State of New Jersey Common Pension Fund D Has $4.80 Million Holdings in Carvana Co. (NYSE:CVNA)

State of New Jersey Common Pension Fund D cut its holdings in Carvana Co. (NYSE:CVNA) by 35.1% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 37,277 shares of the company’s stock after selling 20,162 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Carvana were worth $4,798,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Ridgewood Investments LLC acquired a new stake in shares of Carvana during the second quarter valued at about $32,000. Summit Securities Group LLC boosted its stake in shares of Carvana by 110.0% during the second quarter. Summit Securities Group LLC now owns 300 shares of the company’s stock valued at $39,000 after purchasing an additional 3,300 shares in the last quarter. Fifth Third Bancorp boosted its stake in shares of Carvana by 450.8% during the second quarter. Fifth Third Bancorp now owns 336 shares of the company’s stock valued at $43,000 after purchasing an additional 275 shares in the last quarter. GAMMA Investing LLC lifted its stake in shares of Carvana by 127.9% in the second quarter. GAMMA Investing LLC now owns 458 shares of the company’s stock worth $59,000 after acquiring an additional 257 shares during the period. Finally, Hilltop National Bank acquired a new position in shares of Carvana in the second quarter worth approximately $68,000. 56.71% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Robert W. Baird assumed coverage on Carvana in a research note on Thursday, August 1st. They issued a “neutral” rating and a $160.00 price objective on the stock. Morgan Stanley lifted their price objective on Carvana from $75.00 to $110.00 and gave the stock an “underweight” rating in a research note on Thursday, August 1st. DA Davidson lifted their price objective on Carvana from $110.00 to $155.00 and gave the stock a “neutral” rating in a research note on Thursday, August 1st. Piper Sandler lifted their price objective on Carvana from $105.00 to $151.00 and gave the stock a “neutral” rating in a research note on Thursday, August 1st. Finally, Stephens started coverage on Carvana in a report on Thursday, September 12th. They issued an “overweight” rating and a $190.00 target price for the company. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $151.94.

Carvana Stock Up 7.6 %

Carvana stock opened at $152.70 on Tuesday. The firm has a market cap of $31.60 billion, a price-to-earnings ratio of 66.97 and a beta of 3.43. The stock has a fifty day simple moving average of $140.31 and a two-hundred day simple moving average of $113.19. Carvana Co. has a 12 month low of $25.09 and a 12 month high of $159.85. The company has a current ratio of 3.11, a quick ratio of 2.02 and a debt-to-equity ratio of 47.20.

Carvana (NYSE:CVNA) last released its quarterly earnings results on Wednesday, July 31st. The company reported $0.14 earnings per share (EPS) for the quarter. The firm had revenue of $3.41 billion during the quarter, compared to analysts’ expectations of $3.23 billion. Equities analysts predict that Carvana Co. will post 0.18 EPS for the current fiscal year.

Insider Activity at Carvana

In other news, major shareholder Ernest C. Garcia II sold 9,186 shares of the business’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $156.95, for a total value of $1,441,742.70. Following the transaction, the insider now directly owns 41,433,131 shares in the company, valued at $6,502,929,910.45. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, major shareholder Ernest C. Garcia II sold 9,186 shares of Carvana stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $156.95, for a total value of $1,441,742.70. Following the sale, the insider now directly owns 41,433,131 shares of the company’s stock, valued at $6,502,929,910.45. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Mark W. Jenkins sold 55,000 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $124.08, for a total value of $6,824,400.00. Following the sale, the chief financial officer now owns 186,580 shares in the company, valued at $23,150,846.40. The disclosure for this sale can be found here. Over the last three months, insiders have sold 2,481,866 shares of company stock worth $338,115,484. Corporate insiders own 17.12% of the company’s stock.

Carvana Company 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.