Fred Alger Management LLC Has $71.52 Million Stock Position in Carvana Co. $CVNA

Fred Alger Management LLC lessened its holdings in Carvana Co. (NYSE:CVNA) by 8.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 169,480 shares of the company’s stock after selling 15,301 shares during the period. Fred Alger Management LLC’s holdings in Carvana were worth $71,524,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of the business. Gavilan Investment Partners LLC acquired a new position in shares of Carvana during the third quarter worth $26,030,000. Sands Capital Management LLC boosted its holdings in shares of Carvana by 44.4% during the 4th quarter. Sands Capital Management LLC now owns 2,442,534 shares of the company’s stock valued at $1,030,798,000 after acquiring an additional 751,019 shares in the last quarter. Intech Investment Management LLC increased its holdings in Carvana by 301.4% in the 3rd quarter. Intech Investment Management LLC now owns 7,230 shares of the company’s stock worth $2,727,000 after purchasing an additional 5,429 shares in the last quarter. TD Asset Management Inc raised its position in Carvana by 5.2% in the third quarter. TD Asset Management Inc now owns 133,811 shares of the company’s stock valued at $50,479,000 after purchasing an additional 6,643 shares during the last quarter. Finally, Picton Mahoney Asset Management boosted its stake in shares of Carvana by 581.4% during the third quarter. Picton Mahoney Asset Management now owns 16,491 shares of the company’s stock valued at $6,220,000 after purchasing an additional 14,071 shares in the last quarter. Institutional investors and hedge funds own 56.71% of the company’s stock.

Key Stories Impacting Carvana

Here are the key news stories impacting Carvana this week:

• Positive Sentiment: Carvana is expanding beyond used cars and has purchased seven new-vehicle franchises since last year, a move that could broaden its revenue base and potentially disrupt the traditional dealership model. Carvana is expanding into new vehicles. The implications could reshape the U.S. automotive retail market
• Positive Sentiment: Wall Street price targets imply roughly 37% upside for CVNA, and the recent trend in earnings estimate revisions suggests analysts remain constructive on the company’s outlook. Can Carvana (CVNA) Climb 37.01% to Reach the Level Wall Street Analysts Expect?
• Positive Sentiment: Market commentary has also been favorable, with Jim Cramer calling Carvana “a great buy,” which may have helped reinforce bullish sentiment among retail investors. Jim Cramer Notes “Carvana Was a Great Buy for Us”
• Neutral Sentiment: Carvana shares have been rising while the broader market has been weaker, indicating relative strength rather than a clear company-specific catalyst from the latest trading session. Carvana (CVNA) Ascends While Market Falls: Some Facts to Note
• Neutral Sentiment: A director sold 15,000 shares at $67.83, but the transaction was relatively small versus the insider’s remaining holdings and does not necessarily signal a major shift in fundamentals. SEC Form 4 filing for Ira J. Platt

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. Stephens upped their price objective on Carvana from $86.00 to $97.00 in a research note on Thursday, April 30th. BNP Paribas Exane boosted their target price on shares of Carvana from $77.60 to $85.80 in a report on Thursday, April 30th. Evercore upped their price target on shares of Carvana from $78.00 to $80.00 in a research report on Tuesday, April 28th. Gordon Haskett raised their price target on shares of Carvana from $67.00 to $85.00 and gave the company a “hold” rating in a research note on Thursday, April 30th. Finally, Jefferies Financial Group cut their price target on shares of Carvana from $97.00 to $95.00 and set a “buy” rating on the stock in a report on Tuesday, April 14th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, Carvana currently has a consensus rating of “Moderate Buy” and a consensus target price of $93.14.

Insider Activity

In other news, insider Thomas Taira sold 18,850 shares of the business’s stock in a transaction dated 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 sale, the insider directly owned 292,820 shares of the company’s stock, valued at $19,970,324. The trade was a 6.05% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Ira J. Platt sold 15,000 shares of the stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $67.83, for a total value of $1,017,450.00. Following the completion of the sale, the director directly owned 186,470 shares of the company’s stock, valued at approximately $12,648,260.10. This trade represents a 7.45% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 415,812 shares of company stock valued at $29,056,896. 15.19% of the stock is currently owned by insiders.

Carvana Stock Performance

Shares of Carvana stock opened at $69.96 on Wednesday. The business has a 50-day simple moving average of $71.47 and a 200 day simple moving average of $75.25. Carvana Co. has a one year low of $54.46 and a one year high of $97.38. The company has a debt-to-equity ratio of 1.05, a current ratio of 4.09 and a quick ratio of 2.57. The firm has a market capitalization of $76.73 billion, a price-to-earnings ratio of 42.55, a PEG ratio of 11.63 and a beta of 3.45.

Carvana (NYSE:CVNA) last announced its quarterly earnings results on Wednesday, April 29th. The company reported $1.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.32 by $1.37. The business had revenue of $6.43 billion for the quarter, compared to analyst estimates of $6.12 billion. Carvana had a return on equity of 41.46% and a net margin of 6.40%. On average, research analysts anticipate that Carvana Co. will post 1.58 earnings per share for the current fiscal year.

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.