Renaissance Technologies LLC Increases Position in Carvana Co. (NYSE:CVNA)

Renaissance Technologies LLC boosted its holdings in shares of Carvana Co. (NYSE:CVNA) by 12.2% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 813,400 shares of the company’s stock after acquiring an additional 88,500 shares during the period. Renaissance Technologies LLC’s holdings in Carvana were worth $104,701,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of CVNA. Price T Rowe Associates Inc. MD grew its stake in Carvana by 39.5% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,459,065 shares of the company’s stock valued at $655,727,000 after acquiring an additional 2,112,463 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Carvana by 7.0% in the 4th quarter. Vanguard Group Inc. now owns 10,023,579 shares of the company’s stock valued at $530,648,000 after buying an additional 655,603 shares during the period. Assenagon Asset Management S.A. purchased a new stake in shares of Carvana in the 2nd quarter valued at approximately $39,997,000. First Trust Advisors LP grew its stake in shares of Carvana by 17.1% in the 4th quarter. First Trust Advisors LP now owns 1,483,944 shares of the company’s stock valued at $78,560,000 after buying an additional 216,893 shares during the period. Finally, Perbak Capital Partners LLP purchased a new stake in shares of Carvana in the 1st quarter valued at approximately $8,285,000. Hedge funds and other institutional investors own 56.71% of the company’s stock.

Carvana Price Performance

Carvana stock opened at $152.70 on Tuesday. The firm has a market cap of $31.60 billion, a PE ratio of 66.97 and a beta of 3.43. Carvana Co. has a 52-week low of $25.09 and a 52-week high of $159.85. The company has a quick ratio of 2.02, a current ratio of 3.11 and a debt-to-equity ratio of 47.20. The company’s 50 day moving average is $140.31 and its two-hundred day moving average is $113.19.

Carvana (NYSE:CVNA) last released its earnings results on Wednesday, July 31st. The company reported $0.14 earnings per share (EPS) for the quarter. The business had revenue of $3.41 billion for the quarter, compared to analyst estimates of $3.23 billion. On average, research analysts expect that Carvana Co. will post 0.18 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. Robert W. Baird assumed coverage on shares of Carvana in a research note on Thursday, August 1st. They issued a “neutral” rating and a $160.00 price target for the company. DA Davidson increased their price target on shares of Carvana from $110.00 to $155.00 and gave the company a “neutral” rating in a research note on Thursday, August 1st. BTIG Research increased their price target on shares of Carvana from $155.00 to $188.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. Royal Bank of Canada upgraded shares of Carvana to a “sector perform” rating and upped their price objective for the stock from $166.00 to $170.00 in a report on Monday, August 19th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Carvana from $150.00 to $155.00 and gave the stock an “overweight” rating in a report on Friday, July 19th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, Carvana currently has a consensus rating of “Hold” and a consensus price target of $151.94.

Insider Activity

In other news, Director Ira J. Platt sold 664 shares of the firm’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $150.00, for a total value of $99,600.00. Following the sale, the director now directly owns 30,227 shares in the company, valued at approximately $4,534,050. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, major shareholder Ernest C. Garcia II sold 100,000 shares of the firm’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $148.68, for a total value of $14,868,000.00. Following the sale, the insider now directly owns 690,814 shares in the company, valued at approximately $102,710,225.52. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Ira J. Platt sold 664 shares of the stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $150.00, for a total transaction of $99,600.00. Following the completion of the transaction, the director now directly owns 30,227 shares in the company, valued at $4,534,050. The disclosure for this sale can be found here. In the last three months, insiders have sold 2,481,866 shares of company stock worth $338,115,484. 17.12% of the stock is currently owned by corporate insiders.

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.