Point72 DIFC Ltd Boosts Stock Position in Carvana Co. (NYSE:CVNA)

Point72 DIFC Ltd grew its holdings in shares of Carvana Co. (NYSE:CVNA) by 843.3% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 26,734 shares of the company’s stock after purchasing an additional 23,900 shares during the quarter. Point72 DIFC Ltd’s holdings in Carvana were worth $3,441,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Marshall Wace LLP increased its stake in Carvana by 58.9% during the second quarter. Marshall Wace LLP now owns 95,181 shares of the company’s stock worth $12,252,000 after acquiring an additional 35,283 shares during the last quarter. Xponance Inc. raised its position in shares of Carvana by 21.7% in the 2nd quarter. Xponance Inc. now owns 7,731 shares of the company’s stock valued at $995,000 after purchasing an additional 1,377 shares in the last quarter. Bank of Montreal Can lifted its position in shares of Carvana by 80.7% during the second quarter. Bank of Montreal Can now owns 203,414 shares of the company’s stock worth $26,281,000 after purchasing an additional 90,835 shares during the last quarter. Thrivent Financial for Lutherans acquired a new position in shares of Carvana in the 2nd quarter worth approximately $3,270,000. Finally, Sei Investments Co. increased its stake in Carvana by 158.3% during the second quarter. Sei Investments Co. now owns 11,165 shares of the company’s stock valued at $1,437,000 after purchasing an additional 6,843 shares during the last quarter. 56.71% of the stock is owned by institutional investors and hedge funds.

Carvana Stock Up 0.8 %

Carvana stock opened at $175.25 on Tuesday. The company has a market capitalization of $35.50 billion, a P/E ratio of 76.86 and a beta of 3.43. The firm’s fifty day simple moving average is $143.77 and its 200-day simple moving average is $116.28. Carvana Co. has a 1-year low of $25.09 and a 1-year high of $176.33. 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 posted its 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 analyst estimates of $3.23 billion. Sell-side analysts forecast that Carvana Co. will post 0.18 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on CVNA shares. BTIG Research increased their price target on Carvana from $155.00 to $188.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Robert W. Baird initiated coverage on Carvana in a research report on Thursday, August 1st. They issued a “neutral” rating and a $160.00 target price for the company. Wells Fargo & Company upgraded shares of Carvana from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $77.00 to $175.00 in a research report on Thursday, August 1st. DA Davidson lifted their target price on Carvana from $110.00 to $155.00 and gave the stock a “neutral” rating in a report on Thursday, August 1st. Finally, Morgan Stanley upped their price target on shares of Carvana from $75.00 to $110.00 and gave the company an “underweight” rating in a research report on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $153.88.

Insider Activity at Carvana

In other Carvana news, major shareholder Ernest C. Garcia II sold 75,000 shares of Carvana stock in a transaction that occurred on Wednesday, June 26th. The stock was sold at an average price of $126.97, for a total value of $9,522,750.00. Following the transaction, the insider now directly owns 787,500 shares of the company’s stock, valued at approximately $99,988,875. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In related news, CFO Mark W. Jenkins sold 55,000 shares of the business’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $124.08, for a total transaction of $6,824,400.00. Following the transaction, the chief financial officer now directly owns 186,580 shares in the company, valued at $23,150,846.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Ernest C. Garcia II sold 75,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 26th. The stock was sold at an average price of $126.97, for a total value of $9,522,750.00. Following the completion of the sale, the insider now owns 787,500 shares of the company’s stock, valued at approximately $99,988,875. The disclosure for this sale can be found here. Insiders sold a total of 2,566,866 shares of company stock worth $359,233,684 in the last 90 days. 17.12% of the stock is owned by company 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.