Penserra Capital Management LLC Sells 8,898 Shares of Carvana Co. (NYSE:CVNA)

Penserra Capital Management LLC reduced its position in Carvana Co. (NYSE:CVNA) by 18.7% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 38,599 shares of the company’s stock after selling 8,898 shares during the quarter. Penserra Capital Management LLC’s holdings in Carvana were worth $6,720,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Sugarloaf Wealth Management LLC bought a new stake in shares of Carvana during the 3rd quarter worth $32,000. Capital Performance Advisors LLP bought a new position in shares of Carvana in the third quarter worth about $40,000. Ridgewood Investments LLC acquired a new stake in shares of Carvana in the 2nd quarter valued at approximately $32,000. First Horizon Advisors Inc. grew its holdings in shares of Carvana by 363.0% during the 3rd quarter. First Horizon Advisors Inc. now owns 250 shares of the company’s stock valued at $44,000 after purchasing an additional 196 shares during the last quarter. Finally, Summit Securities Group LLC increased its position in Carvana by 110.0% during the 2nd quarter. Summit Securities Group LLC now owns 300 shares of the company’s stock worth $39,000 after purchasing an additional 3,300 shares in the last quarter. 56.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Carvana news, COO Benjamin E. Huston sold 3,043 shares of the firm’s stock in a transaction that occurred on Thursday, October 31st. The stock was sold at an average price of $240.00, for a total value of $730,320.00. Following the completion of the sale, the chief operating officer now owns 218,686 shares of the company’s stock, valued at approximately $52,484,640. This trade represents a 1.37 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Mark W. Jenkins sold 208,495 shares of the company’s stock in a transaction that occurred on Monday, November 4th. The stock was sold at an average price of $224.43, for a total value of $46,792,532.85. Following the transaction, the chief financial officer now directly owns 90,732 shares in the company, valued at $20,362,982.76. The trade was a 69.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,318,063 shares of company stock worth $420,434,579 in the last quarter. 17.12% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. JMP Securities boosted their target price on shares of Carvana from $200.00 to $320.00 and gave the stock a “market outperform” rating in a research note on Thursday, October 31st. Piper Sandler boosted their price objective on Carvana from $151.00 to $225.00 and gave the stock a “neutral” rating in a research report on Thursday, October 31st. 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 report on Tuesday, October 22nd. Robert W. Baird boosted their price target on Carvana from $160.00 to $240.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. Finally, Wedbush raised their price objective on shares of Carvana from $150.00 to $175.00 and gave the company a “neutral” rating in a report on Monday, October 7th. Eleven analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $217.71.

Carvana Stock Performance

Shares of Carvana stock opened at $259.36 on Monday. The business has a 50-day moving average price of $203.96 and a two-hundred day moving average price of $154.76. Carvana Co. has a 1-year low of $29.84 and a 1-year high of $263.61. The company has a current ratio of 3.25, a quick ratio of 2.12 and a debt-to-equity ratio of 18.99. The company has a market cap of $53.85 billion, a P/E ratio of 25,961.96 and a beta of 3.37.

Carvana (NYSE:CVNA) last released its earnings results on Wednesday, October 30th. The company reported $0.64 EPS for the quarter, topping the consensus estimate of $0.23 by $0.41. The business had revenue of $3.66 billion for the quarter, compared to analyst estimates of $3.47 billion. During the same period in the prior year, the business earned $0.23 EPS. The company’s revenue for the quarter was up 31.8% on a year-over-year basis. As a group, analysts anticipate that Carvana Co. will post 0.76 EPS for the current year.

Carvana Profile

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.