Aigen Investment Management LP Trims Stock Holdings in Carvana Co. (NYSE:CVNA)

Aigen Investment Management LP reduced its stake in Carvana Co. (NYSE:CVNA) by 13.5% during the 3rd quarter, Holdings Channel reports. The fund owned 13,109 shares of the company’s stock after selling 2,038 shares during the period. Aigen Investment Management LP’s holdings in Carvana were worth $2,282,000 at the end of the most recent reporting period.

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

Carvana Stock Performance

NYSE:CVNA traded down $2.56 during trading hours on Tuesday, reaching $247.50. 163,268 shares of the stock were exchanged, compared to its average volume of 4,754,380. The company has a quick ratio of 2.12, a current ratio of 3.25 and a debt-to-equity ratio of 18.99. The firm has a 50 day simple moving average of $184.61 and a 200-day simple moving average of $145.72. Carvana Co. has a 52 week low of $27.75 and a 52 week high of $259.39. The stock has a market capitalization of $51.39 billion, a P/E ratio of 25,027.03 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, topping the consensus estimate of $0.23 by $0.41. The company had revenue of $3.66 billion during the quarter, compared to the consensus estimate of $3.47 billion. The company’s revenue for the quarter was up 31.8% on a year-over-year basis. During the same period last year, the business posted $0.23 EPS. As a group, sell-side analysts forecast that Carvana Co. will post 0.62 earnings per share for the current fiscal year.

Analysts Set New Price Targets

CVNA has been the topic of a number of research reports. Citigroup raised their price objective on Carvana from $125.00 to $195.00 and gave the stock a “neutral” rating in a report on Thursday, October 3rd. JMP Securities raised their price objective on Carvana from $200.00 to $320.00 and gave the stock a “market outperform” rating in a report on Thursday, October 31st. Morgan Stanley upgraded Carvana from an “underweight” rating to an “equal weight” rating and raised their price objective for the stock from $110.00 to $260.00 in a report on Tuesday, November 5th. Wedbush increased their target price on Carvana from $150.00 to $175.00 and gave the company a “neutral” rating in a research note on Monday, October 7th. Finally, Jefferies Financial Group increased their target price on Carvana from $150.00 to $185.00 and gave the company a “hold” rating in a research note on Tuesday, October 22nd. Eleven research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $217.71.

Insider Buying and Selling at Carvana

In other Carvana news, Director Ira J. Platt sold 664 shares of Carvana stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $150.00, for a total transaction of $99,600.00. Following the sale, the director now owns 30,227 shares of the company’s stock, valued at $4,534,050. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CFO Mark W. Jenkins sold 208,495 shares of Carvana stock in a transaction on Monday, November 4th. The stock was sold at an average price of $224.43, for a total transaction of $46,792,532.85. Following the transaction, the chief financial officer now directly owns 90,732 shares in the company, valued at approximately $20,362,982.76. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Ira J. Platt sold 664 shares of Carvana stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $150.00, for a total value of $99,600.00. Following the completion of the transaction, the director now owns 30,227 shares in the company, valued at $4,534,050. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,727,913 shares of company stock valued at $483,483,922 in the last quarter. Corporate insiders own 17.12% of the company’s stock.

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.