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

Lord Abbett & CO. LLC lessened its holdings in Carvana Co. (NYSE:CVNA) by 11.3% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 603,583 shares of the company’s stock after selling 77,083 shares during the period. Lord Abbett & CO. LLC owned approximately 0.28% of Carvana worth $254,724,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CVNA. Vanguard Group Inc. boosted its stake in shares of Carvana by 24.7% in the 4th quarter. Vanguard Group Inc. now owns 16,783,101 shares of the company’s stock worth $7,082,804,000 after buying an additional 3,328,115 shares during the last quarter. Capital Research Global Investors boosted its stake in shares of Carvana by 42.9% in the 4th quarter. Capital Research Global Investors now owns 5,700,953 shares of the company’s stock worth $2,405,959,000 after buying an additional 1,711,144 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of Carvana by 55.4% in the 4th quarter. Geode Capital Management LLC now owns 3,880,711 shares of the company’s stock worth $1,632,763,000 after buying an additional 1,382,852 shares during the last quarter. Viking Global Investors LP raised its holdings in shares of Carvana by 94.9% in the 3rd quarter. Viking Global Investors LP now owns 2,101,241 shares of the company’s stock worth $792,672,000 after purchasing an additional 1,023,265 shares during the period. Finally, Norges Bank bought a new stake in shares of Carvana in the 4th quarter worth approximately $412,338,000. Hedge funds and other institutional investors own 56.71% of the company’s stock.

Insider Activity

In other news, insider Thomas Taira sold 18,850 shares of the business’s stock in a transaction on Wednesday, April 8th. The shares were sold at an average price of $68.20, for a total transaction of $1,285,570.00. Following the completion of the transaction, the insider directly owned 292,820 shares in the company, valued at $19,970,324. The trade was a 6.05% decrease in their position. The transaction was disclosed in a document filed 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, Director J Danforth Quayle sold 14,525 shares of the business’s stock in a transaction on Wednesday, June 10th. The shares were sold at an average price of $70.00, for a total transaction of $1,016,750.00. Following the transaction, the director owned 214,960 shares of the company’s stock, valued at $15,047,200. This trade represents a 6.33% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 400,812 shares of company stock valued at $28,039,446 over the last 90 days. Company insiders own 15.19% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on CVNA shares. Citizens Jmp lifted their price target 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. Evercore boosted their target price on shares of Carvana from $78.00 to $80.00 in a report on Tuesday, April 28th. Morgan Stanley boosted their target price on shares of Carvana from $90.00 to $102.00 and gave the company an “overweight” rating in a report on Thursday, April 30th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $107.40 target price on shares of Carvana in a report on Thursday, April 30th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Carvana from $91.00 to $93.00 and gave the company an “overweight” rating in a report on Thursday, April 30th. Two analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, Carvana currently has a consensus rating of “Moderate Buy” and an average target price of $93.14.

Carvana Trading Down 5.5%

Shares of CVNA stock opened at $64.09 on Friday. The company’s fifty day simple moving average is $71.20 and its two-hundred day simple moving average is $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 Co. has a 1 year low of $54.46 and a 1 year high of $97.38. The stock has a market capitalization of $70.30 billion, a price-to-earnings ratio of 38.98, a PEG ratio of 11.45 and a beta of 3.45.

Carvana (NYSE:CVNA) last issued its earnings results on Wednesday, April 29th. The company reported $1.69 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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, analysts anticipate that Carvana Co. will post 1.58 earnings per share for the current year.

Carvana Company Profile

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.