3rd quarter valued at about $162,953,000. Finally, Holocene Advisors LP lifted its holdings in Carvana by 108.2% in the 3rd quarter. Holocene Advisors LP now owns 554,112 shares of the company’s stock valued at $96,476,000 after purchasing an additional 287,983 shares in the last quarter. 56.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms have recently weighed in on CVNA. Stephens reissued an “overweight” rating and issued a $300.00 price objective on shares of Carvana in a research report on Thursday, January 2nd. Morgan Stanley raised Carvana from an “underweight” rating to an “equal weight” rating and increased their price target for the stock from $110.00 to $260.00 in a research note on Tuesday, November 5th. Jefferies Financial Group lifted their price objective on Carvana from $150.00 to $185.00 and gave the company a “hold” rating in a research report on Tuesday, October 22nd. Royal Bank of Canada upgraded Carvana from a “sector perform” rating to an “outperform” rating and increased their target price for the stock from $270.00 to $280.00 in a research report on Tuesday, January 7th. Finally, JMP Securities restated a “market outperform” rating and issued a $320.00 price target on shares of Carvana in a report on Monday, December 16th. Nine analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, Carvana presently has a consensus rating of “Moderate Buy” and a consensus target price of $241.94.

Carvana Trading Down 0.6 %

Shares of NYSE:CVNA opened at $243.99 on Friday. The company has a 50 day moving average of $230.82 and a 200-day moving average of $193.19. The company has a current ratio of 3.25, a quick ratio of 2.12 and a debt-to-equity ratio of 18.99. The firm has a market cap of $50.66 billion, a P/E ratio of 24,423.42 and a beta of 3.38. Carvana Co. has a twelve month low of $40.21 and a twelve month high of $268.34.

Carvana (NYSE:CVNA) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $0.64 earnings per share 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 analyst estimates of $3.47 billion. The company’s quarterly revenue was up 31.8% compared to the same quarter last year. During the same quarter last year, the company earned $0.23 EPS. As a group, analysts anticipate that Carvana Co. will post 0.88 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Gregory B. Sullivan sold 5,000 shares of Carvana stock in a transaction that occurred on Tuesday, November 5th. The shares were sold at an average price of $235.00, for a total value of $1,175,000.00. Following the transaction, the director now directly owns 53,407 shares of the company’s stock, valued at $12,550,645. This trade represents a 8.56 % 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, CFO Mark W. Jenkins sold 10,000 shares of the company’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $200.75, for a total transaction of $2,007,500.00. Following the completion of the sale, the chief financial officer now owns 189,097 shares of the company’s stock, valued at approximately $37,961,222.75. This trade represents a 5.02 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 347,340 shares of company stock worth $81,044,588. Insiders own 17.12% of the company’s stock.

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.