Van ECK Associates Corp Cuts Stock Holdings in Carvana Co. (NYSE:CVNA)

Van ECK Associates Corp lowered its stake in Carvana Co. (NYSE:CVNA) by 49.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,429 shares of the company’s stock after selling 2,421 shares during the period. Van ECK Associates Corp’s holdings in Carvana were worth $423,000 as of its most recent SEC filing.

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

Insider Transactions at Carvana

In related news, COO Benjamin E. Huston sold 3,043 shares of the stock in a transaction that occurred on Thursday, October 31st. The shares were sold at an average price of $240.00, for a total transaction of $730,320.00. Following the transaction, the chief operating officer now owns 218,686 shares in the company, valued at $52,484,640. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Carvana news, COO Benjamin E. Huston sold 3,043 shares of the stock in a transaction dated Thursday, October 31st. The stock was sold at an average price of $240.00, for a total value of $730,320.00. Following the transaction, the chief operating officer now owns 218,686 shares of the company’s stock, valued at approximately $52,484,640. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Gregory B. Sullivan sold 5,000 shares of the business’s stock in a transaction dated 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 sale, the director now owns 53,407 shares of the company’s stock, valued at approximately $12,550,645. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,727,913 shares of company stock worth $483,483,922 over the last three months. 17.12% of the stock is currently owned by company insiders.

Carvana Price Performance

Shares of NYSE CVNA opened at $246.70 on Wednesday. The company has a 50 day moving average of $186.66 and a 200 day moving average of $146.86. The company has a quick ratio of 2.12, a current ratio of 3.25 and a debt-to-equity ratio of 18.99. Carvana Co. has a twelve month low of $27.75 and a twelve month high of $259.39. The firm has a market cap of $51.22 billion, a P/E ratio of 24,694.69 and a beta of 3.37.

Carvana (NYSE:CVNA) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $0.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.23 by $0.41. The business had revenue of $3.66 billion for the quarter, compared to the consensus estimate of $3.47 billion. During the same period in the previous year, the company earned $0.23 earnings per share. The company’s revenue for the quarter was up 31.8% compared to the same quarter last year. As a group, research analysts expect that Carvana Co. will post 0.62 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on CVNA shares. BTIG Research boosted their price target on Carvana from $155.00 to $188.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Needham & Company LLC upped their target price on Carvana from $200.00 to $300.00 and gave the company a “buy” rating in a report on Thursday, October 31st. DA Davidson lifted their price target on shares of Carvana from $110.00 to $155.00 and gave the company a “neutral” rating in a report on Thursday, August 1st. Robert W. Baird upped their price objective on shares of Carvana from $160.00 to $240.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. Finally, Stephens assumed coverage on shares of Carvana in a research note on Thursday, September 12th. They set an “overweight” rating and a $190.00 target price on the stock. Eleven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $217.71.

About Carvana

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.